Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2022 | |
Document Information Line Items | |
Entity Registrant Name | Eco Wave Power Global AB (publ) |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001846715 |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-40554 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 12,320 | $ 14,621 |
Restricted short-term bank deposits | 74 | 70 |
Other receivables and prepaid expenses | 169 | 389 |
TOTAL CURRENT ASSETS | 12,563 | 15,080 |
NON-CURRENT ASSETS: | ||
Property and equipment, net | 785 | 1,194 |
Right-of-use assets, net | 65 | 101 |
Investments in a joint venture accounted for using the equity method | 404 | 272 |
TOTAL NON-CURRENT ASSETS | 1,254 | 1,567 |
TOTAL ASSETS | 13,817 | 16,647 |
CURRENT LIABILITIES: | ||
Current maturities of long-term loans from related party | 1,130 | 220 |
Current maturities of other long-term loan | 32 | |
Accounts payable and accruals: | ||
Trade | 54 | 46 |
Other | 755 | 510 |
Current maturities of lease liabilities | 90 | 127 |
TOTAL CURRENT LIABILITIES | 2,061 | 903 |
NON-CURRENT LIABILITIES: | ||
Long-term loans from related party, net of current maturities | 882 | |
Other long-term loan | 90 | 129 |
TOTAL NON-CURRENT LIABILITIES | 90 | 1,011 |
TOTAL LIABILITIES | 2,151 | 1,914 |
EQUITY: | ||
Common shares | 98 | 98 |
Share premium | 23,121 | 23,121 |
Foreign currency translation reserve | (1,739) | (103) |
Accumulated deficit | (9,814) | (8,383) |
TOTAL EQUITY | 11,666 | 14,733 |
TOTAL LIABILITIES AND EQUITY | $ 13,817 | $ 16,647 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Profit or loss [abstract] | ||||
REVENUES | $ 26 | $ 31 | ||
COST OF REVENUES | (22) | (27) | ||
GROSS PROFIT | 4 | 4 | ||
OPERATING EXPENSES | ||||
Research and development expenses | (441) | (195) | (635) | (355) |
Sales and marketing expenses | (135) | (130) | (300) | (220) |
General and administrative expenses | (650) | (428) | (1,186) | (715) |
Other income | 15 | 15 | ||
Share of net loss of a joint venture accounted for using the equity method | (5) | (10) | ||
TOTAL OPERATING EXPENSES | (1,216) | (753) | (2,116) | (1,290) |
OPERATING LOSS | (1,216) | (753) | (2,112) | (1,286) |
Financial expenses | (13) | (19) | (31) | (36) |
Financial income | 521 | 7 | 712 | 81 |
FINANCIAL INCOME (EXPENSES) - NET | 508 | (12) | 681 | 45 |
NET LOSS | (708) | (765) | (1,431) | (1,241) |
ATTRIBUTABLE TO: | ||||
The parent company shareholders | (708) | (765) | (1,431) | (1,241) |
Total attributable to the parent company shareholders | $ (708) | $ (765) | $ (1,431) | $ (1,241) |
LOSS PER COMMON SHARE – BASIC AND DILUTED (in Dollars per share) | $ (0.02) | $ (0.02) | $ (0.03) | $ (0.04) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS PER COMMON SHARE (in Shares) | 44,394,844 | 35,194,844 | 44,394,844 | 35,194,844 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Consolidated Statements Of Comprehensive Loss Unaudited Abstract | ||||
LOSS FOR THE PERIOD | $ (708) | $ (765) | $ (1,431) | $ (1,241) |
EXCHANGE DIFFERENCES ON TRANSLATION OF FOREIGN OPERATIONS | (9) | (38) | (32) | (17) |
EXCHANGE DIFFERENCES ON TRANSLATION TO PRESENTATION CURRENCY | (1,246) | 272 | (1,604) | (430) |
OTHER COMPREHENSIVE LOSS FOR THE PERIOD | (1,255) | 234 | (1,636) | (447) |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (1,963) | (531) | (3,067) | (1,688) |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD IS ATTRIBUTABLE TO: | ||||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD IS ATTRIBUTABLE TO THE PARENT COMPANY SHAREHOLDERS | $ (1,963) | $ (531) | $ (3,067) | $ (1,688) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Number of common shares | Share premium | Foreign currency translation reserve | Accumulated deficit | Total for Company's shareholders | Total |
Balance at Dec. 31, 2020 | $ 76 | $ 15,179 | $ 1,576 | $ (6,036) | $ 10,795 | $ 10,795 |
Balance (in Shares) at Dec. 31, 2020 | 35,194,844 | |||||
Loss for the period | (1,241) | (1,241) | (1,241) | |||
Other comprehensive loss | (447) | (447) | (447) | |||
Total comprehensive loss for the period | (447) | (1,241) | (1,688) | (1,688) | ||
Balance at Jun. 30, 2021 | $ 76 | 15,179 | 1,129 | (7,277) | 9,107 | 9,107 |
Balance (in Shares) at Jun. 30, 2021 | 35,194,844 | |||||
Balance at Dec. 31, 2021 | $ 98 | 23,121 | (103) | (8,383) | 14,733 | 14,733 |
Balance (in Shares) at Dec. 31, 2021 | 44,394,844 | |||||
Loss for the period | (1,431) | (1,431) | (1,431) | |||
Other comprehensive loss | (1,636) | (1,636) | (1,636) | |||
Total comprehensive loss for the period | (1,636) | (1,431) | (3,067) | (3,067) | ||
Balance at Jun. 30, 2022 | $ 98 | $ 23,121 | $ (1,739) | $ (9,814) | $ 11,666 | $ 11,666 |
Balance (in Shares) at Jun. 30, 2022 | 44,394,844 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS - OPERATING ACTIVITIES: | ||
Net loss | $ (1,431) | $ (1,241) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 121 | 123 |
Interest | 27 | 27 |
Share of loss of a joint venture | 10 | |
Non-cash finance income | (74) | (26) |
Loss on disposal of fixed assets | 278 | |
Changes in operating assets and liabilities | ||
Decrease (increase) in other receivables and prepaid expenses | 215 | (225) |
Increase in accounts payable and accruals | 343 | 56 |
Net cash provided by (used in) operating activities | (511) | (1,286) |
CASH FLOWS – INVESTING ACTIVITIES: | ||
Investments in short-term deposits | (12) | |
Investment in a joint venture | (182) | |
Purchase of property and equipment | (1) | (3) |
Net cash used in investing activities | (195) | (3) |
CASH FLOWS - FINANCING ACTIVITIES: | ||
Principal elements of lease payments | (51) | (51) |
Net cash used in financing activities | (51) | (51) |
DECREASE IN CASH AND CASH EQUIVALENTS | (757) | (1,340) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 14,621 | 10,734 |
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS | (1,544) | (351) |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 12,320 | 9,043 |
Non-cash Investing activities and financing | ||
Transfer of equipment to a joint venture | $ (152) |
General Information
General Information | 6 Months Ended |
Jun. 30, 2022 | |
General Information [Abstract] | |
GENERAL INFORMATION | NOTE 1 - GENERAL INFORMATION Eco Wave Power Global AB (publ) (”the Parent Company” or together with its subsidiaries ”the Company”) is a Swedish public limited company formed on March 27, 2019 and registered at the Swedish Companies Registration Office on April 17, 2019. The Company’s American Depositary Shares (“ADSs”) are traded on the Nasdaq Capital Market in the United States. The Company’s corporate identity number is 559202-9499 and its address is Strandvägen 7A, 114 56 Stockholm, Sweden. Unless expressly indicated otherwise, all amounts are shown in thousands of U.S. dollars (”USD”). In July 2021 the Company completed an underwritten public offering of ADSs. The ADSs began trading on Nasdaq on July 1, 2021. On May 30, 2022 Nasdaq First North Growth Market Stockholm has accepted the Company’s application to delist its common shares. The last day of trading for the Company’s common shares on Nasdaq First North was June 13, 2022. As a result, since June 14, 2022 the company’s securities trade exclusively on the Nasdaq Capital Market in the United States in the form of American Depositary Shares (“ADSs”) |
Basis for Preparation
Basis for Preparation | 6 Months Ended |
Jun. 30, 2022 | |
Basis for Preparation [Abstract] | |
BASIS FOR PREPARATION | NOTE 2 - BASIS FOR PREPARATION The Company's Unaudited condensed consolidated financial statements as of June 30, 2022 and 2021 and for the interim six month periods then ended (hereinafter: “The financial information for the interim period”) were prepared in accordance with International Accounting Standard 34: “Interim Financial reporting” (hereinafter: “IAS 34”). The financial information for the interim period is presented in a condensed form and does not include all of the information and disclosures that are required within the framework of annual financial statements. The financial information for the interim period should be read in conjunction with the annual financial statements for the year ended December 31, 2021 and the accompanying notes thereto, which comply with the International Financial Reporting Standards (hereinafter: “IFRS Standards”), as issued by the International Accounting Standard Board (“IASB”). |
Principal Accounting Policies
Principal Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Principal Accounting Policies [Abstract] | |
PRINCIPAL ACCOUNTING POLICIES | NOTE 3 - PRINCIPAL ACCOUNTING POLICIES General The principal accounting policies and calculation methods, which have been implemented in the preparation of the financial information for the interim period, are consistent with those that were implemented in the preparation of the Group’s annual financial statements for the year ended December 31, 2021. Fair value of financial instruments As of June 30, 2022 and December 31, 2021, the financial instruments of the Group consist of non-derivative assets and liabilities (primarily working capital items, deposits and loans). With regard to non-derivative assets and liabilities, given their nature, the fair value of the financial instruments included in the consolidated statement of financial position is generally close or identical to their carrying amount. |
Events during the period
Events during the period | 6 Months Ended |
Jun. 30, 2022 | |
Events during the period [Abstract] | |
Events during the period | NOTE 4 - Events during the period Between 2016 and January 2022, the company operated a grid-connected proof-of-concept wave energy array in Gibraltar. On January 20, 2022, the company announced a collaboration agreement with AltaSea, a non-profit that accelerates scientific collaboration and advances an emerging blue economy, at the Port of Los Angeles. On March 2, 2022, the company announced its intent to relocate the energy conversion unit from Gibraltar to AltaSea’s premises in the Port of Los Angeles. Eco Wave Power intends to develop and supply new and upgraded floaters for its planned pilot in AltaSea’s premises, while Gibraltar power station’s floater mechanisms will be sent to steel recycling. As a result the company has recorded a one-off loss of $278. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
General | General The principal accounting policies and calculation methods, which have been implemented in the preparation of the financial information for the interim period, are consistent with those that were implemented in the preparation of the Group’s annual financial statements for the year ended December 31, 2021. |
Fair value of financial instruments | Fair value of financial instruments As of June 30, 2022 and December 31, 2021, the financial instruments of the Group consist of non-derivative assets and liabilities (primarily working capital items, deposits and loans). With regard to non-derivative assets and liabilities, given their nature, the fair value of the financial instruments included in the consolidated statement of financial position is generally close or identical to their carrying amount. |
Events during the period (Detai
Events during the period (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Events during the period [Abstract] | |
One-off loss | $ 278 |