Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 18, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
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 $0.0001 per share | |
Trading Symbol | SPI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,856,406 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 4,516 | $ 3,533 |
Restricted cash | 1,374 | 6,743 |
Accounts receivable, net | 24,553 | 22,691 |
Contract asset | 469 | 1,403 |
Inventories | 35,288 | 28,987 |
Project assets held for sale | 6,135 | 10,634 |
Prepaid expenses and other current assets, net | 9,395 | 7,633 |
Amount due from related parties | 407 | 332 |
Total current assets | 82,137 | 81,956 |
Intangible assets, net | 2,148 | 2,587 |
Goodwill | 4,896 | 4,896 |
Restricted cash, noncurrent | 0 | 711 |
Other receivable, noncurrent | 423 | 234 |
Property and equipment, net | 41,964 | 41,556 |
Project assets, noncurrent | 15,507 | 14,918 |
Investment in an affiliate | 69,606 | 69,606 |
Net investment in leases | 217 | 0 |
Operating lease right-of-use assets | 12,714 | 14,152 |
Deferred tax assets, net | 927 | 479 |
Total assets | 230,539 | 231,095 |
Current liabilities: | ||
Accounts payable | 38,091 | 30,405 |
Accrued liabilities | 14,608 | 15,972 |
Income taxes payable | 3,777 | 3,511 |
Advance from customers | 7,905 | 8,634 |
Deferred income | 649 | 503 |
Short-term borrowings and current portion of long-term borrowings | 7,520 | 10,064 |
Amount due to an affiliate | 10,567 | 10,548 |
Convertible bonds, current | 45,250 | 42,676 |
Derivative liability | 4,289 | 3,406 |
Accrued warranty reserve | 849 | 754 |
Operating lease liabilities, current | 1,589 | 1,607 |
Consideration payable | 63,726 | 61,617 |
Total current liabilities | 198,820 | 189,697 |
Long-term borrowings, excluding current portion | 6,692 | 6,597 |
Convertible bonds, noncurrent | 1,170 | 0 |
Deferred tax liabilities, net | 2,596 | 2,673 |
Operating lease liabilities, non-current | 13,053 | 14,256 |
Total liabilities | 222,331 | 213,223 |
Equity: | ||
Ordinary shares, par $0.0001, 500,000,000 shares authorized, 30,292,960 and 30,292,960 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 3 | 3 |
Additional paid in capital | 720,718 | 719,697 |
Accumulated other comprehensive loss | (35,534) | (36,697) |
Accumulated deficit | (682,691) | (670,811) |
Total equity attributable to the shareholders of SPI Energy Co., Ltd. | 2,496 | 12,192 |
Noncontrolling interests | 5,712 | 5,680 |
Total equity | 8,208 | 17,872 |
Total liabilities and equity | $ 230,539 | $ 231,095 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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 | 30,292,960 | 30,292,960 |
Common stock, shares outstanding | 30,292,960 | 30,292,960 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net revenues | $ 58,850 | $ 48,584 | $ 106,773 | $ 87,119 |
Cost of revenue | 53,612 | 44,712 | 97,039 | 80,538 |
Gross profit | 5,238 | 3,872 | 9,734 | 6,581 |
Operating expenses: | ||||
General and administrative | 6,287 | 7,625 | 16,814 | 16,753 |
Sales, marketing and customer service | 1,186 | 1,368 | 2,386 | 2,611 |
Provision (reversal) for credit losses | 832 | 474 | 869 | (209) |
Total operating expenses | 8,305 | 9,467 | 20,069 | 19,155 |
Operating loss | (3,067) | (5,595) | (10,335) | (12,574) |
Other (expense) income: | ||||
Interest expense, net | (2,375) | (1,637) | (4,364) | (3,038) |
Change in fair value of derivative liability | (361) | 0 | (589) | 0 |
Net foreign exchange (loss) gain | (245) | 2,262 | (1,088) | 3,324 |
Others | 4,093 | 3,207 | 5,056 | 3,995 |
Total other (expense) income, net | 1,112 | 3,832 | (985) | 4,281 |
Net loss before income taxes | (1,955) | (1,763) | (11,320) | (8,293) |
Income tax expense | 686 | 455 | 1,070 | 711 |
Net loss | (2,641) | (2,218) | (12,390) | (9,004) |
Less: Net (loss) income attributable to noncontrolling interests | (169) | 95 | (510) | 154 |
Net loss attributable to shareholders of SPI Energy Co., Ltd. | $ (2,472) | $ (2,313) | $ (11,880) | $ (9,158) |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Earnings Per Share, Basic | $ (0.08) | $ (0.08) | $ (0.39) | $ (0.34) |
Earnings Per Share, Diluted | $ (0.08) | $ (0.08) | $ (0.39) | $ (0.34) |
Weighted Average Number of Shares Outstanding, Basic | 30,292,960 | 27,428,544 | 30,292,960 | 26,604,944 |
Weighted Average Number of Shares Outstanding, Diluted | 30,292,960 | 27,428,544 | 30,292,960 | 26,604,944 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net loss | $ (2,641) | $ (2,218) | $ (12,390) | $ (9,004) |
Other comprehensive income (loss), net of tax of nil: | ||||
Foreign currency translation adjustments | (128) | (2,427) | 478 | (2,362) |
Total comprehensive loss | (2,769) | (4,645) | (11,912) | (11,366) |
Comprehensive income (loss) attributable to noncontrolling interests | (171) | 69 | (1,195) | (535) |
Comprehensive loss attributable to shareholder of SPI Energy Co., Ltd. | $ (2,598) | $ (4,714) | $ (10,717) | $ (10,831) |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Equity Attributable To Shareholders Of S P I Energy Co Ltd [Member] | Noncontrolling Interest [Member] | Total |
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 with ordinary shares, shares | 752,393 | ||||||
Share-based compensation expense | 595 | 595 | 595 | ||||
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 | ||||||
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 | ||||||
Net loss | (9,004) | ||||||
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 with ordinary shares, shares | 1,615,784 | ||||||
Issuance of ordinary shares of Phoenix in its IPO | 11,344 | 11,344 | 2,094 | 13,438 | |||
Share-based compensation expense | 340 | 340 | 340 | ||||
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 Dec. 31, 2022 | $ 3 | 719,697 | (670,811) | (36,697) | 12,192 | 5,680 | 17,872 |
Beginning balance, shares at Dec. 31, 2022 | 30,292,960 | ||||||
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 | ||||
Ending balance, value at Mar. 31, 2023 | $ 3 | 720,314 | (680,219) | (35,408) | 4,690 | 5,811 | 10,501 |
Ending balance, shares at Mar. 31, 2023 | 30,292,960 | ||||||
Beginning balance, value at Dec. 31, 2022 | $ 3 | 719,697 | (670,811) | (36,697) | 12,192 | 5,680 | 17,872 |
Beginning balance, shares at Dec. 31, 2022 | 30,292,960 | ||||||
Net loss | (12,390) | ||||||
Ending balance, value at Jun. 30, 2023 | $ 3 | 720,718 | (682,691) | (35,534) | 2,496 | 5,712 | 8,208 |
Ending balance, shares at Jun. 30, 2023 | 30,292,960 | ||||||
Beginning balance, value at Mar. 31, 2023 | $ 3 | 720,314 | (680,219) | (35,408) | 4,690 | 5,811 | 10,501 |
Beginning balance, shares at Mar. 31, 2023 | 30,292,960 | ||||||
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 | |||||
Issuance of common stock of Phoenix for standby equity purchase agreement of Phoenix, shares | |||||||
Share-based compensation expense | 404 | 404 | 404 | ||||
Ending balance, value at Jun. 30, 2023 | $ 3 | $ 720,718 | $ (682,691) | $ (35,534) | $ 2,496 | $ 5,712 | $ 8,208 |
Ending balance, shares at Jun. 30, 2023 | 30,292,960 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net cash used in operating activities | $ (5,484) | $ (11,539) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (1,994) | (2,022) |
Proceeds from disposal of property and equipment | 0 | 1,635 |
Net cash used in investing activities | (1,994) | (387) |
Cash flows from financing activities: | ||
Repayment of borrowings | (5,000) | (82,296) |
Proceeds from borrowings | 2,445 | 82,714 |
Proceeds from issuance of convertible bond | 1,464 | 2,000 |
Proceeds from IPO of a subsidiary | 0 | 13,438 |
Proceeds received from standby equity purchase agreement of Phoenix | 1,227 | 0 |
Net cash provided by financing activities | 136 | 15,856 |
Effect of exchange rate changes on cash | 2,245 | (522) |
Increase (decrease) in cash, cash equivalents and restricted cash | (5,097) | 3,408 |
Cash, cash equivalents and restricted cash at beginning of period | 10,987 | 17,845 |
Cash, cash equivalents and restricted cash at end of period | 5,890 | 21,253 |
Cash and cash equivalents | 4,516 | 13,624 |
Restricted cash | 1,374 | 7,629 |
Total cash, cash equivalents, and restricted cash | 5,890 | 21,253 |
Supplemental cash flow information: | ||
Interest paid | 2,295 | 1,458 |
Income tax paid | 1,347 | 0 |
Non-cash activities: | ||
Right of use assets obtained in exchange for operating lease obligations | 0 | 428 |
Inventories transferred to PPE | 163 | 0 |
Settlement of convertible debt with ordinary shares | 0 | 7,087 |
Derecognition of ROU assets and lease liabilities upon lease termination | 693 | 0 |
Derivative liabilities recorded as debt discount | $ 294 | $ 0 |
Description of Business and Org
Description of Business and Organization | 6 Months Ended |
Jun. 30, 2023 | |
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. 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 June 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 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 at the carrying amount of $ 69,606 69,606 63,726 61,617 1,234 1,249 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, 2023 | |
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 $ 12,390 5,484 116,683 682,691 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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. 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. (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 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. (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, sales of self-assembled solar modules, roofing and solar energy systems installation, electricity revenue with Power Purchase Agreements (“PPAs”), sales of PV project assets, sales and leasing of EV, and others for the six months ended June 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. 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 sales-type or operating leases under ASC 842 Leases, and selling profits are recognized at the commencement date and interest income from the lease is recognized over the lease term for sales-type leases, while revenues are recognized on a straight-line basis over the contractual term for operating leases. 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 The following table illustrates the disaggregation of revenue by revenue stream and by geographical location for the three and six months ended June 30, 2023 and 2022: Schedule of disaggregation of revenues By revenue stream For the six months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 74,027 $ – $ – $ – $ – $ 610 $ 74,637 United States – 18,739 1,425 147 2,083 7,599 29,993 Japan – – – – – 42 42 Italy – – – 307 – – 307 United Kingdom – – – 644 – – 644 Greece – – – 1,150 – – 1,150 Total $ 74,027 $ 18,739 $ 1,425 $ 2,248 $ 2,083 $ 8,251 $ 106,773 By revenue stream For the three months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 39,030 $ – $ – $ – $ – $ 326 $ 39,356 United States – 9,719 546 107 842 7,039 18,253 Japan – – – – – 24 24 Italy – – – 150 – – 150 United Kingdom – – – 400 – – 400 Greece – – – 667 – – 667 Total $ 39,030 $ 9,719 $ 546 $ 1,324 $ 842 $ 7,389 $ 58,850 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 Schedule of revenue by timing By timing of revenue recognition For the six months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Goods transferred at a point in time $ 74,027 $ 18,739 $ – $ 2,248 $ 1,868 $ 8,251 $ 105,133 Service transferred over time – – 1,425 – – – 1,425 On a straight-line basis under ASC 842 – – – – 215 – 215 Total $ 74,027 $ 18,739 $ 1,425 $ 2,248 $ 2,083 $ 8,251 $ 106,773 By timing of revenue recognition For the three months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Goods transferred at a point in time $ 39,030 $ 9,719 $ – $ 1,324 $ 717 $ 7,389 $ 58,179 Service transferred over time – – 546 – – – 546 On a straight-line basis under ASC 842 – – – – 125 – 125 Total $ 39,030 $ 9,719 $ 546 $ 1,324 $ 842 $ 7,389 $ 58,850 By timing of revenue recognition 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 Goods transferred at a point in time $ 60,857 $ – $ 2,751 $ 788 $ 2,295 $ 66,691 Service transferred over – 20,153 – – – 20,153 On a straight-line basis under ASC 842 – – – 275 – 275 Total $ 60,857 $ 20,153 $ 2,751 $ 1,063 $ 2,295 $ 87,119 By timing of revenue recognition 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 Goods transferred at a point in time $ 32,833 $ – $ 1,837 $ 401 $ 2,012 $ 37,083 Service transferred over – 11,364 – – – 11,364 On a straight-line basis under ASC 842 – – – 137 – 137 Total $ 32,833 $ 11,364 $ 1,837 $ 538 $ 2,012 $ 48,584 Contract balance The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers: Schedule of accounts receivables and contract liabilities June 30, 2023 (Unaudited) December 31, 2022 Accounts Receivable $ 24,553 $ 22,691 Contract assets 469 1,403 Advance from customers 7,905 8,634 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 six months ended June 30, 2023 and 2022, the Group recognized $ 8,634 4,924 (d) Leases Lessor Accounting During the six months ended June 30, 2023, the Group amended agreements with the customers related to the leased EVs to renew the lease term. Since there was no grant of additional right-of-use assets, the Group did not account for the modified lease agreements as new leases but accounted for the original lease and the modified lease agreements as a combined lease. The Group reviewed the combined lease agreements and considered that (i) the lease term represents for the major part (greater than 75%) of the economic life of the underlying equipment; and (ii) the present value of the sum of lease payments and any residual value guaranteed by the lessee that has not already been included in lease payments equals or exceeds substantially (greater than 90%) all of the fair value of the underlying asset. The modified EV lease agreements are thus accounted for as sales-type leases. Under sales-type lease accounting, at the commencement date, the lessor recognizes a net investment in the lease, based on the estimated fair value of the underlying leased assets at contract inception, and derecognizes the underlying assets with the difference recorded as selling profit or loss arising from the lease, and interest income from the lease is recognized over the lease term. The net investment in leases was $ 295 99 Annual minimum undiscounted lease payments under the Group’s sales-type leases were as follows as of June 30, 2023: Schedule of minimum undiscounted lease receipts Sales-type In Thousands (Unaudited) Years Ending December 31, Remainder of 2023 $ 74 2024 43 2025 43 2026 11 2027 – 2028 and thereafter – Total lease receipt payments 171 Less: Imputed interest (14 ) Total lease receivables (1) 157 Unguaranteed residual assets 138 Net investment in leases $ 295 Net investment in leases - Current $ 78 Net investment in leases - Non-current $ 217 ________________________________________ (1) Current portion of $78 of total lease receivables was included in prepaid and other current assets on the balance sheet. (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. |
Accounts Receivable, Net
Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Accounts Receivable, Net | 4. Accounts Receivable, Net The accounts receivable, net as of June 30, 2023 and December 31, 2022 consisted of the following: Schedule of accounts receivable June 30, 2023 (Unaudited) December 31, Accounts receivable 27,172 24,441 Less: Allowance for credit losses (2,619 ) (1,750 ) Accounts receivable, net 24,553 22,691 For the six months ended June 30, 2023, the Group recorded credit losses with amount of $ 869 209 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories Inventories as of June 30, 2023 and December 31, 2022 consisted of the following: Schedule of inventories June 30, 2023 (Unaudited) December 31, Finished goods 28,405 22,074 Goods in transit 721 737 Work in process 80 1,529 Raw materials 6,082 4,647 Total inventories 35,288 28,987 For the six months ended June 30, 2023 and 2022, the Group recorded $ 1,075 nil |
Share-based Compensation
Share-based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 2022 2023 2022 Employee stock options $ 404 $ 340 $ 1,021 $ 935 Restricted share grants – – – 623 Total share-based compensation expense 404 340 1,021 1,558 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, 2023 2022 2023 2022 General and administrative $ 398 $ 343 $ 1,010 $ 1,554 Sales, marketing and customer service 6 (3 ) 11 4 Total share-based compensation expense, net of nil income taxes $ 404 $ 340 $ 1,021 $ 1,558 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Net loss per ordinary share: | |
Net Loss Per Share | 7. Net Loss Per Share As a result of the net loss for the three and six months ended June 30, 2023 and 2022, there is no dilutive impact to the net loss per share calculation for the period. For the three and six months ended June 30, 2023 and 2022, 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, 2023 2022 2023 2022 Share options and non-vested restricted stock 5,000 10,000 5,000 10,000 Convertible bonds 559,905 582,000 546,355 582,000 Total 564,905 592,000 551,355 592,000 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies (a) Commitments As of June 30, 2023, the Group had other commitments of approximately $ 1,596 (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 September 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. 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. The Group has filed opposition to amended petition and motion to confirm arbitral award on May 11, 2023, and currently the case is still under court review. On February 16, 2023, Streeterville delivered a Redemption Notice to the Group to redeem $350 of the 2022 Note with a deadline to pay the Redemption Amount by February 22, 2023. The Group failed to pay the Redemption Amount on time and such failure to pay is an Event of Default under the 2022 Note. Due to this Event of Default, (i) the base interest of the 2022 Note was increased to 15% per annum; (ii) the outstanding balance of the 2022 Note was increased by 15%; and (iii) the entire outstanding balance of the 2022 Note was accelerated and due on March 3, 2023. The Group failed to pay the outstanding balance of the 2022 Note by March 3, 2023 and as a result, Streeterville filed a complaint in the third judicial district court of Salt Lake County, requesting for actual damages in an amount not less than $2,676, plus applicable interest, damages, charges, fees, attorney fees, and collection costs. On March 31, 2023, a hearing was held and the temporary restraining order requiring the Group to pay the 2022 Note in full from the proceeds of the IPO of its subsidiary, SolarJuice Co., Ltd. On June 26, 2023, Streeterville and the Group entered into a term sheet to mediate the dispute. The Group agreed to pay Streeterville $375 in cash and $400 in stock by July 5, 2023. After that, the Group agreed to pay Streeterville $425 each month starting from July 31, 2023. Among the monthly installment payments, at least $225 shall be paid in cash. 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, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk | 9. Concentration Risk (a) Customers 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, 2023, there was no customer of which the accounts receivable accounted for 10 18 (b) Suppliers As of June 30, 2023, there were two suppliers of which the accounts payable accounted for 21 15 14 11 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions The amount due from related parties were $ 407 332 |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment information | 11. Segment information For the three months and six months ended June 30, 2023 and 2022, 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 revenue 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, 2023 and 2022 is as follows: Schedule of Segment information For the three months ended June 30, 2023 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 49,295 8,067 842 646 58,850 Cost of revenue 45,416 6,154 738 1,304 53,612 Gross profit (loss) 3,879 1,913 104 (658 ) 5,238 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 revenue 43,137 573 1,174 (172 ) 44,712 Gross profit (loss) 1,361 1,906 316 289 3,872 For the six months ended June 30, 2023 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 94,191 8,991 2,083 1,508 106,773 Cost of revenue 85,990 6,770 1,797 2,482 97,039 Gross profit (loss) 8,201 2,221 286 (974 ) 9,734 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 revenue 77,625 1,000 1,725 188 80,538 Gross profit (loss) 3,828 2,388 436 (71 ) 6,581 Summarized information by segments as of June 30, 2023 and December 31, 2022 is as follows: Schedule of Segment assets As of June 30, 2023 (Unaudited) As of December 31, 2022 USD USD Segment assets Renewable energy solutions 80,696 71,260 Solar projects development 123,129 133,663 Electric vehicles 17,922 20,275 Others 8,792 5,897 Total segment assets 230,539 231,095 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, 2023 Unaudited As of December 31, 2022 USD USD Australia 325 398 United States 45,818 46,307 Japan 532 586 Italy 1,461 1,508 United Kingdom 8,243 7,945 Greece 13,806 13,882 Total long-lived assets 70,185 70,626 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
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 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, 2023 | |
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. 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. |
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 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. |
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, sales of self-assembled solar modules, roofing and solar energy systems installation, electricity revenue with Power Purchase Agreements (“PPAs”), sales of PV project assets, sales and leasing of EV, and others for the six months ended June 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. 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 sales-type or operating leases under ASC 842 Leases, and selling profits are recognized at the commencement date and interest income from the lease is recognized over the lease term for sales-type leases, while revenues are recognized on a straight-line basis over the contractual term for operating leases. 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 The following table illustrates the disaggregation of revenue by revenue stream and by geographical location for the three and six months ended June 30, 2023 and 2022: Schedule of disaggregation of revenues By revenue stream For the six months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 74,027 $ – $ – $ – $ – $ 610 $ 74,637 United States – 18,739 1,425 147 2,083 7,599 29,993 Japan – – – – – 42 42 Italy – – – 307 – – 307 United Kingdom – – – 644 – – 644 Greece – – – 1,150 – – 1,150 Total $ 74,027 $ 18,739 $ 1,425 $ 2,248 $ 2,083 $ 8,251 $ 106,773 By revenue stream For the three months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 39,030 $ – $ – $ – $ – $ 326 $ 39,356 United States – 9,719 546 107 842 7,039 18,253 Japan – – – – – 24 24 Italy – – – 150 – – 150 United Kingdom – – – 400 – – 400 Greece – – – 667 – – 667 Total $ 39,030 $ 9,719 $ 546 $ 1,324 $ 842 $ 7,389 $ 58,850 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 Schedule of revenue by timing By timing of revenue recognition For the six months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Goods transferred at a point in time $ 74,027 $ 18,739 $ – $ 2,248 $ 1,868 $ 8,251 $ 105,133 Service transferred over time – – 1,425 – – – 1,425 On a straight-line basis under ASC 842 – – – – 215 – 215 Total $ 74,027 $ 18,739 $ 1,425 $ 2,248 $ 2,083 $ 8,251 $ 106,773 By timing of revenue recognition For the three months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Goods transferred at a point in time $ 39,030 $ 9,719 $ – $ 1,324 $ 717 $ 7,389 $ 58,179 Service transferred over time – – 546 – – – 546 On a straight-line basis under ASC 842 – – – – 125 – 125 Total $ 39,030 $ 9,719 $ 546 $ 1,324 $ 842 $ 7,389 $ 58,850 By timing of revenue recognition 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 Goods transferred at a point in time $ 60,857 $ – $ 2,751 $ 788 $ 2,295 $ 66,691 Service transferred over – 20,153 – – – 20,153 On a straight-line basis under ASC 842 – – – 275 – 275 Total $ 60,857 $ 20,153 $ 2,751 $ 1,063 $ 2,295 $ 87,119 By timing of revenue recognition 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 Goods transferred at a point in time $ 32,833 $ – $ 1,837 $ 401 $ 2,012 $ 37,083 Service transferred over – 11,364 – – – 11,364 On a straight-line basis under ASC 842 – – – 137 – 137 Total $ 32,833 $ 11,364 $ 1,837 $ 538 $ 2,012 $ 48,584 Contract balance The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers: Schedule of accounts receivables and contract liabilities June 30, 2023 (Unaudited) December 31, 2022 Accounts Receivable $ 24,553 $ 22,691 Contract assets 469 1,403 Advance from customers 7,905 8,634 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 six months ended June 30, 2023 and 2022, the Group recognized $ 8,634 4,924 |
Leases | (d) Leases Lessor Accounting During the six months ended June 30, 2023, the Group amended agreements with the customers related to the leased EVs to renew the lease term. Since there was no grant of additional right-of-use assets, the Group did not account for the modified lease agreements as new leases but accounted for the original lease and the modified lease agreements as a combined lease. The Group reviewed the combined lease agreements and considered that (i) the lease term represents for the major part (greater than 75%) of the economic life of the underlying equipment; and (ii) the present value of the sum of lease payments and any residual value guaranteed by the lessee that has not already been included in lease payments equals or exceeds substantially (greater than 90%) all of the fair value of the underlying asset. The modified EV lease agreements are thus accounted for as sales-type leases. Under sales-type lease accounting, at the commencement date, the lessor recognizes a net investment in the lease, based on the estimated fair value of the underlying leased assets at contract inception, and derecognizes the underlying assets with the difference recorded as selling profit or loss arising from the lease, and interest income from the lease is recognized over the lease term. The net investment in leases was $ 295 99 Annual minimum undiscounted lease payments under the Group’s sales-type leases were as follows as of June 30, 2023: Schedule of minimum undiscounted lease receipts Sales-type In Thousands (Unaudited) Years Ending December 31, Remainder of 2023 $ 74 2024 43 2025 43 2026 11 2027 – 2028 and thereafter – Total lease receipt payments 171 Less: Imputed interest (14 ) Total lease receivables (1) 157 Unguaranteed residual assets 138 Net investment in leases $ 295 Net investment in leases - Current $ 78 Net investment in leases - Non-current $ 217 ________________________________________ (1) Current portion of $78 of total lease receivables was included in prepaid and other current assets on the balance sheet. |
Recent Accounting Pronouncements | (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. |
Description of Business and O_2
Description of Business and Organization (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 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 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, 2023 | |
Accounting Policies [Abstract] | |
Schedule of disaggregation of revenues | Schedule of disaggregation of revenues By revenue stream For the six months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 74,027 $ – $ – $ – $ – $ 610 $ 74,637 United States – 18,739 1,425 147 2,083 7,599 29,993 Japan – – – – – 42 42 Italy – – – 307 – – 307 United Kingdom – – – 644 – – 644 Greece – – – 1,150 – – 1,150 Total $ 74,027 $ 18,739 $ 1,425 $ 2,248 $ 2,083 $ 8,251 $ 106,773 By revenue stream For the three months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 39,030 $ – $ – $ – $ – $ 326 $ 39,356 United States – 9,719 546 107 842 7,039 18,253 Japan – – – – – 24 24 Italy – – – 150 – – 150 United Kingdom – – – 400 – – 400 Greece – – – 667 – – 667 Total $ 39,030 $ 9,719 $ 546 $ 1,324 $ 842 $ 7,389 $ 58,850 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 |
Schedule of revenue by timing | Schedule of revenue by timing By timing of revenue recognition For the six months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Goods transferred at a point in time $ 74,027 $ 18,739 $ – $ 2,248 $ 1,868 $ 8,251 $ 105,133 Service transferred over time – – 1,425 – – – 1,425 On a straight-line basis under ASC 842 – – – – 215 – 215 Total $ 74,027 $ 18,739 $ 1,425 $ 2,248 $ 2,083 $ 8,251 $ 106,773 By timing of revenue recognition For the three months ended June 30, 2023 (Unaudited) Sales of PV components Sales of self-assembled solar modules Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Goods transferred at a point in time $ 39,030 $ 9,719 $ – $ 1,324 $ 717 $ 7,389 $ 58,179 Service transferred over time – – 546 – – – 546 On a straight-line basis under ASC 842 – – – – 125 – 125 Total $ 39,030 $ 9,719 $ 546 $ 1,324 $ 842 $ 7,389 $ 58,850 By timing of revenue recognition 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 Goods transferred at a point in time $ 60,857 $ – $ 2,751 $ 788 $ 2,295 $ 66,691 Service transferred over – 20,153 – – – 20,153 On a straight-line basis under ASC 842 – – – 275 – 275 Total $ 60,857 $ 20,153 $ 2,751 $ 1,063 $ 2,295 $ 87,119 By timing of revenue recognition 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 Goods transferred at a point in time $ 32,833 $ – $ 1,837 $ 401 $ 2,012 $ 37,083 Service transferred over – 11,364 – – – 11,364 On a straight-line basis under ASC 842 – – – 137 – 137 Total $ 32,833 $ 11,364 $ 1,837 $ 538 $ 2,012 $ 48,584 |
Schedule of accounts receivables and contract liabilities | Schedule of accounts receivables and contract liabilities June 30, 2023 (Unaudited) December 31, 2022 Accounts Receivable $ 24,553 $ 22,691 Contract assets 469 1,403 Advance from customers 7,905 8,634 |
Schedule of minimum undiscounted lease receipts | Schedule of minimum undiscounted lease receipts Sales-type In Thousands (Unaudited) Years Ending December 31, Remainder of 2023 $ 74 2024 43 2025 43 2026 11 2027 – 2028 and thereafter – Total lease receipt payments 171 Less: Imputed interest (14 ) Total lease receivables (1) 157 Unguaranteed residual assets 138 Net investment in leases $ 295 Net investment in leases - Current $ 78 Net investment in leases - Non-current $ 217 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of accounts receivable | Schedule of accounts receivable June 30, 2023 (Unaudited) December 31, Accounts receivable 27,172 24,441 Less: Allowance for credit losses (2,619 ) (1,750 ) Accounts receivable, net 24,553 22,691 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Schedule of inventories June 30, 2023 (Unaudited) December 31, Finished goods 28,405 22,074 Goods in transit 721 737 Work in process 80 1,529 Raw materials 6,082 4,647 Total inventories 35,288 28,987 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 2022 2023 2022 Employee stock options $ 404 $ 340 $ 1,021 $ 935 Restricted share grants – – – 623 Total share-based compensation expense 404 340 1,021 1,558 |
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, 2023 2022 2023 2022 General and administrative $ 398 $ 343 $ 1,010 $ 1,554 Sales, marketing and customer service 6 (3 ) 11 4 Total share-based compensation expense, net of nil income taxes $ 404 $ 340 $ 1,021 $ 1,558 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Net loss per ordinary share: | |
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, 2023 2022 2023 2022 Share options and non-vested restricted stock 5,000 10,000 5,000 10,000 Convertible bonds 559,905 582,000 546,355 582,000 Total 564,905 592,000 551,355 592,000 |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment information | Schedule of Segment information For the three months ended June 30, 2023 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 49,295 8,067 842 646 58,850 Cost of revenue 45,416 6,154 738 1,304 53,612 Gross profit (loss) 3,879 1,913 104 (658 ) 5,238 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 revenue 43,137 573 1,174 (172 ) 44,712 Gross profit (loss) 1,361 1,906 316 289 3,872 For the six months ended June 30, 2023 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 94,191 8,991 2,083 1,508 106,773 Cost of revenue 85,990 6,770 1,797 2,482 97,039 Gross profit (loss) 8,201 2,221 286 (974 ) 9,734 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 revenue 77,625 1,000 1,725 188 80,538 Gross profit (loss) 3,828 2,388 436 (71 ) 6,581 |
Schedule of Segment assets | Schedule of Segment assets As of June 30, 2023 (Unaudited) As of December 31, 2022 USD USD Segment assets Renewable energy solutions 80,696 71,260 Solar projects development 123,129 133,663 Electric vehicles 17,922 20,275 Others 8,792 5,897 Total segment assets 230,539 231,095 |
Schedule of intangible assets, long-term investment and goodwill | Schedule of intangible assets, long-term investment and goodwill As of June 30, 2023 Unaudited As of December 31, 2022 USD USD Australia 325 398 United States 45,818 46,307 Japan 532 586 Italy 1,461 1,508 United Kingdom 8,243 7,945 Greece 13,806 13,882 Total long-lived assets 70,185 70,626 |
Description of Business and O_3
Description of Business and Organization (Details) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2017 | |
Schedule of Investments [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 | 0 | $ 13,438 | ||
Sinsin [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment | 69,606 | 69,606 | $ 69,606 | ||
Investment payable | 63,726 | $ 61,617 | |||
Interest Payable | $ 1,234 | $ 1,249 |
Going concern (Details Narrativ
Going concern (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 2,641 | $ 9,749 | $ 2,218 | $ 6,786 | $ 12,390 | $ 9,004 | |
Net Cash Provided by (Used in) Operating Activities | 5,484 | $ 11,539 | |||||
Working capital | 116,683 | 116,683 | |||||
Retained Earnings (Accumulated Deficit) | $ 682,691 | $ 682,691 | $ 670,811 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Product Information [Line Items] | ||||
Revenues | $ 58,850 | $ 48,584 | $ 106,773 | $ 87,119 |
AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 39,356 | 31,830 | 74,637 | 59,996 |
UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 18,253 | 14,917 | 29,993 | 24,372 |
JAPAN | ||||
Product Information [Line Items] | ||||
Revenues | 24 | 42 | ||
ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 150 | 212 | 307 | 468 |
UNITED KINGDOM | ||||
Product Information [Line Items] | ||||
Revenues | 400 | 781 | 644 | 932 |
GREECE | ||||
Product Information [Line Items] | ||||
Revenues | 667 | 844 | 1,150 | 1,351 |
Photo Voltaic Solar Components [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 39,030 | 32,833 | 74,027 | 60,857 |
Photo Voltaic Solar Components [Member] | AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 39,030 | 31,530 | 74,027 | 59,554 |
Photo Voltaic Solar Components [Member] | UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 1,303 | 0 | 1,303 |
Photo Voltaic Solar Components [Member] | JAPAN | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Photo Voltaic Solar Components [Member] | ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 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 |
Self Assembled Solar Modules [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 9,719 | 18,739 | ||
Self Assembled Solar Modules [Member] | AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Self Assembled Solar Modules [Member] | UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 9,719 | 18,739 | ||
Self Assembled Solar Modules [Member] | JAPAN | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Self Assembled Solar Modules [Member] | ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Self Assembled Solar Modules [Member] | UNITED KINGDOM | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Self Assembled Solar Modules [Member] | GREECE | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Roofing Solar System [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 546 | 11,364 | 1,425 | 20,153 |
Roofing Solar System [Member] | AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Roofing Solar System [Member] | UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 546 | 11,364 | 1,425 | 20,153 |
Roofing Solar System [Member] | JAPAN | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Roofing Solar System [Member] | ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
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 |
Electricity Revenue With P P A [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 1,324 | 1,837 | 2,248 | 2,751 |
Electricity Revenue With P P A [Member] | AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Electricity Revenue With P P A [Member] | UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 107 | 0 | 147 | 0 |
Electricity Revenue With P P A [Member] | JAPAN | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Electricity Revenue With P P A [Member] | ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 150 | 212 | 307 | 468 |
Electricity Revenue With P P A [Member] | UNITED KINGDOM | ||||
Product Information [Line Items] | ||||
Revenues | 400 | 781 | 644 | 932 |
Electricity Revenue With P P A [Member] | GREECE | ||||
Product Information [Line Items] | ||||
Revenues | 667 | 844 | 1,150 | 1,351 |
Automotive Sales And Leasing [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 842 | 538 | 2,083 | 1,063 |
Automotive Sales And Leasing [Member] | AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Automotive Sales And Leasing [Member] | UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 842 | 538 | 2,083 | 1,063 |
Automotive Sales And Leasing [Member] | JAPAN | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Automotive Sales And Leasing [Member] | ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
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 | 7,389 | 2,012 | 8,251 | 2,295 |
Other Services [Member] | AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 326 | 300 | 610 | 442 |
Other Services [Member] | UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 7,039 | 1,712 | 7,599 | 1,853 |
Other Services [Member] | JAPAN | ||||
Product Information [Line Items] | ||||
Revenues | 24 | 42 | ||
Other Services [Member] | ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
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 |
Revenue Recognition (Details -
Revenue Recognition (Details - Revenue by timing) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Product Information [Line Items] | ||||
Revenues | $ 58,850 | $ 48,584 | $ 106,773 | $ 87,119 |
Transferred at Point in Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 58,179 | 37,083 | 105,133 | 66,691 |
Transferred over Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 546 | 11,364 | 1,425 | 20,153 |
Straight Line Basis [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 125 | 137 | 215 | 275 |
Photo Voltaic Solar Components [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 39,030 | 32,833 | 74,027 | 60,857 |
Photo Voltaic Solar Components [Member] | Transferred at Point in Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 39,030 | 32,833 | 74,027 | 60,857 |
Photo Voltaic Solar Components [Member] | Transferred over Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Photo Voltaic Solar Components [Member] | Straight Line Basis [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Self Assembled Solar Modules [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 9,719 | 18,739 | ||
Self Assembled Solar Modules [Member] | Transferred at Point in Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 9,719 | 18,739 | ||
Self Assembled Solar Modules [Member] | Transferred over Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Self Assembled Solar Modules [Member] | Straight Line Basis [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Roofing Solar System [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 546 | 11,364 | 1,425 | 20,153 |
Roofing Solar System [Member] | Transferred at Point in Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Roofing Solar System [Member] | Transferred over Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 546 | 11,364 | 1,425 | 20,153 |
Roofing Solar System [Member] | Straight Line Basis [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Electricity Revenue With P P A [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 1,324 | 1,837 | 2,248 | 2,751 |
Electricity Revenue With P P A [Member] | Transferred at Point in Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 1,324 | 1,837 | 2,248 | 2,751 |
Electricity Revenue With P P A [Member] | Transferred over Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Electricity Revenue With P P A [Member] | Straight Line Basis [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Automotive Sales And Leasing [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 842 | 538 | 2,083 | 1,063 |
Automotive Sales And Leasing [Member] | Transferred at Point in Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 717 | 401 | 1,868 | 788 |
Automotive Sales And Leasing [Member] | Transferred over Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Automotive Sales And Leasing [Member] | Straight Line Basis [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 125 | 137 | 215 | 275 |
Other Services [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 7,389 | 2,012 | 8,251 | 2,295 |
Other Services [Member] | Transferred at Point in Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 7,389 | 2,012 | 8,251 | 2,295 |
Other Services [Member] | Transferred over Time [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Other Services [Member] | Straight Line Basis [Member] | ||||
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, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Accounts Receivable | $ 24,553 | $ 22,691 |
Contract assets | 469 | 1,403 |
Advance from customers | $ 7,905 | $ 8,634 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details - Lease) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | |||
Remainder of 2023 | $ 74 | ||
2024 | 43 | ||
2025 | 43 | ||
2026 | 11 | ||
2027 | 0 | ||
2028 and thereafter | 0 | ||
Total lease receipt payments | 171 | ||
Less: Imputed interest | (14) | ||
Total lease receivables (1) | [1] | 157 | |
Unguaranteed residual assets | 138 | ||
Net investment in leases | 295 | ||
Net investment in leases - Current | 78 | ||
Net investment in leases - Non-current | $ 217 | $ 0 | |
[1]Current portion of $78 of total lease receivables was included in prepaid and other current assets on the balance sheet. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||
Contract with Customer, Liability | $ 8,634 | $ 4,924 |
Net investment in leases | 295 | |
Gain on sales-type leases | $ 99 |
Accounts Receivable, net (Detai
Accounts Receivable, net (Details - Accounts receivable) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Accounts receivable | $ 27,172 | $ 24,441 |
Less: Allowance for credit losses | (2,619) | (1,750) |
Accounts receivable, net | $ 24,553 | $ 22,691 |
Accounts Receivable, Net (Det_2
Accounts Receivable, Net (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Scottish Pacificand Lsq [Member] | ||
Variable Interest Entity [Line Items] | ||
Accounts Receivable, Change in Method, Credit Loss Expense (Reversal) | $ 869 | $ 209 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 28,405 | $ 22,074 |
Goods in transit | 721 | 737 |
Work in process | 80 | 1,529 |
Raw materials | 6,082 | 4,647 |
Total inventories | $ 35,288 | $ 28,987 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | ||
Write-downs for inventories | $ 1,075 | $ 0 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 404 | $ 340 | $ 1,021 | $ 1,558 |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 404 | 340 | 1,021 | 935 |
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0 | $ 0 | $ 0 | $ 623 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 404 | $ 340 | $ 1,021 | $ 1,558 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 398 | 343 | 1,010 | 1,554 |
Selling and Marketing Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 6 | $ (3) | $ 11 | $ 4 |
Net Loss Per Share (Details - A
Net Loss Per Share (Details - Antidilutive shares) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 564,905 | 592,000 | 551,355 | 592,000 |
Options And Non Vested Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 5,000 | 10,000 | 5,000 | 10,000 |
Convertible Bonds [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 559,905 | 582,000 | 546,355 | 582,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation | $ 1,596 |
Contingencies description | The Group agreed to pay Streeterville $375 in cash and $400 in stock by July 5, 2023. After that, the Group agreed to pay Streeterville $425 each month starting from July 31, 2023. Among the monthly installment payments, at least $225 shall be paid in cash. |
Concentration Risk (Details Nar
Concentration Risk (Details Narrative) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenue Benchmark [Member] | One Customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | 10% | 10% | 10% | |
Accounts Receivable [Member] | One Customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | 18% | |||
Accounts Payable [Member] | Suppliers One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 21% | 14% | |||
Accounts Payable [Member] | Suppliers Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 15% | 11% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Related Party Transactions [Abstract] | ||
Due from related parties | $ 407 | $ 332 |
Segment Information (Details -
Segment Information (Details - Segment information) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 58,850 | $ 48,584 | $ 106,773 | $ 87,119 |
Cost of sales | 53,612 | 44,712 | 97,039 | 80,538 |
Gross profit (loss) | 5,238 | 3,872 | 9,734 | 6,581 |
Renewable Energy Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 49,295 | 44,498 | 94,191 | 81,453 |
Cost of sales | 45,416 | 43,137 | 85,990 | 77,625 |
Gross profit (loss) | 3,879 | 1,361 | 8,201 | 3,828 |
P V Constructions And Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8,067 | 2,479 | 8,991 | 3,388 |
Cost of sales | 6,154 | 573 | 6,770 | 1,000 |
Gross profit (loss) | 1,913 | 1,906 | 2,221 | 2,388 |
Electric Vehicles [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 842 | 1,490 | 2,083 | 2,161 |
Cost of sales | 738 | 1,174 | 1,797 | 1,725 |
Gross profit (loss) | 104 | 316 | 286 | 436 |
Others [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 646 | 117 | 1,508 | 117 |
Cost of sales | 1,304 | (172) | 2,482 | 188 |
Gross profit (loss) | $ (658) | $ 289 | $ (974) | $ (71) |
Segment Information (Details _2
Segment Information (Details - Segment assets) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Segment assets | ||
Renewable energy solutions | $ 80,696 | $ 71,260 |
Solar projects development | 123,129 | 133,663 |
Electric vehicles | 17,922 | 20,275 |
Others | 8,792 | 5,897 |
Total segment assets | $ 230,539 | $ 231,095 |
Segment Information (Details _3
Segment Information (Details - intangible assets, long-term investment) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 70,185 | $ 70,626 |
AUSTRALIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 325 | 398 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 45,818 | 46,307 |
JAPAN | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 532 | 586 |
ITALY | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,461 | 1,508 |
UNITED KINGDOM | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 8,243 | 7,945 |
GREECE | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 13,806 | $ 13,882 |