Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Restatement Adjustments of Unaudited Condensed Consolidated Interim Financial Statements

This Note discloses the nature of the restatement adjustments and discloses the cumulative effects of these adjustments included in Amendment No. 1 to the Original Form 10-Q. The effects of the misstatements have been corrected in all impacted tables and footnotes throughout these unaudited condensed consolidated interim financial statements.

Impact to the unaudited condensed consolidated balance sheet as of June 30, 2024

	As reported			Adjustments			As restated
Warrant liability	$	-		$	1,887		$	1,887
Total current liabilities		19,744			1,887			21,631
Total liabilities		45,613			1,887			47,500
Additional paid-in capital		58,509			(9,073	)		49,436
Accumulated deficit		(36,666	)		7,186			(29,480	)
Total stockholders’ equity	$	21,857		$	(1,887	)	$	19,970

Impact to the unaudited condensed consolidated statement of operations for the three months ended June 30, 2024

	As reported			Adjustments		As restated
Gain on change in fair value of warrant liability	$	-		$	5,211	$	5,211
Net (loss) income		(2,258	)		5,211		2,953
Net (loss) income per share of common stock:
Basic	$	(0.06	)	$	0.14	$	0.08
Diluted	$	(0.06	)	$	0.12	$	0.06

Impact to the unaudited condensed consolidated statement of operations for the six months ended June 30, 2024

	As reported		Adjustments			As restated
Gain on change in fair value of warrant liability	$	-	$	14,618		$	14,618
Loss on warrants issued during private placements		-		(7,432	)		(7,432	)
Net income		12,541		7,186			19,727
Net income per share of common stock:
Basic	$	0.38	$	0.22		$	0.60
Diluted	$	0.33	$	0.19		$	0.52

Impact to the unaudited condensed consolidated statement of changes in stockholders’ equity for the six months ended June 30, 2024

	As reported			Adjustments			As restated
Net income	$	12,541		$	7,186		$	19,727
Additional paid-in capital		58,509			(9,073	)		49,436
Accumulated deficit		(36,666	)		7,186			(29,480	)
Total stockholders’ equity	$	21,857		$	(1,887	)	$	19,970

Impact to the unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2024

	As reported		Adjustments			As restated
Net income	$	12,541	$	7,186		$	19,727
Adjustments to reconcile net income to cash used in operating activities:
Gain on change in fair value of warrant liability		-		(14,618	)		(14,618	)
Loss on warrants issued during private placements		-		7,432			7,432

Schedule of Disaggregated Revenues

The following is a summary of the Group’s disaggregated revenues:

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Sales of transit buses	$	10,585	$	—	$	19,116	$	—
Sales of EVs		233		717		483		1,868
Lease of EVs		45		125		90		215
Sales of Forklifts		—		57		39		270
Others		1,169		259		1,724		586
	$	12,032	$	1,158	$	21,452	$	2,939

The following is a summary of the Group’s disaggregated revenues by timing of revenue recognition:

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Point in time	$	11,692	$	904	$	20,894	$	2,460
Over time		340		254		558		479
	$	12,032	$	1,158	$	21,452	$	2,939