SEC Info℠  
    Home      Search      My Interests      Help      Sign In      Please Sign In

SPI Energy Co., Ltd. – ‘20-F’ for 12/31/18 – ‘R9’

On:  Tuesday, 4/30/19, at 4:55pm ET   ·   For:  12/31/18   ·   Accession #:  1683168-19-1261   ·   File #:  1-37678

Previous ‘20-F’:  ‘20-F/A’ on 12/11/18 for 12/31/17   ·   Next:  ‘20-F’ on 6/29/20 for 12/31/19   ·   Latest:  ‘20-F/A’ on 11/23/21 for 12/31/20   ·   5 References:   

Find Words in Filings emoji
 		  in    Show  and   ↓Hints

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/30/19  SPI Energy Co., Ltd.              20-F       12/31/18  143:9.5M                                   GlobalOne Filings Inc/FA

Annual Report by a Foreign Non-Canadian Issuer   —   Form 20-F   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 20-F        Annual Report by a Foreign Non-Canadian Issuer      HTML   1.16M 
 2: EX-4.49     Share Purchase Agreement                            HTML     74K 
 3: EX-4.50     Share Purchase Agreement                            HTML     74K 
 4: EX-4.51     Share Purchase Agreement                            HTML     74K 
 5: EX-4.52     Share Purchase Agreement                            HTML     73K 
 6: EX-4.53     Share Purchase Agreement                            HTML     74K 
 7: EX-4.54     Share Purchase Agreement                            HTML     99K 
 9: EX-13.1     Certification by the Chief Executive Officer        HTML     36K 
 8: EX-12.1     Certification by the Chief Executive Officer        HTML     41K 
10: EX-15.1     Consent of Independent Registered Public            HTML     37K 
                Accounting Firm                                                  
11: EX-15.2     Consent                                             HTML     36K 
18: R1          Document and Entity Information                     HTML     65K 
19: R2          Consolidated Balance Sheets                         HTML    182K 
20: R3          Consolidated Balance Sheets (Parenthetical)         HTML     45K 
21: R4          Consolidated Statements of Operations               HTML    151K 
22: R5          Consolidated Statements of Comprehensive Loss       HTML     69K 
23: R6          Consolidated Statements of Equity (Deficit)         HTML     97K 
24: R7          Consolidated Statements of Cash Flows               HTML    210K 
25: R8          Reconciliation of Cash                              HTML     47K 
26: R9          1. Description of Business and Organization         HTML     55K 
27: R10         2. Going Concern                                    HTML     44K 
28: R11         3. Summary of Significant Accounting Policies       HTML    212K 
29: R12         4. Disposition of SPI China                         HTML     65K 
30: R13         5. Business Acquisitions                            HTML     46K 
31: R14         6. Deconsolidation of Sinsin                        HTML     51K 
32: R15         7. Restricted Cash                                  HTML     39K 
33: R16         8. Accounts Receivable                              HTML     54K 
34: R17         9. Inventories, net                                 HTML     42K 
35: R18         10. Project Assets                                  HTML     44K 
36: R19         11. Prepaid Expenses and Other Current Assets       HTML     46K 
37: R20         12. Intangible Assets                               HTML     52K 
38: R21         13. Goodwill                                        HTML     41K 
39: R22         14. Property, Plant and Equipment                   HTML     46K 
40: R23         15. Investment in Affiliates                        HTML     41K 
41: R24         16. Fair Value Measurement                          HTML     43K 
42: R25         17. Accrued Liabilities                             HTML     44K 
43: R26         18. Advance From Customers                          HTML     38K 
44: R27         19. Short-term Borrowings and Long-term Borrowings  HTML     51K 
45: R28         20. Convertible Bonds                               HTML     48K 
46: R29         21. Other Liabilities                               HTML     47K 
47: R30         22. Shareholders' Equity (Deficit)                  HTML     40K 
48: R31         23. Share-based Compensation                        HTML    102K 
49: R32         24. Income Taxes                                    HTML     75K 
50: R33         25. Net Loss Per Share                              HTML     49K 
51: R34         26. Commitments and Contingencies                   HTML     46K 
52: R35         27. Concentration Risk                              HTML     45K 
53: R36         28. Segment information                             HTML     57K 
54: R37         29. Related Party Transactions                      HTML     40K 
55: R38         30. Subsequent Events                               HTML     41K 
56: R39         3. Summary of Significant Accounting Policies       HTML    305K 
                (Policies)                                                       
57: R40         1. Description of Business and Organization         HTML     41K 
                (Tables)                                                         
58: R41         3. Summary of Significant Accounting Policies       HTML    141K 
                (Tables)                                                         
59: R42         4. Disposition of SPI China (Tables)                HTML     66K 
60: R43         5. Business Acquisitions (Tables)                   HTML     42K 
61: R44         6. Deconsolidation of Sinsin (Tables)               HTML     44K 
62: R45         8. Accounts Receivable (Tables)                     HTML     49K 
63: R46         9. Inventories, net (Tables)                        HTML     42K 
64: R47         10. Project Assets (Tables)                         HTML     41K 
65: R48         11. Prepaid Expenses and Other Current Assets       HTML     42K 
                (Tables)                                                         
66: R49         12. Intangible Assets (Tables)                      HTML     53K 
67: R50         13. Goodwill (Tables)                               HTML     41K 
68: R51         14. Property, Plant and Equipment (Tables)          HTML     44K 
69: R52         17. Accrued liabilities (Tables)                    HTML     42K 
70: R53         19. Short-term borrowings and long-term borrowings  HTML     50K 
                (Tables)                                                         
71: R54         21. Other liabilities (Tables)                      HTML     42K 
72: R55         23. Share-based Compensation (Tables)               HTML    104K 
73: R56         24. Income Taxes (Tables)                           HTML     73K 
74: R57         25. Net Loss Per Share (Tables)                     HTML     51K 
75: R58         26. Commitments and Contingencies (Tables)          HTML     40K 
76: R59         27. Concentration Risk (Tables)                     HTML     46K 
77: R60         28. Segment information (Tables)                    HTML     60K 
78: R61         2. Going Concern (Details Narrative)                HTML     55K 
79: R62         3. Summary of Significant Accounting Policies       HTML     50K 
                (Details - PPE useful lives)                                     
80: R63         3. Summary of Significant Accounting Policies       HTML     92K 
                (Details - Disaggregation of revenue by revenue                  
                stream)                                                          
81: R64         3. Summary of Significant Accounting Policies       HTML     62K 
                (Details - By timing of revenue recognition)                     
82: R65         3. Summary of Significant Accounting Policies       HTML     42K 
                (Details - Contract balance)                                     
83: R66         3. Summary of Significant Accounting Policies       HTML     44K 
                (Details - Capitalized interest)                                 
84: R67         3. Summary of Significant Accounting Policies       HTML     43K 
                (Details Narrative)                                              
85: R68         4. Disposition of SPI China (Details - Balance      HTML    136K 
                Sheet)                                                           
86: R69         4. Disposition of SPI China (Details - Statement    HTML     84K 
                of operation)                                                    
87: R70         4. Disposition of SPI China (Details Narrative)     HTML     45K 
88: R71         5. Business Acquisitions (Details)                  HTML     65K 
89: R72         5. Business Acquisitions (Details Narrative)        HTML     49K 
90: R73         6. Deconsolidation of Sinsin (Details)              HTML     78K 
91: R74         6. Deconsolidation of Sinsin (Details Narrative)    HTML     38K 
92: R75         7. Restricted cash (Details Narrative)              HTML     39K 
93: R76         8. Accounts Receivable (Details - Accounts          HTML     53K 
                receivable)                                                      
94: R77         8. Accounts Receivable (Details - Allowance for     HTML     48K 
                Doubtful Accounts)                                               
95: R78         8. Accounts Receivable (Details Narrative)          HTML     48K 
96: R79         9. Inventories (Details)                            HTML     45K 
97: R80         9. Inventories (Details Narrative)                  HTML     40K 
98: R81         10. Project Assets (Details)                        HTML     44K 
99: R82         10. Project Assets (Details Narrative)              HTML     52K 
100: R83         11. Prepaid expenses and other current assets       HTML     47K  
                (Details)                                                        
101: R84         11. Prepaid expenses and other current assets       HTML     50K  
                (Details Narrative)                                              
102: R85         12. Intangible Assets (Details - Intangible         HTML     54K  
                Assets)                                                          
103: R86         12. Intangible Assets (Details - Future             HTML     57K  
                Amortization)                                                    
104: R87         12. Intangible Assets (Details Narrative)           HTML     42K  
105: R88         13. Goodwill (Details - Goodwill)                   HTML     43K  
106: R89         13. Goodwil (Details Narrative)                     HTML     43K  
107: R90         14. Property, Plant and Equipment (Details)         HTML     60K  
108: R91         14. Property, Plant and Equipment (Details          HTML     41K  
                Narrative)                                                       
109: R92         15. Investment in Affiliates (Details Narrative)    HTML     59K  
110: R93         16. Fair value measurement (Details Narrative)      HTML     47K  
111: R94         17. Accrued liabilities (Details)                   HTML     51K  
112: R95         19. Short-term borrowings and long-term borrowings  HTML     61K  
                (Details - Debt)                                                 
113: R96         19. Short-term borrowings and long-term borrowings  HTML     58K  
                (Details - Maturities)                                           
114: R97         19. Short-term borrowings and long-term borrowings  HTML     60K  
                (Details Narrative)                                              
115: R98         20. Convertible Bonds (Details Narrative)           HTML     74K  
116: R99         21. Other liabilities (Details)                     HTML     51K  
117: R100        21. Other liabilities (Details Narrative)           HTML     50K  
118: R101        22. Stockholders' Deficit (Details Narrative)       HTML     58K  
119: R102        23. Stock-based Compensation (Details -             HTML     45K  
                Stock-Based Compensation Expense by Award type)                  
120: R103        23. Stock-based Compensation (Details -             HTML     47K  
                Compensation expense by line item)                               
121: R104        23. Stock-based Compensation (Details -             HTML     51K  
                Assumptions)                                                     
122: R105        23. Stock-based Compensation (Details - Option      HTML     91K  
                Activity)                                                        
123: R106        23. Stock-based Compensation (Details - Options by  HTML     63K  
                Exercise Price)                                                  
124: R107        23. Stock-based Compensation (Details - Non-vested  HTML     89K  
                options)                                                         
125: R108        23. Stock-based Compensation (Details - RSU's)      HTML     57K  
126: R109        23. Stock-based Compensation (Details Narrative)    HTML     41K  
127: R110        24. Income Taxes (Details - Loss before Provision)  HTML     45K  
128: R111        24. Income Taxes (Details - Provision for income    HTML     67K  
                taxes)                                                           
129: R112        24. Income Taxes (Details - Tax reconciliation)     HTML     76K  
130: R113        24. Income Taxes (Details - Deferred income taxes)  HTML     86K  
131: R114        24. Income Taxes (Details Narrative)                HTML     53K  
132: R115        25. Net Loss Per Share (Details - Basic and         HTML     55K  
                Diluted)                                                         
133: R116        25. Net Loss Per Share (Details - Antidilutive      HTML     44K  
                shares)                                                          
134: R117        26. Commitments and Contingencies (Details -        HTML     56K  
                Minimum lease payments)                                          
135: R118        26. Commitments and Contingencies (Details          HTML     42K  
                Narrative)                                                       
136: R119        27. Concentration Risk (Details - Accounts          HTML     55K  
                receivable risk)                                                 
137: R120        28. Segment information (Details - By Product)      HTML     53K  
138: R121        28. Segment information (Details - Geographic)      HTML     54K  
139: R122        28. Segment information (Details - Long-lived       HTML     53K  
                assets)                                                          
140: R123        29. Related Party Transactions (Details Narrative)  HTML     43K  
142: XML         IDEA XML File -- Filing Summary                      XML    264K  
141: EXCEL       IDEA Workbook of Financial Reports                  XLSX    153K  
12: EX-101.INS  XBRL Instance -- spi-20181231                        XML   2.86M 
14: EX-101.CAL  XBRL Calculations -- spi-20181231_cal                XML    400K 
15: EX-101.DEF  XBRL Definitions -- spi-20181231_def                 XML    825K 
16: EX-101.LAB  XBRL Labels -- spi-20181231_lab                      XML   1.62M 
17: EX-101.PRE  XBRL Presentations -- spi-20181231_pre               XML   1.32M 
13: EX-101.SCH  XBRL Schema -- spi-20181231                          XSD    264K 
143: ZIP         XBRL Zipped Folder -- 0001683168-19-001261-xbrl      Zip    233K

‘R9’   —   1. Description of Business and Organization

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.19.1
1. Description of Business and Organization
 12 Months Ended
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”), its subsidiaries and consolidated variable interest entities (“VIEs”) (collectively the “Group”) is a provider of photovoltaic (“PV”) solutions for business, residential, government and utility customers and investors. The Group develops solar PV projects which are either sold to third party operators or owned and operated by the Group for selling of electricity to the grid in multiple countries in Asia, North America and Europe. In Australia, the Group primarily sells solar PV components to retail customers and solar project developers. 

 

    Organization

 

The Company was incorporated in the Cayman Islands on May 4, 2015 for the sole purpose of effectuating the redomicile of the Company’s predecessor, Solar Power, Inc., a California corporation (“SPI California”). The redomicile was approved by the shareholders of SPI California on May 11, 2015, pursuant to which one share of common stock of SPI California held by the shareholders was converted into one SPI Energy’s ordinary share. On January 4, 2016, SPI California completed the redomicile, resulting in SPI Energy becoming the publicly held parent company of SPI California. SPI Energy’s shares then began quotation on the Open Transparent Connected Markets under the symbol “SRGYY” effective January 4, 2016. On January 19, 2016, SPI Energy’s shares were listed on the Nasdaq Global Select Market and traded under the symbol “SPI”.

 

The major subsidiaries of the Company as of December 31, 2018 are summarized as below:

 

Major Subsidiaries   Abbreviation   Location
SPI Renewables Energy (Luxembourg) Private Limited Company S.a.r.l. (formerly known as CECEP Solar Energy (Luxembourg) Private Limited Company (S.a.r.l.)) and Italsolar S.r.l.   CECEP   Luxembourg, Italy
Solar Juice Pty Ltd.   Solar Juice   Australia
Solar Juice USA Inc.   Solar Juice US   United States
Solar Juice (HK) Limited   Solar Juice HK   Hong Kong
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

 

On January 1, 2017, the Group deconsolidated one of the major subsidiaries, Sinsin Renewable Investment Limited (“Sinsin”) due to loss of control (see Note 6 Deconsolidation of Sinsin).

 

On December 13, 2017, the Group acquired 100% equity interest of Heliostixio S.A. (“Heliostixio”) (see Note 5 Business Acquisitions).

 

On April 17, 2018, the Group established Solar Juice USA Inc. for sales of bitcoin mining equipment and hosting service business.

 

On December 10, 2018, the Group disposed SPI China (HK) Limited (“SPI China”), which holds all of the Group’s assets and liabilities related to its business in China, including engineering, procurement and construction (“EPC”) business, PV projects, Internet finance lease related business and E-commence in China, to Lighting Charm Limited (“Lighting Charm”), an affiliate of Ms. Shan Zhou, the spouse of Xiaofeng Peng, the Group’s Chairman of the Board of Directors and Chief Executive Officer (see Note 4 Disposition of SPI China). The Group effected an internal restructuring following which SPI China would only hold the Group’s subsidiaries in China, and all the other subsidiaries outside of China would be transferred to the Group (the “restructuring”). As of December 10, 2018, the restructuring was completed and the disposal transaction was closed (see Note 4 Disposition of SPI China).

 

Variable Interest Entities

 

The Group operated its on-line fund raising and leasing business and its on-line solar products trading through Shanghai Meijv Network Technology Co., Ltd. (“Meijv”) and Lv Neng Tao E-Commerce (Suzhou) Co., Ltd. (“Lv Neng Tao”) (collectively referred to as the “VIEs”) respectively. Both Meijv and Lv Neng Tao were limited liability companies established in the PRC and held the requisite licenses and permits necessary to conduct the on-line businesses, which were restricted from foreign investment in accordance with the relevant PRC laws and regulations. Meijv was established by Shanghai Youying E-commerce Co., Ltd. (“Youying”) on June 12, 2015. Lv Neng Tao was established on June 17, 2015 by Mr. Min Xiahou, the former deputy chairman of the Company’s board of directors, Mr. Minghua Zhao, a former director of the Group and Mr. Tairan Guo, the Group’s former Chief Financial Officer. These individuals acted as nominee equity holders of Lv Neng Tao on behalf of the Company. OnMarch 17, 2016, Meijv entered into a series of contractual arrangements with Yanhua Network Technology (Shanghai) Co., Ltd.Y (“Yanhua Network”) and Youying, including exclusive call option agreement, proxy voting agreement, exclusive business cooperation agreement and equity interest pledge agreement (collectively, the “Meijv VIE Agreements”). On January 1, 2016, Lv Neng Tao entered into a series of contractual arrangements with Yanhua Network and its legal shareholders, including exclusive call option agreement, proxy voting agreement, exclusive business cooperation agreement and equity interest pledge agreement (collectively, the “Lv Neng Tao VIE Agreements”, and together with Meijv VIE Agreements, the “VIE Agreements”).

 

Pursuant to the VIE Agreements, Youying and Lv Neng Tao’s legal shareholders had granted all of their legal rights in Meijv and LvNeng Tao, respectively, including voting rights and deposition rights, to Yanhua Network. As a result, Youying and Lv Neng Tao’s legal shareholders did not have the direct or indirect ability through voting rights or similar rights to make decision about the activities of Meijv and Lv Neng Tao, respectively, that had a significant effect on the success of Meijv and Lv Neng Tao. The Company, through Yanhua Network, had obtained a financial controlling interest of Meijv and Lv Neng Tao which enable it to have(1) the power to direct the activities that most significantly affected the economic performance of Meijv and Lv Neng Tao, and (2) the right to receive benefits or have the obligation to absorb losses and to receive the expected residual return of Meijv and Lv Neng Tao that could potentially be significant to Meijv and Lv Neng Tao. Accordingly, the Company, through Yanhua Network, was considered the primary beneficiary of Meijv and Lv Neng Tao. As such, the financial results of Meijv and Lv Neng Tao were included in the Company’s consolidated financial statements as of December 31, 2017 and 2016, and December 10, 2018. Prior to the signing of Meijv VIE Agreements on March 17, 2016 and Lv Neng Tao VIE Agreements on January 2016, Meijv and Lv Neng Tao had not carried out any business except for the holding the business licenses and permits necessary to conduct the on-line businesses in the PRC. With the disposition of SPI China, all VIEs were disposed as of December 10, 2018 (see Note 4 Disposition of SPI China).

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘20-F’ Filing    Date    Other Filings
Filed on:4/30/19
For Period end:12/31/186-K
12/10/1820-F
4/17/18
12/31/1720-F,  20-F/A,  6-K,  NT 20-F
12/13/17
1/1/17
12/31/1620-F,  20-F/A,  6-K,  NT 20-F
3/17/16
1/19/16
1/4/1615-12G,  8-K,  8-K12G3,  S-8 POS
1/1/16
6/17/15
6/12/15
5/11/158-K
5/4/158-K
 List all Filings 

5 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/14/23  SPI Energy Co., Ltd.              10-K       12/31/22  129:11M                                    GlobalOne Filings Inc/FA
 4/01/22  SPI Energy Co., Ltd.              10-K       12/31/21  133:11M                                    GlobalOne Filings Inc/FA
11/23/21  SPI Energy Co., Ltd.              20-F/A     12/31/20  127:8.2M                                   GlobalOne Filings Inc/FA
10/29/21  SPI Energy Co., Ltd.              20-F/A     12/31/20  126:13M                                    GlobalOne Filings Inc/FA
 4/29/21  SPI Energy Co., Ltd.              20-F       12/31/20  128:8.1M                                   GlobalOne Filings Inc/FA
↑Top
Filing Submission 0001683168-19-001261   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help — Tue., Apr. 30, 9:53:51.1am ET