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Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit - USD ($)
$ in Thousands
Ordinary shares
Additional paid-in capital
Accumulated deficit
Accumulated other comprehensive income (loss)
Statutory reserve
Total Microvast, Inc. Shareholders’ Deficit
Noncontrolling interest
Total
Balance at Dec. 31, 2017 $ 6 $ (166,282) $ 24,787 $ 6,032 $ (135,457) $ 59,505 $ (75,952)
Balance (in Shares) at Dec. 31, 2017 617,880              
Net loss (54,892) (54,892) (5,799) (60,691)
Accretion for Series A1 Preferred (10,025) (10,025) (10,025)
Accretion for Series B1 Preferred (8,391) (8,391) (8,391)
Accretion for Series EEL Preferred (5,828) (7,395) (13,223) (13,223)
Accretion for the noncontrolling interests to be redeemed (9,497) (9,497) (9,497)
Transfer from liability to noncontrolling interests due to redemption ratio change 18,841 18,841
Noncontrolling investors’ compensation for performance guarantee (1,168) (1,168) 1,168
Foreign currency translation adjustments (30,088) (30,088) 2,059 (28,029)
Reclassification of noncontrolling interests to redeemable noncontrolling interests (81,438) (81,438)
Accretion for redeemable noncontrolling interests – before extinguishment (2,505) (2,505) (2,505)
Fair value change of redeemable noncontrolling interests due to extinguishment 5,828 5,828 5,828
Accretion for redeemable noncontrolling interests – after extinguishment (1,500) (1,500) (1,500)
Balance at Dec. 31, 2018 $ 6 (261,655) (5,301) 6,032 (260,918) (5,664) (266,582)
Balance (in Shares) at Dec. 31, 2018 617,880              
Net loss (57,540) (57,540) (2,123) (59,663)
Accretion for Series A1/C1 Preferred (4,102) (4,102) (4,102)
Accretion for Series B1/C2 Preferred (7,948) (7,948) (7,948)
Accretion for Series EEL/D1 Preferred (30,839) (30,839) (30,839)
Accretion for the exiting noncontrolling interests (5,805) (5,805) (5,805)
Foreign currency translation adjustments (3,965) (3,965) 16 (3,949)
Cumulative effect adjustment related to opening retained earnings for adoption of ASC 606 (1,565) (1,565) (1,565)
Fair value change of preferred shares due to extinguishment 61,138 61,138 61,138
Fair value change of redeemable noncontrolling interests due to extinguishment 8,299 8,299 8,299
Accretion for redeemable noncontrolling interests (9,245) (9,245) (9,245)
Acquisition of noncontrolling interest (7,771) (7,771) 7,771
Balance at Dec. 31, 2019 $ 6 3,727 (320,760) (9,266) 6,032 (320,261) (320,261)
Balance (in Shares) at Dec. 31, 2019 617,880              
Net loss (18,985)     (18,985)
Accretion for Series C1 Preferred (974) (974)     (1,948)
Accretion for Series C2 Preferred (2,217) (2,217)     (4,434)
Accretion for Series D1 Preferred (536) (8,788)     (9,324)
Accretion for the exiting noncontrolling interests (2,818)     (2,818)
Foreign currency translation adjustments (4,644)     (4,644)
Accretion for redeemable noncontrolling interests (5,104)     (5,104)
Balance at Jun. 30, 2020 $ 6 (359,646) (13,910) 6,032     (367,518)
Balance (in Shares) at Jun. 30, 2020 617,880              
Balance at Dec. 31, 2019 $ 6 3,727 (320,760) (9,266) 6,032 $ (320,261) (320,261)
Balance (in Shares) at Dec. 31, 2019 617,880              
Net loss (33,625)     (33,625)
Accretion for Series C1 Preferred (3,727) (170)     (3,897)
Accretion for Series C2 Preferred (8,866)     (8,866)
Accretion for Series D1 Preferred (18,648)     (18,648)
Accretion for the exiting noncontrolling interests (5,668)     (5,668)
Foreign currency translation adjustments 16,622     16,622
Accretion for redeemable noncontrolling interests (10,259)     (10,259)
Balance at Dec. 31, 2020 $ 6 (397,996) 7,356 6,032     (384,602)
Balance (in Shares) at Dec. 31, 2020 617,880              
Balance at Mar. 31, 2020 $ 6 (339,975) (13,478) 6,032     (347,415)
Balance (in Shares) at Mar. 31, 2020 617,880              
Net loss (7,857)     (7,857)
Accretion for Series C1 Preferred (974)     (974)
Accretion for Series C2 Preferred (2,217)     (2,217)
Accretion for Series D1 Preferred (4,662)     (4,662)
Accretion for the exiting noncontrolling interests (1,409)     (1,409)
Foreign currency translation adjustments (432)     (432)
Accretion for redeemable noncontrolling interests (2,552)     (2,552)
Balance at Jun. 30, 2020 $ 6 (359,646) (13,910) 6,032     (367,518)
Balance (in Shares) at Jun. 30, 2020 617,880              
Balance at Dec. 31, 2020 $ 6 (397,996) 7,356 6,032     (384,602)
Balance (in Shares) at Dec. 31, 2020 617,880              
Net loss (43,368)     (43,368)
Accretion for Series C1 Preferred (2,006)     (2,006)
Accretion for Series C2 Preferred (4,562)     (4,562)
Accretion for Series D1 Preferred (9,518)     (9,518)
Accretion for the exiting noncontrolling interests (2,824)     (2,824)
Foreign currency translation adjustments 757     757
Accretion for redeemable noncontrolling interests (5,183)     (5,183)
Balance at Jun. 30, 2021 $ 6 (465,457) 8,113 6,032     (451,306)
Balance (in Shares) at Jun. 30, 2021 617,880              
Balance at Mar. 31, 2021 $ 6 (426,309) 4,443 6,032     (415,828)
Balance (in Shares) at Mar. 31, 2021 617,880              
Net loss (27,069)     (27,069)
Accretion for Series C1 Preferred (1,003)     (1,003)
Accretion for Series C2 Preferred (2,281)     (2,281)
Accretion for Series D1 Preferred (4,759)     (4,759)
Accretion for the exiting noncontrolling interests (1,430)     (1,430)
Foreign currency translation adjustments 3,670     3,670
Accretion for redeemable noncontrolling interests (2,606)     (2,606)
Balance at Jun. 30, 2021 $ 6 $ (465,457) $ 8,113 $ 6,032     $ (451,306)
Balance (in Shares) at Jun. 30, 2021 617,880