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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (33,723) $ (44,834)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 3,226 3,344
Amortization 936 3,931
Loss on extinguishment of convertible bonds 2,634 0
Change in fair value of derivative liability 183 (67)
Write down for inventory 148 983
(Reversal of) Provision for doubtful accounts (993) 2,735
Provision for prepaid and other current assets 1,574 0
Impairment charges on long-lived assets 1,955 0
Share-based compensation expense 3,095 5,789
Restricted stock units issued to employees 623 0
Amortization of right-of-use assets 2,572 1,768
Amortization of debt discount on convertible bonds 1,396 540
Change in deferred taxes (468) (1,082)
Loss on disposal of property and equipment (707) (57)
Non-cash interest expense 461 0
Accrual of warranty reserve 126 99
Gain on forgiveness of PPP loan (5,094) (205)
Other non-cash expense 100 34
Changes in operating assets and liabilities    
Accounts receivable 338 1,185
Amount due from related parties (102) (36)
Project assets (1,835) (6,008)
Inventories (6,772) (7,065)
Prepaid expenses and other assets 410 (4,565)
Accounts payable 5,740 8,547
Advances from customers 4,213 3,628
Income taxes payable 1,827 1,653
Accrued liabilities and other liabilities 4,567 3,971
Lease liability (2,396) (1,772)
Net cash used in operating activities (15,966) (27,484)
Cash flows from investing activities:    
Proceeds from disposal of subsidiaries 110 453
PDI asset purchase (Note 4) 0 (8,003)
Acquisitions of property and equipment (8,267) (1,316)
Net cash used in investing activities (8,157) (8,866)
Cash flows from financing activities:    
Proceeds from issuance of ordinary shares 1,161 13,591
Proceeds from issuance of convertible note 2,000 16,000
Repayment of convertible notes 0 (13,935)
Proceeds from exercise of employee stock options 0 91
Proceeds from exercise of options issued to Lighting Charm Limited during disposition of SPI China 0 1,091
Proceeds from exercise of Phoenix options 138 0
Proceeds received from standby equity purchase agreement of Phoenix 30 0
Proceeds from IPO of Phoenix 13,438 0
Proceeds from line of credit and loans payable 141,545 175,101
Repayments of line of credit and loans payable (141,008) (173,514)
Net cash generated from financing activities 17,304 18,425
Effect of exchange rate changes on cash (39) (4,012)
Decrease in cash, cash equivalents and restricted cash (6,858) (21,937)
Cash, cash equivalents and restricted cash at beginning of year 17,845 39,782
Cash, cash equivalents and restricted cash at end of year 10,987 17,845
Cash and cash equivalents 3,533 9,765
Restricted cash 6,743 8,080
Restricted cash, non current 711 0
Total cash, cash equivalents, and restricted cash 10,987 17,845
Supplemental cash flow information:    
Interest paid 2,410 1,236
Income tax paid 484 58
Non-cash activities:    
Derivative liabilities recorded as debt discount 3,407 0
Right of use assets obtained in exchange for operating lease obligations 3,450 8,502
Purchase of equipment on credit 1,311 0
Reclassification from project asset to property and equipment 681 3,683
Settlement of convertible bond by issuing ordinary shares 8,659 0
Redemption of convertible bond by issuing ordinary shares $ 535 $ 4,375