Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 |
Document Fiscal Year Focus | 2023 |
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, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 4,051 | $ 5,295 |
Short Term Bank Deposits | 5,217 | 5,000 |
Restricted short-term bank deposits | 61 | 63 |
Other receivables and prepaid expenses | 95 | 161 |
TOTAL CURRENT ASSETS | 9,424 | 10,519 |
NON-CURRENT ASSETS: | ||
Property and equipment, net | 679 | 722 |
Right-of-use assets, net | 131 | 166 |
Investments in a joint venture accounted for using the equity method | 517 | 510 |
TOTAL NON-CURRENT ASSETS | 1,327 | 1,398 |
TOTAL ASSETS | 10,751 | 11,917 |
CURRENT LIABILITIES: | ||
Current maturities of long-term loans from related party | 985 | 941 |
Current maturities of other long-term loan | 65 | 32 |
Accounts payable and accruals: | ||
Trade | 40 | 75 |
Other | 925 | 733 |
Current maturities of lease liabilities | 91 | 78 |
TOTAL CURRENT LIABILITIES | 2,106 | 1,859 |
NON-CURRENT LIABILITIES: | ||
Other long-term loan | 69 | 96 |
Lease liabilities, net of current maturities | 39 | 88 |
TOTAL NON-CURRENT LIABILITIES | 108 | 184 |
TOTAL LIABILITIES | 2,214 | 2,043 |
EQUITY: | ||
Common shares | 98 | 98 |
Share premium | 23,121 | 23,121 |
Foreign currency translation reserve | (2,539) | (2,061) |
Accumulated deficit | (12,143) | (11,284) |
TOTAL EQUITY | 8,537 | 9,874 |
TOTAL LIABILITIES AND EQUITY | $ 10,751 | $ 11,917 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Profit or loss [abstract] | ||||
REVENUES | $ 26 | |||
COST OF REVENUES | (22) | |||
GROSS PROFIT | 4 | |||
OPERATING EXPENSES | ||||
Research and development expenses | (113) | (441) | (323) | (635) |
Sales and marketing expenses | (117) | (135) | (193) | (300) |
General and administrative expenses | (457) | (650) | (854) | (1,186) |
Other income | 4 | 15 | 9 | 15 |
Share of net loss of a joint venture accounted for using the equity method | (5) | (5) | (10) | (10) |
TOTAL OPERATING EXPENSES | (688) | (1,216) | (1,371) | (2,116) |
OPERATING LOSS | (688) | (1,216) | (1,371) | (2,112) |
Financial expenses | (14) | (13) | (26) | (31) |
Financial income | 366 | 521 | 538 | 712 |
FINANCIAL INCOME (EXPENSES) - NET | 352 | 508 | 512 | 681 |
NET LOSS | (336) | (708) | (859) | (1,431) |
ATTRIBUTABLE TO: | ||||
The Parent Company shareholders | (336) | (708) | (859) | (1,241) |
Total attributable to the parent company shareholders | $ (336) | $ (708) | $ (859) | $ (1,241) |
LOSS PER COMMON SHARE – BASIC (in Dollars per share) | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.03) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS PER COMMON SHARE (in Shares) | 44,394,844 | 44,394,844 | 44,394,844 | 44,394,844 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Loss (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Profit or loss [abstract] | ||||
LOSS PER COMMON SHARE – DILUTED | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.03) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Condensed Consolidated Statements Of Comprehensive Loss Unaudited Abstract | ||||
LOSS FOR THE PERIOD | $ (336) | $ (708) | $ (859) | $ (1,431) |
ITEMS THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS | ||||
EXCHANGE DIFFERENCES ON TRANSLATION OF FOREIGN OPERATIONS | 102 | (9) | (131) | (32) |
ITEMS THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS | ||||
EXCHANGE DIFFERENCES ON TRANSLATION TO PRESENTATION CURRENCY | (421) | (1,246) | (347) | (1,604) |
OTHER COMPREHENSIVE LOSS FOR THE PERIOD | (319) | (1,255) | (478) | (1,636) |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (655) | (1,963) | (1,337) | (3,067) |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD IS ATTRIBUTABLE TO: | ||||
THE PARENT COMPANY SHAREHOLDERS | (655) | (1,963) | (1,337) | (3,067) |
TOTAL COMPREHENSIVE LOSS | $ (655) | $ (1,963) | $ (1,337) | $ (3,067) |
Condensed Consolidated Statem_5
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, 2021 | $ 98 | $ 23,231 | $ (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 | |||||
Balance at Dec. 31, 2022 | $ 98 | 23,121 | (2,061) | (11,284) | 9,874 | 9,874 |
Balance (in Shares) at Dec. 31, 2022 | 44,394,844 | |||||
Loss for the period | (859) | (859) | (859) | |||
Other comprehensive loss | (478) | (478) | (478) | |||
Total comprehensive loss for the period | (478) | (859) | (1,337) | (1,337) | ||
Balance at Jun. 30, 2023 | $ 98 | $ 23,121 | $ (2,539) | $ (12,143) | $ 8,537 | $ 8,537 |
Balance (in Shares) at Jun. 30, 2023 | 44,394,844 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS - OPERATING ACTIVITIES: | ||
Net loss | $ (859) | $ (1,431) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 80 | 121 |
Interest expenses | 45 | 27 |
Interest income | (220) | |
Share of loss of a joint venture | 10 | 10 |
Non-cash finance income | (74) | |
Loss on disposal of fixed assets | 278 | |
Changes in operating assets and liabilities | ||
(Increase) decrease in other receivables and prepaid expenses | (92) | 215 |
Increase in accounts payable and accruals | 28 | 343 |
Net cash used in operating activities | (1,008) | (511) |
CASH FLOWS – INVESTING ACTIVITIES: | ||
Investments in short-term deposits | (1) | (12) |
Interest received on bank deposits | 14 | |
Investment in a joint venture | (41) | (182) |
Purchase of property and equipment | (6) | (1) |
Net cash used in investing activities | (34) | (195) |
CASH FLOWS - FINANCING ACTIVITIES: | ||
Principal elements of lease payments | (33) | (51) |
Net cash used in financing activities | (33) | (51) |
DECREASE IN CASH AND CASH EQUIVALENTS | (1,075) | (757) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 5,295 | 14,621 |
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS | (169) | (1,544) |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 4,051 | $ 12,320 |
General Information
General Information | 6 Months Ended |
Jun. 30, 2023 | |
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” or “the Group”) 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 (the “Nasdaq”) 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”). |
Basis for Preparation
Basis for Preparation | 6 Months Ended |
Jun. 30, 2023 | |
Basis for Preparation [Abstract] | |
BASIS FOR PREPARATION | NOTE 2 - BASIS FOR PREPARATION Th e Company’s Unaudited |
Principal Accounting Policies
Principal Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022. Fair value of financial instruments As of June 30, 2023 and December 31, 2022, 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. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022. |
Fair value of financial instruments | Fair value of financial instruments As of June 30, 2023 and December 31, 2022, 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. |