2024 Q4 Form 10-Q Financial Statement

#000164033424001737 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $6.332M $14.27M
YoY Change -55.64% 25.77%
Cost Of Revenue $5.074M $9.766M
YoY Change -48.04% 1.92%
Gross Profit $1.257M $4.508M
YoY Change -72.11% 155.16%
Gross Profit Margin 19.86% 31.58%
Selling, General & Admin $3.821M $3.856M
YoY Change -0.91% 22.57%
% of Gross Profit 303.89% 85.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.00K $44.00K
YoY Change -63.64%
% of Gross Profit 1.27% 0.98%
Operating Expenses $11.28M $3.856M
YoY Change 192.66% 22.57%
Operating Profit -$10.03M $651.7K
YoY Change -1638.76% -147.24%
Interest Expense $233.7K $183.6K
YoY Change 27.31% -130.12%
% of Operating Profit 28.17%
Other Income/Expense, Net $461.4K $489.2K
YoY Change -5.69% 8.69%
Pretax Income -$9.566M $1.324M
YoY Change -822.25% -186.07%
Income Tax $56.81K -$140.9K
% Of Pretax Income -10.64%
Net Earnings -$9.623M $1.465M
YoY Change -756.68% -178.92%
Net Earnings / Revenue -151.98% 10.27%
Basic Earnings Per Share -$0.21 $0.04
Diluted Earnings Per Share -$0.21 $0.03
COMMON SHARES
Basic Shares Outstanding 45.28M shares 45.02M shares 39.74M shares
Diluted Shares Outstanding 45.16M shares 40.03M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.584M $3.291M
YoY Change 160.86% -31.08%
Cash & Equivalents $871.4K $3.291M
Short-Term Investments $7.713M
Other Short-Term Assets $3.358M $7.279M
YoY Change -53.87% 152.16%
Inventory $1.515M $1.637M
Prepaid Expenses
Receivables $4.591M $15.23M
Other Receivables $3.834M $2.838M
Total Short-Term Assets $24.17M $30.27M
YoY Change -20.16% -1.31%
LONG-TERM ASSETS
Property, Plant & Equipment $220.1K $6.103M
YoY Change -96.39% 24.44%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.34M $9.417M
YoY Change 9.83% 6.02%
Other Assets $924.4K $1.276M
YoY Change -27.55% 117.07%
Total Long-Term Assets $18.88M $29.06M
YoY Change -35.04% -2.07%
TOTAL ASSETS
Total Short-Term Assets $24.17M $30.27M
Total Long-Term Assets $18.88M $29.06M
Total Assets $43.05M $59.33M
YoY Change -27.45% -1.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.745M $4.190M
YoY Change -34.48% 11.56%
Accrued Expenses $9.606M $12.61M
YoY Change -23.84% 20.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.94M $19.70M
YoY Change 1.23% -11.85%
Total Short-Term Liabilities $37.72M $51.17M
YoY Change -26.29% 1.66%
LONG-TERM LIABILITIES
Long-Term Debt $11.78M $17.29M
YoY Change -31.83% -12.86%
Other Long-Term Liabilities $2.358M $7.176M
YoY Change -67.14% 0.02%
Total Long-Term Liabilities $2.358M $24.46M
YoY Change -90.36% -9.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.72M $51.17M
Total Long-Term Liabilities $2.358M $24.46M
Total Liabilities $53.98M $75.63M
YoY Change -28.62% -2.57%
SHAREHOLDERS EQUITY
Retained Earnings -$99.68M
YoY Change
Common Stock $46.53K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.94M -$16.30M
YoY Change
Total Liabilities & Shareholders Equity $43.05M $59.33M
YoY Change -27.45% -1.68%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$9.623M $1.465M
YoY Change -756.68% -178.92%
Depreciation, Depletion And Amortization $16.00K $44.00K
YoY Change -63.64%
Cash From Operating Activities $203.6K $856.5K
YoY Change -76.23%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$18.16K -$330.00
YoY Change 5403.03%
Cash From Investing Activities -$18.16K -$330.00
YoY Change 5403.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -360.6K -479.9K
YoY Change -24.86%
NET CHANGE
Cash From Operating Activities 203.6K 856.5K
Cash From Investing Activities -18.16K -330.0
Cash From Financing Activities -360.6K -479.9K
Net Change In Cash -175.1K 376.2K
YoY Change -146.55%
FREE CASH FLOW
Cash From Operating Activities $203.6K $856.5K
Capital Expenditures $0.00 $0.00
Free Cash Flow $203.6K $856.5K
YoY Change -76.23%

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RestrictedCashNoncurrent
275533 usd
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
352481 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements.  These reclassifications had no effect on the previously reported net loss.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Company’s condensed consolidated financial statements include the cost-based inputs to estimate revenues on long-term construction contracts, the collectability of accounts receivable and loans receivable, the useful lives and impairment of property and equipment, goodwill, the fair value of stock options granted and stock-based compensation expense, the fair value of assets acquired and liabilities assumed in a business combination, warranty and customer care reserve, the valuation of deferred tax assets, inventories and provisions for income taxes. Actual results could differ materially from those estimates.</p>
CY2024Q3 solarmax Working Capital Deficit
WorkingCapitalDeficit
-13600000 usd
CY2024Q3 solarmax Retained Earning Accumulated Deficit
RetainedEarningAccumulatedDeficit
-99700000 usd
CY2024Q3 solarmax Stockholder Deficiency
StockholderDeficiency
-10900000 usd
CY2024Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
871000 usd
CY2024Q3 us-gaap Debt Current
DebtCurrent
19900000 usd
CY2024Q3 solarmax Long Term Loan Related Party
LongTermLoanRelatedParty
6500000 usd
CY2024Q3 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
250000 usd
solarmax Insurance Coverage
InsuranceCoverage
73000 usd
us-gaap Debt Instrument Term
DebtInstrumentTerm
P12M
CY2024Q3 us-gaap Deposit Liability Current
DepositLiabilityCurrent
4920 usd
CY2023Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
0 usd
CY2024Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
275533 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
354504 usd
solarmax Schedule Of Estimated Useful Life Of Property And Equipment
ScheduleOfEstimatedUsefulLifeOfPropertyAndEquipment
<table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px;background-color:#cceeff"><td style="width:60%;vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Automobiles</p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">4-5 years</p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Furniture and equipment</p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">3-10 years</p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Leasehold improvements</p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">Shorter of the asset’s useful life or lease term</p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Solar systems leased to customers</p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">Lease term, 10-20 years</p></td></tr></tbody></table>
solarmax Leasehold Improvements
LeaseholdImprovements
Shorter of the asset’s useful life or lease term
solarmax Non Controlling Interest Percentage
NonControllingInterestPercentage
0.70 pure
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Workmanship Warranty</span></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">For the sale of solar and battery systems in the U.S., the Company provides a workmanship warranty for 25 years to cover the quality of the Company’s installation. The warranty is designed to cover installation defects and damages to customer properties caused by the Company’s installation of the solar energy systems and battery storage systems which generally are uncovered within 2-3 years after the installation. The 25-year warranty is consistent with the term provided by competitors and is provided by the Company to remain market competitive. The workmanship warranty does not include the warranties on components, such as panels and inverters which are covered directly by the manufacturers and are, generally provided for 25 years on panels and inverters, and 10 years for energy storage systems. The Company determined that its 25-year workmanship warranty for solar energy systems constitutes an assurance-type warranty and should continue to be accounted for under ASC Topic 460, Guarantees, instead of a service-type warranty which would be accounted for under Topic 606 as a cost of revenues.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Quality Warranty for EPC Services</span></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">For the PRC segment, the Company provides construction quality warranty on Engineering, Procurement and Construction (“EPC”) services generally for one year after completion. The customer typically retains 3-5% of the contract price which will not be paid to the Company until the expiration of the warranty period which is accounted by the Company as retainage receivable. The Company currently provides a reserve for such potential liabilities based on a nominal percentage of project revenues for the PRC segment in the approximate amount of $250,000 and $249,000 as of September 30, 2024 and December 31, 2023, respectively, which is included in accrued expenses and other liabilities. To date the Company has not incurred significant claims on the quality warranty. The liability is reversed when the warranty period expires.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Production Guaranty</span></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">For solar systems sold in the U.S., the Company also warrants that modules installed in accordance with agreed-upon specifications will produce at least 98% of their labeled power output rating during the first year, with the warranty coverage reducing by 0.5% every year thereafter throughout the approximate 10-year production guaranty period. In resolving claims under the production guaranty, the Company typically makes cash payments to customers who claim for the production shortfall in power output on an annual basis. The Company currently provides a reserve for the production guaranty at 0.2% of the total solar revenue.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">LED Warranties</span></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">The Company’s warranty for LED products and services ranges from one year for labor and up to seven years for certain products sold to governmental municipalities. The Company currently provides a warranty reserve for LED sales based on 1.0% of LED revenue.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Other Warranties</span></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">In 2016, as a result of the bankruptcy of a Chinese panel supplier from whom the Company purchased solar modules, the Company reclassified the liability related to unpaid retentions to warranty liability in the amount of $651,000. As of September 30, 2024 and 2023 , the Company had not received any claims against the liability.  Accordingly, the Company reversed the liability against cost of revenue during the third quarter of 2023.  See Note 13 - Accrued Expenses and Other Payables.</p>
solarmax Period Of Production Guaranty
PeriodOfProductionGuaranty
P10M
CY2024Q3 solarmax Reserve For Liabilities
ReserveForLiabilities
250000 usd
CY2023Q4 solarmax Reserve For Liabilities
ReserveForLiabilities
249000 usd
solarmax Produce At Least Output Percentage
ProduceAtLeastOutputPercentage
0.98 pure
solarmax Percentage Of Warrant Coverage
PercentageOfWarrantCoverage
0.005 pure
solarmax Production Guaranty Description
ProductionGuarantyDescription
The Company currently provides a reserve for the production guaranty at 0.2% of the total solar revenue
solarmax Revenue Percentage
RevenuePercentage
0.010 pure
CY2024Q3 solarmax Warranty Liabilities
WarrantyLiabilities
651000 usd
CY2024Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
275533 usd
CY2024Q3 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
4913467 usd
CY2024Q3 us-gaap Short Term Investments
ShortTermInvestments
7712877 usd
CY2024Q3 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
2900000 usd
CY2024Q3 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
11500000 usd
CY2024Q3 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
15964756 usd
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
358290 usd
CY2023Q4 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
6535516 usd
CY2023Q4 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
2000000 usd
CY2023Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
17000000 usd
CY2023Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
15949768 usd
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.030 pure
us-gaap Debt Conversion Converted Instrument Rate
DebtConversionConvertedInstrumentRate
0.040 pure
solarmax Revenue From Epc Services Description
RevenueFromEPCServicesDescription
the customer generally has 30 days to make the payment on the amount billed less a retainage provision which is approximately 3-5%, depending on the contract. The retainage amount is withheld by the customer and is paid at the conclusion of the 12-month warranty period
solarmax Solar Energy And Battery Storage Systems And Components Sales Description
SolarEnergyAndBatteryStorageSystemsAndComponentsSalesDescription
payments at delivery of materials and installation ranging from 70% to 85% of the contract price
CY2024Q3 solarmax Revenues From Sales On Non Installment Basis
RevenuesFromSalesOnNonInstallmentBasis
3493895 usd
CY2023Q3 solarmax Revenues From Sales On Non Installment Basis
RevenuesFromSalesOnNonInstallmentBasis
13288606 usd
solarmax Revenues From Sales On Non Installment Basis
RevenuesFromSalesOnNonInstallmentBasis
10545625 usd
solarmax Revenues From Sales On Non Installment Basis
RevenuesFromSalesOnNonInstallmentBasis
39262010 usd
CY2024Q3 solarmax Revenues From Third Party Leasing Arrangements
RevenuesFromThirdPartyLeasingArrangements
1609835 usd
CY2023Q3 solarmax Revenues From Third Party Leasing Arrangements
RevenuesFromThirdPartyLeasingArrangements
0 usd
solarmax Revenues From Third Party Leasing Arrangements
RevenuesFromThirdPartyLeasingArrangements
2284840 usd
solarmax Revenues From Third Party Leasing Arrangements
RevenuesFromThirdPartyLeasingArrangements
0 usd
CY2024Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
17770 usd
CY2023Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
19719 usd
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
55410 usd
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
62054 usd
CY2024Q3 solarmax Revenues From Power Purchase Agreement Revenues
RevenuesFromPowerPurchaseAgreementRevenues
10470 usd
CY2023Q3 solarmax Revenues From Power Purchase Agreement Revenues
RevenuesFromPowerPurchaseAgreementRevenues
17112 usd
solarmax Revenues From Power Purchase Agreement Revenues
RevenuesFromPowerPurchaseAgreementRevenues
21529 usd
solarmax Revenues From Power Purchase Agreement Revenues
RevenuesFromPowerPurchaseAgreementRevenues
30332 usd
CY2024Q3 solarmax Revenues From Total Solar Energy And Battery Storage Systems
RevenuesFromTotalSolarEnergyAndBatteryStorageSystems
5131970 usd
CY2023Q3 solarmax Revenues From Total Solar Energy And Battery Storage Systems
RevenuesFromTotalSolarEnergyAndBatteryStorageSystems
13325437 usd
solarmax Revenues From Total Solar Energy And Battery Storage Systems
RevenuesFromTotalSolarEnergyAndBatteryStorageSystems
12907404 usd
solarmax Revenues From Total Solar Energy And Battery Storage Systems
RevenuesFromTotalSolarEnergyAndBatteryStorageSystems
39354396 usd
CY2024Q3 solarmax Revenues From Led Projects
RevenuesFromLedProjects
1110374 usd
CY2023Q3 solarmax Revenues From Led Projects
RevenuesFromLedProjects
823146 usd
solarmax Revenues From Led Projects
RevenuesFromLedProjects
3358711 usd
solarmax Revenues From Led Projects
RevenuesFromLedProjects
2124707 usd
CY2024Q3 us-gaap Financing Interest Expense
FinancingInterestExpense
89262 usd
CY2023Q3 us-gaap Financing Interest Expense
FinancingInterestExpense
125024 usd
us-gaap Financing Interest Expense
FinancingInterestExpense
283866 usd
us-gaap Financing Interest Expense
FinancingInterestExpense
416444 usd
CY2024Q3 us-gaap Revenues
Revenues
6331606 usd
CY2023Q3 us-gaap Revenues
Revenues
14273607 usd
us-gaap Revenues
Revenues
16549981 usd
us-gaap Revenues
Revenues
41895547 usd
CY2024Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
140000 usd
CY2023Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
300000 usd
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
392000 usd
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
964000 usd
us-gaap Foreign Currency Transaction Gain Before Tax
ForeignCurrencyTransactionGainBeforeTax
99000 usd
us-gaap Foreign Currency Transaction Gain Before Tax
ForeignCurrencyTransactionGainBeforeTax
444000 usd
CY2024Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1151868 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2893816 usd
CY2024Q3 solarmax Lesscash And Cash Equivalents
LesscashAndCashEquivalents
871415 usd
CY2023Q4 solarmax Lesscash And Cash Equivalents
LesscashAndCashEquivalents
2539312 usd
CY2024Q3 us-gaap Restricted Cash
RestrictedCash
280453 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
354504 usd
CY2023Q4 us-gaap Accounts Receivable Allowance For Credit Loss Excluding Accrued Interest Noncurrent
AccountsReceivableAllowanceForCreditLossExcludingAccruedInterestNoncurrent
4598 usd
CY2022Q4 us-gaap Accounts Receivable Allowance For Credit Loss Excluding Accrued Interest Noncurrent
AccountsReceivableAllowanceForCreditLossExcludingAccruedInterestNoncurrent
1185046 usd
us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
47844 usd
us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
116140 usd
us-gaap Proceeds Accounts Receivable Previously Written Off Recovery
ProceedsAccountsReceivablePreviouslyWrittenOffRecovery
0 usd
us-gaap Proceeds Accounts Receivable Previously Written Off Recovery
ProceedsAccountsReceivablePreviouslyWrittenOffRecovery
1266474 usd
solarmax Effect Of Exchange Rate On Cash Accounts Receivable
EffectOfExchangeRateOnCashAccountsReceivable
0 usd
solarmax Effect Of Exchange Rate On Cash Accounts Receivable
EffectOfExchangeRateOnCashAccountsReceivable
-21463 usd
CY2024Q3 us-gaap Accounts Receivable Allowance For Credit Loss Excluding Accrued Interest Noncurrent
AccountsReceivableAllowanceForCreditLossExcludingAccruedInterestNoncurrent
52442 usd
CY2023Q3 us-gaap Accounts Receivable Allowance For Credit Loss Excluding Accrued Interest Noncurrent
AccountsReceivableAllowanceForCreditLossExcludingAccruedInterestNoncurrent
13249 usd
CY2024Q3 us-gaap Receivables From Customers
ReceivablesFromCustomers
5178289 usd
CY2023Q4 us-gaap Receivables From Customers
ReceivablesFromCustomers
6794656 usd
CY2024Q3 us-gaap Unamortized Discounts On Acceptances Resold
UnamortizedDiscountsOnAcceptancesResold
18 usd
CY2023Q4 us-gaap Unamortized Discounts On Acceptances Resold
UnamortizedDiscountsOnAcceptancesResold
2332 usd
CY2024Q3 us-gaap Allowance For Loan And Lease Losses Real Estate
AllowanceForLoanAndLeaseLossesRealEstate
264804 usd
CY2023Q4 us-gaap Allowance For Loan And Lease Losses Real Estate
AllowanceForLoanAndLeaseLossesRealEstate
256808 usd
CY2024Q3 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
4913467 usd
CY2023Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
6535516 usd
CY2024Q3 solarmax Less Current Portion
LessCurrentPortion
1421867 usd
CY2023Q4 solarmax Less Current Portion
LessCurrentPortion
2212574 usd
CY2024Q3 solarmax Non Current Portion
NonCurrentPortion
3491600 usd
CY2023Q4 solarmax Non Current Portion
NonCurrentPortion
4322942 usd
CY2024Q3 solarmax Customer Loans Receivable Principal Payments Remainder Of Fiscal Year
CustomerLoansReceivablePrincipalPaymentsRemainderOfFiscalYear
386435 usd
CY2024Q3 solarmax Customer Loans Receivable Principal Payments Due Next Twelve Months
CustomerLoansReceivablePrincipalPaymentsDueNextTwelveMonths
1119030 usd
CY2024Q3 solarmax Customer Loans Receivable Principal Payments Due Year Two
CustomerLoansReceivablePrincipalPaymentsDueYearTwo
1185229 usd
CY2024Q3 solarmax Customer Loans Receivable Principal Payments Due Year Three
CustomerLoansReceivablePrincipalPaymentsDueYearThree
991995 usd
CY2024Q3 solarmax Customer Loans Receivable Principal Payments Due Year Four
CustomerLoansReceivablePrincipalPaymentsDueYearFour
677106 usd
CY2024Q3 solarmax Customer Loans Receivable Payments Due After Year Four
CustomerLoansReceivablePaymentsDueAfterYearFour
818494 usd
CY2024Q3 us-gaap Receivables From Customers
ReceivablesFromCustomers
5178289 usd
CY2023Q4 solarmax Allowance For Loans Losses For Customer Loans Receivable
AllowanceForLoansLossesForCustomerLoansReceivable
256808 usd
CY2022Q4 solarmax Allowance For Loans Losses For Customer Loans Receivable
AllowanceForLoansLossesForCustomerLoansReceivable
288457 usd
solarmax Provision For Loan Losses
ProvisionForLoanLosses
-25094 usd
solarmax Provision For Loan Losses
ProvisionForLoanLosses
-45633 usd
solarmax Customer Loans Receivable Chargeoffs And Adjustments
CustomerLoansReceivableChargeoffsAndAdjustments
33090 usd
solarmax Customer Loans Receivable Chargeoffs And Adjustments
CustomerLoansReceivableChargeoffsAndAdjustments
22066 usd
CY2024Q3 solarmax Allowance For Loans Losses For Customer Loans Receivable
AllowanceForLoansLossesForCustomerLoansReceivable
264804 usd
CY2023Q3 solarmax Allowance For Loans Losses For Customer Loans Receivable
AllowanceForLoansLossesForCustomerLoansReceivable
264890 usd
CY2024Q3 us-gaap Customer Refundable Fees Revenue Recognized1
CustomerRefundableFeesRevenueRecognized1
85000 usd
CY2023Q3 us-gaap Customer Refundable Fees Revenue Recognized1
CustomerRefundableFeesRevenueRecognized1
124000 usd
us-gaap Customer Refundable Fees Revenue Recognized1
CustomerRefundableFeesRevenueRecognized1
277000 usd
us-gaap Customer Refundable Fees Revenue Recognized1
CustomerRefundableFeesRevenueRecognized1
412000 usd
CY2023Q4 solarmax Reserve For Excess And Obsolete Inventories
ReserveForExcessAndObsoleteInventories
596367 usd
CY2022Q4 solarmax Reserve For Excess And Obsolete Inventories
ReserveForExcessAndObsoleteInventories
485504 usd
us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Inventory
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentInventory
45717 usd
us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Inventory
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentInventory
132961 usd
CY2024Q3 solarmax Reserve For Excess And Obsolete Inventories
ReserveForExcessAndObsoleteInventories
642084 usd
CY2023Q3 solarmax Reserve For Excess And Obsolete Inventories
ReserveForExcessAndObsoleteInventories
618465 usd
CY2024Q3 solarmax Inventories Consisted Of Solar Panels Inverters Battery Storage And Components
InventoriesConsistedOfSolarPanelsInvertersBatteryStorageAndComponents
1589136 usd
CY2023Q4 solarmax Inventories Consisted Of Solar Panels Inverters Battery Storage And Components
InventoriesConsistedOfSolarPanelsInvertersBatteryStorageAndComponents
1336066 usd
CY2024Q3 solarmax Inventories Consisted Of Led Lights
InventoriesConsistedOfLedLights
568339 usd
CY2023Q4 solarmax Inventories Consisted Of Led Lights
InventoriesConsistedOfLedLights
601698 usd
CY2024Q3 us-gaap Inventory Gross
InventoryGross
2157475 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
1937764 usd
CY2024Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
642084 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
596367 usd
CY2024Q3 us-gaap Inventory Net
InventoryNet
1515391 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
1341397 usd
CY2024Q3 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
440140 usd
CY2023Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
436698 usd
CY2024Q3 solarmax Deferred Project Costs
DeferredProjectCosts
1683842 usd
CY2023Q4 solarmax Deferred Project Costs
DeferredProjectCosts
1603355 usd
CY2024Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
808138 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1342834 usd
CY2024Q3 solarmax Advances To Suppliers
AdvancesToSuppliers
860985 usd
CY2023Q4 solarmax Advances To Suppliers
AdvancesToSuppliers
1300009 usd
CY2024Q3 us-gaap Interest Receivable
InterestReceivable
6575 usd
CY2023Q4 us-gaap Interest Receivable
InterestReceivable
0 usd
CY2024Q3 solarmax Accrued Interest On Customer Loans Receivable
AccruedInterestOnCustomerLoansReceivable
34591 usd
CY2023Q4 solarmax Accrued Interest On Customer Loans Receivable
AccruedInterestOnCustomerLoansReceivable
32537 usd
CY2024Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0 usd
CY2023Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
658564 usd
CY2024Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
3834271 usd
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
5373997 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6066148 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6375603 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5846009 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6084187 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
220139 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
291416 usd
CY2024Q3 us-gaap Depreciation
Depreciation
16000 usd
CY2023Q3 us-gaap Depreciation
Depreciation
44000 usd
us-gaap Depreciation
Depreciation
65000 usd
us-gaap Depreciation
Depreciation
144000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
7584779 usd
CY2022Q4 us-gaap Goodwill
Goodwill
7774472 usd
solarmax Effect Of Exchange Rate On Goodwill
EffectOfExchangeRateOnGoodwill
-121004 usd
CY2023 solarmax Effect Of Exchange Rate On Goodwill
EffectOfExchangeRateOnGoodwill
-189693 usd
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
7463775 usd
CY2023 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
0 usd
CY2024Q3 us-gaap Goodwill
Goodwill
0 usd
CY2023Q4 us-gaap Goodwill
Goodwill
7584779 usd
solarmax Non Controlling Interest Equity Method Investment Ownership Percentage
NonControllingInterestEquityMethodInvestmentOwnershipPercentage
0.30 pure
CY2024Q3 solarmax Minority Interests Ownership Percentage By Parent
MinorityInterestsOwnershipPercentageByParent
0.30 pure
CY2023Q4 us-gaap Investments
Investments
9698308 usd
us-gaap Net Investment Income
NetInvestmentIncome
552843 usd
us-gaap Amount Of Ineffectiveness On Net Investment Hedges
AmountOfIneffectivenessOnNetInvestmentHedges
90838 usd
CY2024Q3 us-gaap Investments
Investments
10341988 usd
CY2022Q4 us-gaap Investments
Investments
9054759 usd
us-gaap Net Investment Income
NetInvestmentIncome
886836 usd
us-gaap Amount Of Ineffectiveness On Net Investment Hedges
AmountOfIneffectivenessOnNetInvestmentHedges
-524935 usd
CY2023Q3 us-gaap Investments
Investments
9416660 usd
CY2024Q3 solarmax Unsecured Payable From Unrelated Parties
UnsecuredPayableFromUnrelatedParties
2000000 usd
CY2023Q4 us-gaap Unsecured Debt
UnsecuredDebt
2000000.0 usd
CY2023Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.08 pure
CY2023Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
16250000 usd
solarmax Principal Note Paid During Period
PrincipalNotePaidDuringPeriod
-5500000 usd
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0 usd
solarmax Issurance Of Convertible Notes
IssuranceOfConvertibleNotes
5500000 usd
CY2024Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
16250000 usd
CY2024Q3 solarmax Accrued Expenses And Other Payables
AccruedExpensesAndOtherPayables
13500981 usd
CY2023Q4 solarmax Accrued Expenses And Other Payables
AccruedExpensesAndOtherPayables
16480896 usd
solarmax Restricted Stock Units
RestrictedStockUnits
675000 usd
CY2022Q4 solarmax Disclosureofsettlement Agreement
DisclosureofsettlementAgreement
Company agreed to pay each of the limited partners a sum of $533,749.98, payable $50,000 at the time of the agreement execution and the remainder shall be paid in 14 quarterly installments of $34,533.57
CY2024Q3 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
415000 usd
CY2023Q4 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
622000 usd
solarmax Current Portion
CurrentPortion
276000 usd
CY2024Q3 solarmax Other Payable To Related Party
OtherPayableToRelatedParty
2500000 usd
solarmax Gain Loss On Terminations Of Lease
GainLossOnTerminationsOfLease
77000 usd
us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
4200 usd
CY2024Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
478000 usd
CY2024Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
520000 usd
solarmax Recognized An Additional For Rou Asset
RecognizedAnAdditionalForRouAsset
221000 usd
CY2024Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
254000 usd
CY2024Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
435000 usd
CY2023Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
518000 usd
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1300000 usd
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1500000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
425077 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1725564 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1768488 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3919129 usd
CY2024Q3 solarmax Minimum Lease Payments Less Interest
MinimumLeasePaymentsLessInterest
-263637 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
3655492 usd
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1535127 usd
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2120365 usd
solarmax Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P2M9D
us-gaap Financial Guarantee Insurance Contracts Claim Liability Weighted Average Risk Free Discount Rate
FinancialGuaranteeInsuranceContractsClaimLiabilityWeightedAverageRiskFreeDiscountRate
0.0800 pure
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
423702 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
454769 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1307542 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1370947 usd
CY2024Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
11241 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
58919 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
31245 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
147504 usd
CY2024Q3 us-gaap Sublease Income
SubleaseIncome
241344 usd
CY2023Q3 us-gaap Sublease Income
SubleaseIncome
276901 usd
us-gaap Sublease Income
SubleaseIncome
731231 usd
us-gaap Sublease Income
SubleaseIncome
892926 usd
CY2024Q3 us-gaap Lease Cost
LeaseCost
193599 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
236787 usd
us-gaap Lease Cost
LeaseCost
607556 usd
us-gaap Lease Cost
LeaseCost
625525 usd
CY2022 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
3000 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
130000 usd
CY2024Q3 solarmax Restricted Stock Current Price
RestrictedStockCurrentPrice
5.01
CY2024Q3 solarmax Adjustment Related To Compensation Costs For Restricted Stock During Period
AdjustmentRelatedToCompensationCostsForRestrictedStockDuringPeriod
1300000 usd
CY2024Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
1300000 usd
CY2023Q4 solarmax Restricted Stock Shares Outstanding
RestrictedStockSharesOutstanding
264650 shares
CY2023Q4 solarmax Weighted Average Grant Date Fair Value Per Share Outstanding
WeightedAverageGrantDateFairValuePerShareOutstanding
5.01
CY2023Q4 solarmax Restricted Stock Shares Nonvested
RestrictedStockSharesNonvested
264650 shares
CY2023Q4 solarmax Weighted Average Grant Date Fair Value Per Share Nonvested
WeightedAverageGrantDateFairValuePerShareNonvested
5.01
CY2024Q3 solarmax Weighted Average Grant Date Fair Value Per Share Outstanding
WeightedAverageGrantDateFairValuePerShareOutstanding
5.01
CY2024Q3 solarmax Weighted Average Grant Date Fair Value Per Share Nonvested
WeightedAverageGrantDateFairValuePerShareNonvested
5.01
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6295858 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.96
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y6M
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
5946320 shares
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-9622730 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
1465363 usd
us-gaap Net Income Loss
NetIncomeLoss
-31058741 usd
us-gaap Net Income Loss
NetIncomeLoss
349883 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
45160314 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
39735536 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
43878255 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
39735536 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45160314 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40025153 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43878255 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40025153 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.71
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
6280879 shares
CY2024Q4 solarmax Convertible Note Issue To Limited Partner Principal
ConvertibleNoteIssueToLimitedPartnerPrincipal
500000 usd
CY2024Q4 solarmax Reduction In Notes Payable Principal Amount To Cf Ii
ReductionInNotesPayablePrincipalAmountToCfIi
500000 usd

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
solarmax-20240930_cal.xml Edgar Link unprocessable
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