XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS    
Net revenues $ 8,941,835 $ 8,576,832
Cost of goods sold (9,455,805) (7,073,391)
Gross (loss) profit (513,970) 1,503,441
OPERATING EXPENSES:    
Selling and marketing expenses (6,525,255) (1,034,242)
General and administrative expenses (32,822,709) (14,972,682)
Research and development expenses (6,362,770) (1,478,256)
Provision for doubtful accounts (5,986,308) (469,702)
Impairment loss of right-of-use assets (371,695) 0
Impairment loss of intangible assets (2,995,440) 0
Reverse of deferred tax liabilities 898,632 0
Impairment loss of property, plant and equipment (550,402) (6,215)
Total operating expenses (54,715,947) (17,961,097)
Loss from operations (55,229,917) (16,457,656)
OTHER EXPENSE:    
Interest expense, net (844,231) (1,069,581)
Loss on redemption of convertible promissory notes (7,435) 0
(Loss) income from equity method investments (12,651) 15,167
Change in fair value of convertible promissory notes and derivative liability (37,774,928) 0
Change in fair value of equity securities (240,805) 0
Convertible bond issuance cost (5,589,336) 0
Foreign currency exchange loss, net (409,207) 0
Impairment loss of goodwill (11,111,886) 0
Other (expense) income, net (924,867) 1,090,263
Loss before income taxes (112,145,263) (16,421,807)
Income tax expenses 0 0
Net loss (112,145,263) (16,421,807)
Less: net loss attributable to non-controlling interests (2,057,022) 0
Net loss attributable to the Company's shareholders (110,088,241) (16,421,807)
OTHER COMPREHENSIVE LOSS    
Foreign currency translation adjustment (3,889,706) 512,140
Total comprehensive loss (116,034,969) (15,909,667)
Less: total comprehensive loss attributable to non-controlling interests (2,032,455) 0
Total comprehensive loss to the Company's shareholders $ (114,002,514) $ (15,909,667)
Weighted average number of shares outstanding, basic (in shares) [1] 263,323,238 175,090,266
Weighted average number of shares outstanding, diluted (in shares) [1] 263,323,238 175,090,266
Loss per share, basic (in dollars per share) [1] $ (0.42) $ (0.09)
Loss per share, diluted (in dollars per share) [1] $ (0.42) $ (0.09)
[1] The share numbers are retroactively stated for purposes of calculating weighted average number of shares outstanding for loss per share to reflect the outstanding shares of CEGL as if the equity structure of Cenntro (the accounting acquirer) was stated to reflect the number of shares of CEGL (the accounting acquiree) issued in the Combination.