SPI Energy Co., Ltd. Reports Unaudited Interim Report for the Six-Month Ended June 30, 2016
May 16 2017 - 6:00AM
SPI Energy Co., Ltd. (“SPI Energy” or the “Company”) (NASDAQ:SPI),
a global clean energy market place for business, residential,
government and utility customers and investors, today reported its
unaudited interim report for the six months ended June 30, 2016.
As previously reported on January 13, 2017, the Company received
a letter from Nasdaq stating that the Company was not in compliance
with Nasdaq listing rules because the Company had not submitted on
a Form 6-K an interim balance sheet and income statement for
the six-month period ended June 30, 2016. In the letter, Nasdaq
requested that the Company submit a plan to regain compliance with
Nasdaq listing rules within 60 days.
As previously reported on March 20, 2017, the Company submitted
to Nasdaq a plan to regain compliance with Nasdaq listing rules and
Nasdaq granted an exception to enable the Company to regain
compliance, under the condition that the Company must submit its
interim balance sheet and income statement for the six-month period
ended June 30, 2016 on or before May 15, 2017.
The Company hereby furnishes its Unaudited Condensed
Consolidated Statements of Balance Sheet and Unaudited Condensed
Consolidated Statements of Operations for the six-month period
ended June 30, 2016 (the “Interim Report”) as attached in Exhibit
A. Upon filing of Form 6-K, the Company anticipates that it will
regain compliance with relevant Nasdaq listing rules solely with
respect to its failure to file its Interim Report.
The Company’s Interim Report is prepared and presented in
accordance with U.S. GAAP. However, they have not been audited or
reviewed by the Company’s independent registered accounting firm.
During the course of preparing the Interim Report, the Company
noted various significant outstanding and uncertain matters,
including but not limited to, its liquidity and ability to continue
as a going concern, contingent liabilities arising from
litigations, suspected related party transactions and unusual
transactions and compliance with laws and regulations. The Company
has formulated certain liquidity plan as previously disclosed on
its 2015 annual report on Form 20-F. However, the Company cannot
assure you that it will be able to successfully execute its
liquidity plan. The level of liquidity that the Company needs may
be greater than the Company currently anticipates as a result of
both general industry and market factors and Company-specific
factors, such as global economic slowdown, continued downturn in
the global PV market, changes in the regulatory and business
environments, and the ongoing dispute with the Company’s investors
regarding its Solarbao investment programs. All of these and other
factors and occurrences may increase the Company’s cash
requirements and make the Company unable to satisfy its liquidity
requirements and the Company may, as a result, be unable to
continue as a going concern.
The company is preparing and finalizing the Consolidated
Financial Statement as of and for the year ended December 31, 2016.
Further evidences obtained subsequently during the finalizing
process may provide additional information, which may cause the
Consolidated Statement of Financial Position and Consolidated
Statement of Operation as of and for the six-month period ended
June 31, 2016 to be adjusted accordingly. In addition, accounting
estimates and assumptions made in preparing the Company’s
consolidated financial statements for the financial year ended
December 31, 2016 may differ from that used in Interim Report due
to the differences in reporting periods and changes in the
Company’s financial conditions during those periods. As a result,
the Company cannot assure you that its consolidated financial
statements as of and for the year ended December 31, 2016 will not
contain significant difference, adjustment or discrepancies from
its Interim Report. The Company’s historical results do not
necessarily indicate results expected for any future periods.
Exhibit ASPI Energy Co., Ltd. Unaudited
Condensed Consolidated Statements of Balance Sheet and Unaudited
Condensed Consolidated Statements of Operations for the six-month
period ended June 30, 2016.
SPI Energy Co., Ltd. |
Unaudited Condensed Consolidated Balance
Sheet |
(In thousands, except for share and per share
data) |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2016 |
|
2015 |
|
|
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
31,015 |
|
|
$ |
82,124 |
|
Restricted cash |
|
|
7,443 |
|
|
|
83,191 |
|
Accounts
receivable, net of allowance for doubtful accounts of $27,810 and
$36,553,respectively |
|
|
44,224 |
|
|
|
73,383 |
|
Accounts
receivable, related party |
|
|
110 |
|
|
|
- |
|
Notes
receivable |
|
|
9,680 |
|
|
|
3,541 |
|
Costs and
estimated earnings in excess of billings on uncompleted contracts,
net ofallowance for doubtful accounts of $15,655 and nil,
respectively |
|
|
22,150 |
|
|
|
32,426 |
|
Inventories, net |
|
|
15,049 |
|
|
|
27,245 |
|
Project
assets |
|
|
41,178 |
|
|
|
35,355 |
|
Prepaid
expenses and other current assets |
|
|
44,034 |
|
|
|
41,197 |
|
Other
receivable, related parties |
|
|
38 |
|
|
|
2,589 |
|
Finance
lease receivable |
|
|
15,328 |
|
|
|
12,518 |
|
Total
current assets |
|
|
230,249 |
|
|
|
393,569 |
|
Intangible assets |
|
|
4,409 |
|
|
|
4,526 |
|
Goodwill |
|
|
75,969 |
|
|
|
75,969 |
|
Accounts
receivable, noncurrent |
|
|
7,652 |
|
|
|
7,463 |
|
Other
receivable, noncurrent |
|
|
550 |
|
|
|
550 |
|
Notes
receivable, noncurrent |
|
|
5,769 |
|
|
|
6,399 |
|
Property,
plant and equipment, net |
|
|
124,485 |
|
|
|
125,793 |
|
Project
assets, noncurrent |
|
|
48,281 |
|
|
|
60,371 |
|
Derivative asset |
|
|
- |
|
|
|
2,328 |
|
Investment in an affiliate |
|
|
11,913 |
|
|
|
13,950 |
|
Deferred
tax assets, net |
|
|
832 |
|
|
|
848 |
|
Finance
lease receivable, noncurrent |
|
|
39,260 |
|
|
|
17,804 |
|
Total
assets |
|
$ |
549,369 |
|
|
$ |
709,570 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
77,420 |
|
|
$ |
97,803 |
|
Accounts
payable, related parties |
|
|
7,723 |
|
|
|
5,128 |
|
Notes
payable |
|
|
9,073 |
|
|
|
34,301 |
|
Accrued
liabilities |
|
|
29,252 |
|
|
|
26,741 |
|
Income
taxes payable |
|
|
3,716 |
|
|
|
4,002 |
|
Advance
from customers |
|
|
25,656 |
|
|
|
19,693 |
|
Short
term borrowings |
|
|
94,384 |
|
|
|
160,400 |
|
Convertible bonds |
|
|
55,000 |
|
|
|
54,062 |
|
Other
current liabilities, related parties |
|
|
62 |
|
|
|
42 |
|
Other
current liabilities |
|
|
36,661 |
|
|
|
71,379 |
|
Total
current liabilities |
|
|
338,947 |
|
|
|
473,551 |
|
Financing
and capital lease obligations |
|
|
23,194 |
|
|
|
8,796 |
|
Long term
borrowings |
|
|
6,081 |
|
|
|
4,451 |
|
Deferred
tax liability, net |
|
|
4,275 |
|
|
|
4,199 |
|
Other
noncurrent liabilities |
|
|
42,469 |
|
|
|
2,015 |
|
Total
liabilities |
|
|
414,966 |
|
|
|
493,012 |
|
Commitments and
contingencies |
|
|
- |
|
|
|
- |
|
Stockholders’
equity: |
|
|
|
|
Common
stock, par $0.000001, 150,000,000,000 shares authorized,
respectively;641,665,172 and 639,065,172 shares issued and
outstanding, respectively |
|
|
64 |
|
|
|
64 |
|
Additional paid in capital |
|
|
481,771 |
|
|
|
475,492 |
|
Accumulated other comprehensive loss |
|
|
(17,707 |
) |
|
|
(16,509 |
) |
Accumulated deficit |
|
|
(333,122 |
) |
|
|
(246,068 |
) |
Total
equity attributable to the shareholders of the Company |
|
|
131,006 |
|
|
|
212,979 |
|
Noncontrolling
interests |
|
|
3,397 |
|
|
|
3,579 |
|
Total stockholders’
equity |
|
|
134,403 |
|
|
|
216,558 |
|
Total liabilities and
stockholders’ equity |
|
$ |
549,369 |
|
|
$ |
709,570 |
|
|
|
|
|
|
SPI Energy Co., Ltd. |
Unaudited Condensed Consolidated Statements of
Operation |
(In thousands, except for share and per share
data) |
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
June 30, |
|
|
2016 |
|
2015 |
Net
sales: |
|
|
|
|
Net
sales |
|
$ |
65,396 |
|
|
$ |
59,879 |
|
Cost of
goods sold: |
|
|
|
|
Cost of
goods sold |
|
|
(54,856 |
) |
|
|
(48,954 |
) |
Provision
for losses on contracts |
|
|
(396 |
) |
|
|
(329 |
) |
Total
cost of goods sold |
|
|
(55,252 |
) |
|
|
(49,283 |
) |
Gross
profit |
|
|
10,144 |
|
|
|
10,596 |
|
Operating
expenses: |
|
|
|
|
General
and administrative |
|
|
17,284 |
|
|
|
49,915 |
|
Sales,
marketing and customer service |
|
|
16,525 |
|
|
|
12,404 |
|
Provision
for doubtful accounts and notes and impairmentchanges |
|
|
52,560 |
|
|
|
- |
|
Total
operating expenses |
|
|
86,369 |
|
|
|
62,319 |
|
Operating loss |
|
|
(76,225 |
) |
|
|
(51,723 |
) |
Other income
(expense): |
|
|
|
|
Interest
expense |
|
|
(3,796 |
) |
|
|
(3,878 |
) |
Interest
income |
|
|
830 |
|
|
|
1,665 |
|
Change in
fair value of derivative asset/liability |
|
|
(2,328 |
) |
|
|
- |
|
Loss on
investment in affiliates |
|
|
(6,551 |
) |
|
|
- |
|
Net
foreign exchange gain |
|
|
1,309 |
|
|
|
3,443 |
|
Others |
|
|
(324 |
) |
|
|
142 |
|
Total
other expense, net |
|
|
(10,860 |
) |
|
|
1,372 |
|
Loss before income
taxes |
|
|
(87,085 |
) |
|
|
(50,351 |
) |
Income
tax expense |
|
|
(255 |
) |
|
|
(1,306 |
) |
|
|
|
|
|
Net loss |
|
$ |
(87,340 |
) |
|
$ |
(51,657 |
) |
Net loss
attributable to noncontrolling interests |
|
|
(286 |
) |
|
|
(53 |
) |
Net loss attributable
to stockholders of the Company |
|
$ |
(87,054 |
) |
|
$ |
(51,604 |
) |
Net loss
per common share: |
|
|
|
|
Basic and
Diluted |
|
|
(0.14 |
) |
|
|
(0.09 |
) |
Weighted
average number of common shares used in computing per
shareamounts: |
|
|
|
|
Basic and
Diluted |
|
|
641,457,479 |
|
|
|
595,100,462 |
|
|
|
|
|
|
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of
photovoltaic (PV) solutions for business, residential, government
and utility customers and investors. SPI Energy focuses on the
downstream PV market including the development, financing,
installation, operation and sale of utility-scale and residential
solar power projects in China, Japan, Europe and North America. The
Company operates an innovative online energy e-commerce and
investment platform, www.solarbao.com, which enables individual and
institutional investors to purchase innovative PV-based investment
and other products; as well as www.solartao.com, a B2B e-commerce
platform offering a range of PV products for both upstream and
downstream suppliers and customers. The Company has its operating
headquarters in Hong Kong and maintains global operations in Asia,
Europe, North America and Australia. For additional information,
please visit: www.spisolar.com
Safe Harbor Statement
This release contains certain “forward-looking
statements.” These statements are forward-looking in nature and
subject to risks and uncertainties that may cause actual results to
differ materially. All forward-looking statements included in this
release are based upon information available to the Company as of
the date of this release, which may change, and the Company
undertakes no obligation to update or revise any forward-looking
statements, except as may be required under applicable securities
law.
For investors and media inquiries please contact:
SPI Energy Co., Ltd.
IR Department
Email: ir@spisolar.com
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