0001410578-24-001520 | 10-Q | XBRL Viewer

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COMMON SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 12, 2024
COMMON SHARES
Common shares, par value	$ 0		$ 0
Deferred tax liabilities, current	29,258,280		57,244,020
Value of shares repurchased	$ 6,178	$ 13,200	$ 21,900
Common shares, shares issued	652,155,075		651,821,742
Amount authorized for share repurchase				$ 10,000
ReneSola Singapore
COMMON SHARES
Common shares, shares issued	652,155,075		651,821,742

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACCOUNTS RECEIVABLE TRADE, NET

3 Months Ended

Mar. 31, 2024

ACCOUNTS RECEIVABLE TRADE, NET

ACCOUNTS RECEIVABLE TRADE, NET

3. ACCOUNTS RECEIVABLE TRADE, NET


	March 31,		December 31,
	2024		2023

	in thousands
Accounts receivable trade
– from EPC services	$	3,214	$	7,304
– from solar power project assets and DSA		16,411		15,055
– from electricity generation (1)		11,940		9,596
Total accounts receivable trade		31,565		31,955
Less: allowance for credit losses		(5,038)		(4,832)
Accounts receivable trade, net	$	26,527	$	27,123

(1)

Accounts receivable from electricity generation were mainly due from China’s state grid companies. The amounts included the portion of feed-in tariff(s) (FIT) for the electricity sold to the state grid companies in the PRC in which the relevant on-grid solar power stations are still pending for registration to the Renewable Energy Subsidy Catalog, which the Company has submitted the application for its solar power stations started operation before July 2017 to be registered on the Catalog. The Company expects that a certain part of the FIT receivables will be recovered after twelve months from the reporting date, which are discounted at an effective interest rate. As of March 31, 2024 and December 31, 2023, there are $3.4 million and $3.5 million, respectively, of FIT receivables classified as current, and $16.9 million and $16.4 million, respectively, classified as non-current, which is included in the other non-current assets on the condensed consolidated balance sheets.

Accounts receivable trade, net and its allowance for credit losses as of December 31, 2022 amounted to $21.7 million and $2 million, respectively.

ACCOUNTS RECEIVABLE UNBILLED, NET


	March 31,		December 31,
	2024		2023

	in thousands
Accounts receivable unbilled
–from solar power project assets	$	7,936	$	8,088
–from EPC services		41,762		51,881
Total accounts receivable unbilled		49,698		59,969
Less: allowance for credit losses		(371)		(371)
Accounts receivable unbilled, net	$	49,327	$	59,598

The Company’s contract assets classified as “Accounts receivable unbilled” are primary due to billing of certain project sales and EPC services where the Company has the right to consideration in exchange of the project sales transferred and EPC services performed.

Accounts receivable unbilled, net and its allowance for credit losses as of December 31, 2022 amounted to $43.9 million and $0.7 million, respectively.

ALLOWANCE FOR CREDIT LOSSES

The Company establishes an allowance for expected credit losses based on historically observed default rates over the expected life of the receivable balance and are adjusted for forward-looking information available without undue cost of effort. The Company’s management regularly reviews the allowance for credit losses to ensure relevant information about specific debtors is updated.

The following table shows the movement in lifetime expected credit losses that has been recognized for trade receivables under the simplified approach.


	March 31,		December 31,
	2024		2023

	in thousands
At beginning of the period	$	5,203	$	2,749
Allowance for credit losses for the period		206		2,925
Written off		—		(471)
At end of the period	$	5,409	$	5,203

During the three months ended March 31, 2024 and 2023, the Company recorded credit losses of $0.2 million and nil, respectively.

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS

As of March 31, 2024, receivables from a solar power customer amounted to $44.6 million, including billed receivable of $4.0 million and unbilled receivable of $40.6 million which accounts for 55% of the Company’s total receivables, excluding FIT receivables in the other non-current assets, which are due from China government subsidies. As of December 31, 2023, receivables from a solar power customer amounted to $44.9 million, including billed receivable of $6.3 million and unbilled receivable of $38.6 million which accounts for 49% of the Company’s total receivables, excluding FIT receivables in the other non - current assets, which are due from government.

For the three months ended March 31, 2024 and 2023, revenue from this solar power customer accounted for 17% ($2.4 million) and 61% ($7.9 million) of the Company’s total net revenues, respectively.

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - future minimum payments required under the lease loan contract (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2024 (April 1 through December 31)	$ 1,033
2025	1,224
2026	1,224
2027	1,224
2028	1,224
2029 and later	38,414
Total minimum lease loan payments	44,343
Less: Amount representing interest	21,492
Present value of net minimum lease loan payments	$ 22,851

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Aug. 16, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Securities Act File Number	001-33911
Entity Registrant Name	EMEREN GROUP LTD
Entity Incorporation, State or Country Code	D8
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	149 Water Street, Suite 302
Entity Address, City or Town	Norwalk
Entity Address, State or Province	CT
Entity Address, Country	US
Entity Address, Postal Zip Code	06854
City Area Code	925
Local Phone Number	425-7335
Title of 12(b) Security	American Depositary Shares
Trading Symbol	SOL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		512,549,555
Entity Central Index Key	0001417892
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents	$ 55,070	$ 70,174
Restricted cash	3	0
Total cash, cash equivalents, and restricted cash	$ 55,073	$ 70,174	$ 66,737	$ 107,288

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Schedule of Bank Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
Long-term borrowings, current portion	$ 939	$ 1,385
Long-term borrowings	23,033	22,685
Total borrowings from bank and other third parties	$ 23,972	$ 24,070

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

SHARE BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 29, 2021	Dec. 21, 2020	Jul. 27, 2010	Sep. 27, 2007
Additional disclosures
Granted (in shares)	0			0
Granted (in dollars per share)				$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	3 months		3 months
Additional disclosures
Share-based compensation arrangement by share-based payment award options outstanding number	12,759,990		13,360,000	12,759,990
Share-based compensation arrangement by share based payment award options outstanding weighted average contractual	2 years 3 months 10 days
Share based compensation arrangement by share based payment award options outstanding weighted average remaining contractual term	2 years 3 months 10 days		2 years 7 months 9 days
Unrecognized compensation expense related to unvested share-based compensation arrangements	$ 300
Released performance compensation (in shares)	666,667
Issuance of common stock from release of restricted share units (in shares)	333,333
Employee Stock Option
Additional disclosures
Compensation cost	$ 30	$ 400
Additional disclosures
Period for recognition of unrecognized compensation costs	1 year 1 month 6 days
2007 Share Incentive Plan
Additional disclosures
Number of authorized shares					42,500,000	22,500,000	12,500,000	7,500,000

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2024

SEGMENT REPORTING

Schedule of the Company's revenues generated from each segment


	Three months ended March 31, 2024
	in thousands
	Electricity		EPC
	generation		services		DSA		Others		Total
Net revenue	$	5,384	$	4,137	$	5,062	$	17	$	14,600
Gross profit	$	2,501	$	409	$	1,395	$	17	$	4,322


	Three months ended March 31, 2023
	in thousands
	Electricity		EPC
	generation		services		DSA		Others		Total
Net revenue	$	4,882	$	7,895	$	—	$	99	$	12,876
Gross profit/(loss)	$	1,550	$	(6)	$	—	$	49	$	1,593

Schedule of the Company's revenues generated by geographic location of customers


	Three months March 31,
	2024		2023

	in thousands
China	$	2,881	$	3,230
United States		407		203
UK		2,097		1,286
France		1		—
Poland		2,460		7,908
Italy		5,062		—
Hungary		1,692		249
Total	$	14,600	$	12,876

SHARE BASED COMPENSATION - Summary of the Option Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Options outstanding at the beginning of the period (in shares)	13,360,000	12,759,990
Granted (in shares)	0		0
Exercised (in shares)			0
Forfeited (in shares)			(600,010)
Options outstanding at the end of the period (in shares)	12,759,990	13,360,000	12,759,990
Expected to vest at the end of the period (in shares)	1,653,390
Exercisable at the end of the period (in shares)	11,106,600
Weighted Average Exercise Prices
Options outstanding at the beginning of the period (in dollars per share)	$ 0.39	$ 0.39
Granted (in dollars per share)			$ 0
Exercised (in dollars per share)			0
Forfeited (in dollars per share)			0.39
Options outstanding at the end of the period (in dollars per share)		0.39	$ 0.39
Expected to vest at the end of the period (in dollars per share)		0.43
Exercised at the end of the period (in dollars per share)		$ 0.38
Weighted Average Remaining Contractual Life
Outstanding in remaining contractual team	2 years 3 months 10 days	2 years 7 months 9 days
Granted	0 years
Exercised	0 years
Forfeited	0 years
Vested or expected to vest at the end of the period	4 years 25 days
Exercisable at the end of the period	2 years 3 days
Aggregate Intrinsic Value
Outstanding at the beginning of the period (in dollars)	$ 624,234	$ 215,000
Forfeited (in dollars)			$ 2,200
Outstanding at the end of the period (in dollars)		$ 624,234	$ 215,000
Exercisable at the end of the period (in dollars)	$ 215,000

PROJECT ASSETS

3 Months Ended

Mar. 31, 2024

PROJECT ASSETS

PROJECT ASSETS

5. PROJECT ASSETS

Project assets consisted of the following at March 31, 2024 and December 31, 2023, respectively:


	March 31,		December 31,
	2024		2023

	in thousands
Project assets - Development and construction cost	$	93,880	$	75,277
Project assets - Others		1,292		1,247
Total project assets	$	95,172	$	76,524

Current portion	$	53,901	$	39,914
Non-current portion	$	41,271	$	36,610

RELATED PARTY BALANCES AND TRANSACTIONS - Additional Information (Details) € in Thousands, $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
RELATED PARTY BALANCES AND TRANSACTIONS
Due to related party balances, net			$ 18,333			$ 21,320
Eiffel Investment Group \| Convertible bond
RELATED PARTY BALANCES AND TRANSACTIONS
Interest Expense, Borrowings			10	$ 7
Related party
RELATED PARTY BALANCES AND TRANSACTIONS
Other Receivables, Net, Current			$ 0			30
Related party \| Eiffel Investment Group
RELATED PARTY BALANCES AND TRANSACTIONS
Conversion price as a percentage on purchase price			70.00%
Bond issued to	$ 700	€ 600
Related Party Transaction, Rate			2.00%
Convertible Debt						$ 2,300	€ 2,100
Related party \| Eiffel Investment Group \| Maximum \| Convertible bond
RELATED PARTY BALANCES AND TRANSACTIONS
Debt issued			$ 8,000		€ 7,030

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

3 Months Ended

Mar. 31, 2024

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

8. BORROWINGS AND OTHER FINANCING ARRANGEMENTS

Borrowings from banks and other third parties

The Company’s borrowings from banks and other third parties consist of the following:


	March 31,		December 31,
	2024		2023

	in thousands
Long-term borrowings, current portion	$	939	$	1,385
Long-term borrowings		23,033		22,685
Total borrowings from bank and other third parties	$	23,972	$	24,070

As of March 31, 2024 and December 31, 2023, the long-term borrowings of $24.0 million and $24.1 million were jointly guaranteed by the Company and its subsidiaries.

Long-term borrowings

In January 2021, the Company’s UK subsidiary obtained a long-term loan by a lender in the UK totaling £0.05 million ($0.06 million). The long-term loan has a maturity date of July 2026 with an annual interest rate of 2.5%. The proceeds from this loan were used for general working capital purposes. The long-term borrowing was interest free for twelve months. As of March 31, 2024 and December 31, 2023, the balance of this long-term borrowings was $0.03 million and $0.04 million, respectively.

In January 2022, Project Branston subsidiary entered into a lease loan contract with Aviva Investor Infrastructure Income No.4 Ltd. The loan bears interest at 4.0% above the base rate time to time from Lloyds Bank Plc on the bank and will mature on April 2060. As a result of the acquisition of Branston, the Company took over the loan. As of December 31, 2023, the long - term borrowings were $23.7 million, including current of $1.1 million and non - current of $22.7 million. As of March 31, 2024, the long-term borrowings were $22.9 million, including current of $0.9 million and non-current of $22.0 million.

As of March 31, 2024, future minimum payments required under the lease loan contract are:


	USD
	in thousands
2024 (April 1 through December 31)	$	1,033
2025		1,224
2026		1,224
2027		1,224
2028		1,224
2029 and later		38,414
Total minimum lease loan payments		44,343
Less: Amount representing interest		21,492
Present value of net minimum lease loan payments	$	22,851

In September 2022, the Company’s RPZE 1 subsidiary entered into a shareholder loan contract with a minority shareholder of a subsidiary of the Company, RPZE 1, of $0.6 million. The loan bears interest at 2% per annum and will mature in December 2025. As of March 31, 2024 and December 31, 2023, the balance of the shareholder loan was $0.1 million and $ 0.1 million, respectively.

In February 2023, the Company’s Tensol 3 subsidiary entered into a shareholder loan contract with a minority shareholder of a subsidiary of the Company, Tensol 3, of $0.7 million. The loan bears interest at 2% per annum and will mature in December 2025. As of March 31, 2024 and December 31, 2023, the balance of the shareholder loan was $0.03 million and $ 0.03 million, respectively.

In November 2023, the Company’s China subsidiary obtained a long-term loan by a bank totaling RMB 1.3 million ($0.2 million). The long - term loan bears interest at 5.2% above the base rate time to time from Loan Prime Rate on the bank and will mature on November 2033. As of December 31, 2023, the long - term borrowings were $0.2 million, including current of $0.02 million and non - current of $0.2 million. As of March 31, 2024, the long - term borrowings were $0.2 million, including current of $0.02 million and non - current of $0.2 million.

In March 2024, the Company’s China subsidiary obtained a long-term loan by a bank totaling RMB 5.6 million ($0.8 million). The long-term loan bears interest at 5.2% above the base rate time to time from Loan Prime Rate on the bank and will mature on March 2034. As of March 31, 2024, the long - term borrowings were $0.8 million, including current of $0.08 million and non – current of $0.7 million.

Financing associated with failed sale-lease back transactions

In 2019, certain subsidiaries of the Company (the “seller-lessee”) sold self-built solar projects (“leased assets”) with a carrying amount of $4.0 million to different domestic financial leasing companies (the “buyer-lessors”) for cash consideration of $2.8 million, and simultaneously entered into the contracts to lease back the leased assets from the buyer-lessors for 5 to 10 years. These arrangements are guaranteed by other subsidiaries of the Company and are also pledged by the shares and rights to the future power generation income of the seller-lessee. Pursuant to the terms of the agreements, the seller-lessee is required to make lease payments to the buyer-lessors over the lease period and is entitled to obtain ownership of the equipment at a nominal price upon the expiration of the lease.

As the leased assets are considered integral with real estate under ASC 360, the sale-leaseback rules related to real estate are applied. The lease transactions do not qualify as a sale-leaseback transaction as these solar projects are initially invested and built up by the seller-lessee with expected useful life of 25 years and are continuingly maintained by the seller-lessee. The seller-lessee has an obligation to repurchase the leased assets upon the expiry of the lease. In addition, after the lease period, the seller-lessee will keep using the assets and has no plans to sell or for early-disposal.

Accordingly, these transactions are accounted for as financing transactions in accordance with ASC 840. Internal rate of return is used in the computation of interest cost. The assets remain in the property, plant and equipment (“PPE”) and continue to be depreciated.

During the three months ended March 31, 2024 and 2023, the Company paid for amount of financing lease associated with failed sales-lease back transactions of $1.1 million and $1.6 million, respectively. As of March 31, 2024 and December 31, 2023, the Company recorded $8.7 million, and $9.1 million under failed sales leaseback liabilities as non-current portion and $3.6 million and $3.6 million as the current portion, which represents principal to be paid in the next year, respectively. The weighted average effective interest rate of the financing was 6.68% and 6.67% and interest costs incurred during the three months ended March 31, 2024 and 2023 were $0.2 million and $0.4 million, respectively. These failed sales-leaseback financings were collateralized by the underlying assets of the solar projects.

Finance lease

The Company leased module, inverter and other materials from different financial leasing companies in China. Pursuant to the terms of the contracts, the Company is required to make lease payments to the finance lease companies and is entitled to obtain the ownership of this machinery and equipment at a nominal price upon the expiration of the lease. These arrangements are guaranteed by other subsidiaries of the Company and are also pledged by the shares and rights for the future power generation income of the leased assets. The lease is classified as finance lease. As of March 31, 2024 and December 31, 2023, the carrying amount is included in finance lease right-of-use assets that is being depreciated over lives of 25 years. The payable related to these contracts as of March 31, 2024 and December 31, 2023 was $2.9 million and $3.2 million, respectively.

As of March 31, 2024, future minimum payments required under the finance lease are:


	USD
	in thousands
2024 (April 1 through December 31)	$	696
2025		1,018
2026		792
2027		776
Total minimum lease payments		3,282
Less: Amount representing interest		(429)
Present value of net minimum lease payments	$	2,853
Current portion	$	999
Non-current portion	$	1,854

As of March 31, 2024, future minimum payments required under the failed sale-lease back are:


	USD
	in thousands
2024 (April 1 through December 31)	$	3,435
2025		4,171
2026		2,617
2027		1,923
2028		1,296
2029 and later		374
Total minimum lease payments		13,816
Less: Amount representing interest		(1,576)
Present value of net minimum lease payments	$	12,240
Current portion	$	3,564
Non-current portion	$	8,676


	March 31,		December 31,
	2024		2023

	in thousands
Current portion of finance lease	$	999	$	970
Current portion of failed sale and lease back		3,564		3,589
Total current portion of failed sale-lease back and finance lease	$	4,563	$	4,559

Non-current portion for finance lease	$	1,854	$	2,203
Non-current portion for failed sale and lease back		8,676		9,055
Total non-current portion of failed sale-lease back and finance lease	$	10,530	$	11,258

Total finance lease liabilities are net of total deposits of $0.8 million as of December 31, 2023. Total failed sale-lease back are net of total deposits of $0.7 million as of December 31, 2023.

Interest expense

Interest expenses incurred for the three months ended March 31, 2024 and 2023 was $0.4 million and $0.7 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The unaudited condensed consolidated financial statements have been prepared and presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been omitted.

In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Quarterly results are not necessarily indicative of results for the full year. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by US GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to generate cash flows from operations, and the Company’s ability to arrange adequate financing arrangements, to support its working capital requirements.

Basis of consolidation

The consolidated financial statements include the financial statements of Emeren Group Ltd and its subsidiaries. All inter-company transactions, balances and realized and unrealized profits and losses have been eliminated on consolidation.

A non-controlling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Company. Net income (loss) on the condensed consolidated statements of operations and comprehensive income (loss) includes the net income (loss) attributable to non-controlling interests when applicable. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s condensed consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the condensed consolidated statements of cash flows, when applicable.

Use of estimates

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting periods presented. Actual results could materially differ from these estimates. Significant accounting estimates are susceptible to changes with the acquisition of the information, which include revenue recognition for sales of project asset rights, percentage of completion of EPC services, EPC warranties, allowances for credit losses, valuation of deferred tax assets, and recoverability of the carrying value of long-lived assets and project assets. Management bases its estimates and judgments on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

Fair value measurement

The Company estimates fair value of financial assets and liabilities as the price that would be received from the sales of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants. The Company utilizes a hierarchy for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value maximize the use of observable inputs.

When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets (Level 1 inputs), valuation techniques that use observable market-based inputs (Level 2 inputs) or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods (Level 3 inputs).

In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and as the Company’s evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company’s consolidated assets, liabilities, equity and net income or loss.

Financial assets and liabilities held by the Company measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 include cash and cash equivalents, accounts receivable, accounts payable and salaries payable.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and salaries payable approximate their fair value because of their short-term nature (classified as Level 1).

Significant accounting policies

There have been no material changes to the Company’s significant accounting policies disclosed in our audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023.

Cash and cash equivalents

The Company maintains its cash and cash equivalents in bank accounts which, at times, exceed the federally insured limits. As of March 31, 2024 and December 31, 2023, the Company had cash in excess of FDIC insured amount. The Company has not experienced any losses in such accounts.

Restricted cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 to the total of such amounts as presented in the unaudited condensed consolidated statements of cash flows:


	March 31,		December 31,
	2024		2023

	in thousands
Cash and cash equivalents	$	55,070	$	70,174
Restricted cash		3		—
Total cash, cash equivalents, and restricted cash	$	55,073	$	70,174

Advances to suppliers

As of March 31, 2024 and December 31, 2023, advances to suppliers in current assets were $4.9 million and $4.3 million, respectively. The Company does not require collateral or other security against its advances to suppliers. As a result, the Company’s claims for such prepayments are unsecured, which exposes the Company to the suppliers’ credit risk. The Company performs ongoing credit evaluations of the financial condition of its material suppliers.

Leases

Operating lease costs are recognized on a straight-line basis over the lease term. From time to time, the Company’s subsidiaries are asked to prepay the lease costs for over one year. As of March 31, 2024 and December 31, 2023, the prepaid rental fees of $0.9 million and $1.0 million, respectively, were recorded in operating lease right-of-use assets.

Revenue recognition

The Company primarily derives its revenues from the following revenue streams:

●

Solar power project development – This comprise of sale of project assets constructed by a third-party EPC contractor, sale of project assets constructed by the Company’s own EPC team, sale of project asset rights.

●

EPC Services – Certain of the EPC contracts for photovoltaic (“PV”) solar power systems contain retainage provisions. Retainage represents contract costs for the portion of the contract price earned for work performed but held for payment by the customer as a form of security until a certain defined timeframe has been reached. The Company considers whether collectability of such retainage is reasonably assured in connection with our overall assessment of the collectability of amounts due or that will become due under the EPC contracts. After the Company has satisfied the EPC contract requirements and has an unconditional right to consideration, the retainage is billed and reclassified to “Accounts receivable from EPC services (billed)”. As of March 31, 2024 and December 31, 2023, the unbilled balance of accounts receivable from EPC services included in accounts receivable unbilled, net were $41.7 million and $51.9 million, respectively.

●

Electricity generation – See Note 3. ACCOUNTS RECEIVABLE TRADE, NET for further details.

●

Development services agreement (“DSA”) and others – DSA revenue is recognized over time based on the percentage of completion by using the cost-based input method upon the performance of relevant project development activities.

Contract liability

Advances from customers, which represent contract liabilities, are unrecognized revenue received from customers. Advances from customers are recognized as the Company performs under the contract. During the three months ended March 31, 2024 and 2023, the Company recognized nil as revenue that was included in the balances of advances from customers as of January 1, 2024 and 2023, respectively.

Disaggregation of revenue

Revenues from sales of project right is recognized at a point in time whereas other revenues are recognized over time. The following tables summarizes the Company’s revenues by recognition points:


	Three months ended March 31,
	2024		2023

	in thousands
EPC services	$	4,137	$	7,895
Electricity generation		5,384		4,882
DSA		5,062		—
Others		17		99
Revenue recognized over time		14,600		12,876
Total	$	14,600	$	12,876

The following table summarizes the Company’s revenues generated by the geographic location of customers:


	Three months ended March 31,
	2024		2023

	in thousands
China	$	2,881	$	3,230
United States		407		203
UK		2,097		1,286
France		1		—
Poland		2,460		7,908
Italy		5,062		—
Hungary		1,692		249
Total	$	14,600	$	12,876

See Note 17. SEGMENT REPORTING for further details.

Feed-in tariff(s) (FIT) payments

The Company collected FIT payments of $0.1 million and $1.6 million for the electricity sold to the state grid companies in the PRC for the three months ended March 31, 2024 and 2023, respectively. The Company recognized non-FIT payments of attracting foreign investment of $0.1 million and nil in other operating income and expense, net for the three months ended March 31, 2024 and 2023, respectively.

Foreign currency

The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China foreign exchange trading system market. The Company’s cash and cash equivalents and restricted cash denominated in RMB amounted to RMB 113.4 million ($15.7 million) and RMB 138.1 million ($19.5 million) on March 31, 2024 and December 31, 2023, respectively.

Comprehensive income (loss)

Comprehensive income (loss) is the change in equity during a period from transactions and other events and circumstances from non-shareholder sources and included net income (loss) and foreign currency translation adjustments. As of March 31, 2024 and December 31, 2023, accumulated other comprehensive income (loss) is mainly composed of foreign currency translation.

Recently issued accounting pronouncements

In March 2023, the FASB issued ASU No. 2023 - 01, Leases (Topic 842): Common Control Arrangements, which requires leasehold improvements associated with common control leases to be amortized over the useful life to the common control group. The new standard is effective for fiscal years beginning after December 15, 2023. The Company’s management does not believe the adoption of ASU No. 2023 - 01 will have a material impact on its consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU No. 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this new guidance on disclosures in the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s Management does not believe the adoption of ASU 2023-09 will have a material impact on its consolidated financial statements and disclosures.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

RELATED PARTY BALANCES AND TRANSACTIONS

3 Months Ended

Mar. 31, 2024

RELATED PARTY BALANCES AND TRANSACTIONS

15. RELATED PARTY BALANCES AND TRANSACTIONS

(a) Related party balances

As of March 31, 2024 and December 31, 2023, related party balances with ReneSola Singapore Pte., Ltd and its subsidiaries and with other related parties were as follows:


	March 31,		December 31,
	2024		2023

	in thousands
Due from other related party ⁽¹⁾	$	—	$	30
Due from Related Party balances, net	$	—	$	30

Due to other related party ⁽¹⁾	$	5,851	$	4,997
Due to related party balances, net	$	5,851	$	4,997

(b) Related party transactions

During the three months ended March 31, 2024 and 2023, related party transactions with ReneSola Singapore Pte., Ltd and its subsidiaries and other related parties were as follows:


	Three months ended March 31,
	2024		2023

	in thousands
Payable to related party services ⁽⁴⁾	$	1,471	$	—
Payment for service ⁽³⁾		506		—
Bond issued to ⁽²⁾		—		663
Interest expense ⁽²⁾		10		7

(1)	The balances due to other related party were convertible bond issued to Eiffel Investment Group for solar power development purpose and included the outstanding service cost that minority controllers of Gravel A provided to the Company.

(2)

Represents the convertible bond issued to Eiffel Investment Group up to EUR 7.03 million ($8.0 million) with an annual interest rate of 2%. The bond has a maturity date of September 2031. During the convertible period and when there is an Event of Default and Acceleration Event (failure to redeem, a material misrepresentation by the Company, or misuse of the proceeds), the bond holder shall have the right to convert the issued convertible bonds at the conversion price into shares of the Company. The conversion price is determined as per evaluation equal to 70% of the purchase price of the Shares. The Company accounts for convertible bond as a single debt instrument at amortized cost. In March 2023, a subsidiary of the Company withdrew $0.7 million (EUR 0.6 million) from Eiffel Investment Group, respectively. As of December 31, 2023, the outstanding convertible bond was $2.3 million (EUR 2.1 million). During the three months ended March 31, 2024 and 2023, interest expense due to convertible bond was $0.01 million and $0.007 million, respectively.

(3)	Represents the amount that the Company paid in cash to minority shareholders of Gravel A for settling historical payable balance.

(4)	Transactions during the three months ended March 31, 2024, which represents the payable amount of Gravel A to Enerpoint and Kaizen for project services regarding Italy projects.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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+ Details

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
Depreciation expense	$ 1.8	$ 2.1

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of amounts due to related parties comprised of amounts payable to purchase of raw materials and others


	March 31,		December 31,
	2024		2023

	in thousands
Due from other related party ⁽¹⁾	$	—	$	30
Due from Related Party balances, net	$	—	$	30

Due to other related party ⁽¹⁾	$	5,851	$	4,997
Due to related party balances, net	$	5,851	$	4,997

Schedule of related party transactions


	Three months ended March 31,
	2024		2023

	in thousands
Payable to related party services ⁽⁴⁾	$	1,471	$	—
Payment for service ⁽³⁾		506		—
Bond issued to ⁽²⁾		—		663
Interest expense ⁽²⁾		10		7

(1)	The balances due to other related party were convertible bond issued to Eiffel Investment Group for solar power development purpose and included the outstanding service cost that minority controllers of Gravel A provided to the Company.

(2)

(3)	Represents the amount that the Company paid in cash to minority shareholders of Gravel A for settling historical payable balance.

(4)	Transactions during the three months ended March 31, 2024, which represents the payable amount of Gravel A to Enerpoint and Kaizen for project services regarding Italy projects.

OTHER CURRENT LIABILITIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
OTHER CURRENT LIABILITIES
Payables for purchase of property, plant and equipment	$ 11,717	$ 13,426
Other tax payables	264	271
Deferred revenue	2,997	3,177
Other	3,355	4,446
Total other current liabilities	$ 18,333	$ 21,320

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (5,488)	$ (615)
Other comprehensive (loss) / income, net of tax:
Foreign currency translation adjustment	(2,955)	1,340
Other comprehensive income / (loss)	(2,955)	1,340
Comprehensive income / (loss)	(8,443)	725
Less: Comprehensive loss attributed to non-controlling interests	(244)	(431)
Comprehensive income / (loss) attributed to Emeren Group Ltd	$ (8,199)	$ 1,156

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Schedule of deferred costs, capitalized, prepaid, and other assets disclosure


	March 31,		December 31,
	2024		2023

	in thousands
Receivables from disposal of property, plant and equipment (1)	$	1,408	$	1,885
Deposits (2)		14,398		13,727
Others (3)		6,499		4,577
Total prepaid expenses and other current assets		22,305		20,189
Allowance for credit losses (4)		(1,876)		(1,934)
Total prepaid expenses and other current assets	$	20,429	$	18,255

(1)	Receivables from disposal of property, plant and equipment mainly represented disposal of Company’s solar power stations assets which were primarily for electricity generation revenue segment.

(2)	As of March 31, 2024 and December 31, 2023, deposits mainly represented deposits made for interconnection, and the bidding of project asset construction rights and rooftop leases.

(3)

As of December 31, 2023, others mainly included $1.8 million deferred cost for Hungary projects, $0.8 million prepayment on Korea project development (the Company has recorded 100% allowance for credit losses associated with such prepayment), and $0.7 million prepaid for UK project. As of March 31, 2024, others mainly included $3.1 million deferred cost for Hungary projects, $0.8 million prepayment on Korea project, and $0.7 million prepaid for UK project.

(4)

Allowance for credit losses mainly represented the portion of compensation receivable from Canadian authorities on closure of a certain project in Canada that the Company believes is not recoverable, unrecoverable collection from sold entities in China, and allowance for the Korea project’s prepayment which the Company deemed not recoverable.

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

Schedule of components of lease expenses


		Three months ended March 31,
Lease cost	Classification	2024		2023

		in thousands
Operating lease cost	Operating expenses: General and administrative	$	498	$	486
Short-term lease cost	Operating expenses: General and administrative		—		11
Net lease cost		$	498	$	497


Lease Term and Discount Rate	March 31, 2024		December 31, 2023
Weighted-average remaining lease term (years)
Operating leases	23.4	years	23.5	years
Weighted-average discount rate (%)
Operating leases	6.07	%	6.07	%


	Three months ended March 31,
Other information	2024		2023

	in thousands
Cash paid for amount included in the measurement of lease liabilities
Operating cash flows from operating leases	$	454	$	505
Cash paid for short-term leases	$	—	$	11

Schedule of future minimum payments required under the operating lease


	USD
	in thousands
2024 (April 1 through December 31)	$	1,021
2025		1,681
2026		1,842
2027		1,988
2028		1,392
2029 and later		31,459
Total minimum lease payments		39,383
Less: Amount representing interest		(18,801)
Present value of net minimum lease payments	$	20,582

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Apr. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Feb. 12, 2024
SUBSEQUENT EVENTS
Amount authorized for share repurchase				$ 10.0
Number of shares repurchased		29,258,280	57,244,020
Subsequent Event
SUBSEQUENT EVENTS
Number of shares repurchased	4,729,870
Subsequent Event \| Securities repurchase agreement with ReneSola Singapore \| Shah Capital \| American Depository Shares (ADS)
SUBSEQUENT EVENTS
Amount purchased	$ 1.0

- Definition

+ References + Details

ACCOUNTS RECEIVABLE TRADE, NET - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE TRADE, NET
Accounts receivable, net	$ 26,527		$ 27,123	$ 21,700
Allowance for doubtful accounts	(5,038)		(4,832)	(2,000)
Accounts receivable unbilled, net	49,327		59,598	43,900
Allowance for credit losses unbilled	(371)		(371)	$ 700
Accounts receivable unbilled, net	49,327		59,598
Total	$ 14,600	$ 12,876
Electricity Revenue Generation
ACCOUNTS RECEIVABLE TRADE, NET
Feed-in tariff(s) (FIT) receivables, recovery period	12 months
Feed-in tariff(s) (FIT) receivables, current	$ 3,400		3,500
Feed-in tariff(s) (FIT) receivables, noncurrent	16,900		16,400
Solar power customers \| Credit concentration \| Accounts receivable
ACCOUNTS RECEIVABLE TRADE, NET
Accounts receivable, net	44,600		44,900
Billed receivable	4,000		6,300
Accounts receivable unbilled, net	$ 40,600		$ 38,600
Concentration risk percentage	55.00%		49.00%
Solar power customers \| Customer Concentration Risk \| Revenue Benchmark
ACCOUNTS RECEIVABLE TRADE, NET
Concentration risk percentage	17.00%	61.00%
Total	$ 2,400	$ 7,900

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
RELATED PARTY BALANCES AND TRANSACTIONS
Due to related party balances, net	$ 18,333		$ 21,320
ReneSola Singapore
RELATED PARTY BALANCES AND TRANSACTIONS
Payable to related party services	10	$ 7
Bond issued to	0	663
Related party
RELATED PARTY BALANCES AND TRANSACTIONS
Due from related parties, net	0		30
Due to related party balances, net	5,851		4,997
Related party \| ReneSola Singapore
RELATED PARTY BALANCES AND TRANSACTIONS
Payable to related party services	1,471	0
Payment for service	506	$ 0
Related party \| Other related party
RELATED PARTY BALANCES AND TRANSACTIONS
Due from Related Party, gross	0		30
Due to related party balances	$ 5,851		$ 4,997

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental schedule of non-cash operating activities:
Transfer from property, plant and equipment, net to project assets, current	$ (9,863)
Supplemental schedule of non-cash investing and financing activities:
Payables for purchase of property, plant and equipment	(11,717)	$ (14,355)
Payable for finance leases	$ (2,853)	$ (5,980)

PROJECT ASSETS - Schedule of Project Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
PROJECT ASSETS
Project assets - Development and construction cost	$ 93,880	$ 75,277
Project assets - Others	1,292	1,247
Total project assets	95,172	76,524
Current portion	53,901	39,914
Non-current portion	$ 41,271	$ 36,610

COMMON SHARES

3 Months Ended

Mar. 31, 2024

COMMON SHARES

COMMON SHARES

10. COMMON SHARES

During 2023, the Company repurchased 57,244,020 of its ordinary shares, no par value at the cost of $21.9 million. During first quarter of 2024, the Company repurchased 29,258,280 of its ordinary shares, no par value at the cost of $6.2 million. All repurchased shares under the repurchase program are classified as treasury shares of the Company until they are retired or reissued.

As of March 31, 2024 and December 31, 2023, the number of total issued shares of the Company was 652,155,075 shares and 651,821,742 shares, respectively.

On February 12, 2024, the Company announced that it approved an accelerated stock repurchase program (“ASR”) of up to $10 million.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Net revenues:

Total net revenues

$ 14,600

$ 12,876

Cost of revenues

(10,278)

(11,283)

Gross profit

4,322

1,593

Operating expenses:

Sales and marketing

(61)

(92)

General and administrative

(4,622)

(4,396)

Other operating expenses, net

(852)

(108)

Total operating expenses

(5,535)

(4,596)

Loss from operations

(1,213)

(3,003)

Other (expenses) / income:

Interest income

520

588

Interest expense

(385)

(721)

Investment gain

Foreign exchange gains (losses)

(3,253)

2,708

Total other (expense) income, net

(3,118)

2,652

Loss before income tax

(4,331)

(351)

Income tax expense

(1,157)

(264)

Net loss

(5,488)

(615)

Less: Net income (loss) attributed to non-controlling interests

437

(421)

Net loss attributed to Emeren Group Ltd

$ (5,925)

$ (194)

Income/(loss) attributed to Emeren Group Ltd per ADS

Basic

$ (0.11)

$ 0.00

Diluted

(0.11)

0.00

EARNINGS/ (LOSS) PER ADS

Basic

^[1]

(0.11)

0.00

Diluted

^[1]

$ (0.11)

$ 0.00

Weighted average number of ADS* used in computing loss per ADS*

Basic

^[1]

53,553,650

57,409,673

Diluted

^[1]

53,553,650

57,409,673

Electricity generation

Net revenues:

Total net revenues

$ 5,384

$ 4,882

EPC services

Net revenues:

Total net revenues

4,137

7,895

Net revenues:

5,062

Net revenues:

$ 17

$ 99

[1]	Each American depositary shares (“ADS”) represents 10 common shares

BORROWINGS AND OTHER FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2024

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

Schedule of bank borrowings


	March 31,		December 31,
	2024		2023

	in thousands
Long-term borrowings, current portion	$	939	$	1,385
Long-term borrowings		23,033		22,685
Total borrowings from bank and other third parties	$	23,972	$	24,070

Schedule of future minimum payments required under the lease loan contract


	USD
	in thousands
2024 (April 1 through December 31)	$	1,033
2025		1,224
2026		1,224
2027		1,224
2028		1,224
2029 and later		38,414
Total minimum lease loan payments		44,343
Less: Amount representing interest		21,492
Present value of net minimum lease loan payments	$	22,851

Schedule of future minimum payments required under the finance lease


	USD
	in thousands
2024 (April 1 through December 31)	$	696
2025		1,018
2026		792
2027		776
Total minimum lease payments		3,282
Less: Amount representing interest		(429)
Present value of net minimum lease payments	$	2,853
Current portion	$	999
Non-current portion	$	1,854

Schedule of future minimum payments required under the failed sale-lease back


	USD
	in thousands
2024 (April 1 through December 31)	$	3,435
2025		4,171
2026		2,617
2027		1,923
2028		1,296
2029 and later		374
Total minimum lease payments		13,816
Less: Amount representing interest		(1,576)
Present value of net minimum lease payments	$	12,240
Current portion	$	3,564
Non-current portion	$	8,676


	March 31,		December 31,
	2024		2023

	in thousands
Current portion of finance lease	$	999	$	970
Current portion of failed sale and lease back		3,564		3,589
Total current portion of failed sale-lease back and finance lease	$	4,563	$	4,559

Non-current portion for finance lease	$	1,854	$	2,203
Non-current portion for failed sale and lease back		8,676		9,055
Total non-current portion of failed sale-lease back and finance lease	$	10,530	$	11,258

PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2024

PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT, NET

6. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net:


	March 31,		December 31,
	2024		2023

	in thousands
Land	$	275	$	275
Plant and machinery		887		768
Motor vehicles		90		91
Office equipment		299		307
Power stations		188,513		187,518
Less: Accumulated depreciation		(30,560)		(27,125)
		159,504		161,834
Construction in progress		878		1,280
Property, plant and equipment, net	$	160,382	$	163,114

Construction in progress mainly represents solar power projects which are under development for self-electricity generation in China.

Depreciation expense for the three months ended March 31, 2024 and 2023 was $1.8 million and $2.1 million, respectively.

OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2024

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES

9. OTHER CURRENT LIABILITIES

The Company’s other current liabilities are summarized below:


	March 31,		December 31,
	2024		2023

	in thousands
Payables for purchase of property, plant and equipment⁽¹⁾	$	11,717	$	13,426
Other tax payables		264		271
Deferred revenue⁽³⁾		2,997		3,177
Other ⁽²⁾		3,355		4,446
Total other current liabilities	$	18,333	$	21,320

(1)	Payable for purchase of property, plant and equipment as of March 31, 2024 and December 31, 2023 included as payable to ReneSola Singapore Pte Ltd.’s subsidiaries.

(2)	Other as of March 31, 2024 and December 31, 2023 mainly includes the payables for claims, audit fees and other professional service fees.

(3)	Deferred revenue as of March 31, 2024 and December 31, 2023 is mainly related to Hungary project.

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of the following table provides a reconciliation of cash, cash equivalents, and restricted cash


	March 31,		December 31,
	2024		2023

	in thousands
Cash and cash equivalents	$	55,070	$	70,174
Restricted cash		3		—
Total cash, cash equivalents, and restricted cash	$	55,073	$	70,174

Schedule of disaggregation of revenue


	Three months ended March 31,
	2024		2023

	in thousands
EPC services	$	4,137	$	7,895
Electricity generation		5,384		4,882
DSA		5,062		—
Others		17		99
Revenue recognized over time		14,600		12,876
Total	$	14,600	$	12,876


	Three months ended March 31,
	2024		2023

	in thousands
China	$	2,881	$	3,230
United States		407		203
UK		2,097		1,286
France		1		—
Poland		2,460		7,908
Italy		5,062		—
Hungary		1,692		249
Total	$	14,600	$	12,876

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2024

SEGMENT REPORTING

SEGMENT REPORTING

17. SEGMENT REPORTING

The Company separated the solar power project segment into four reportable segments, including solar power project development, EPC services, electricity generation and DSA. Ancillary revenues and expenses and other unallocated costs and expenses are recorded in other.

The chief operating decision maker is the chief executive officer of the Company.

The Company only reports the segment information of net revenue and gross profit, to conform to the information the chief operating decision maker receives to assess the financial performance and allocate resources. There are no differences between the measurements of the Company’s reportable segments’ gross profit and the Company’s consolidated gross profit, as the Company uses the same profit measurement for all of the reportable segments and the consolidated entity. Furthermore, the Company’s chief operating decision maker is not provided with asset information by segment. As such, no asset information by segment is presented.

The following table summarizes the Company’s revenues generated from each segment:


	Three months ended March 31, 2024
	in thousands
	Electricity		EPC
	generation		services		DSA		Others		Total
Net revenue	$	5,384	$	4,137	$	5,062	$	17	$	14,600
Gross profit	$	2,501	$	409	$	1,395	$	17	$	4,322


	Three months ended March 31, 2023
	in thousands
	Electricity		EPC
	generation		services		DSA		Others		Total
Net revenue	$	4,882	$	7,895	$	—	$	99	$	12,876
Gross profit/(loss)	$	1,550	$	(6)	$	—	$	49	$	1,593

The following table summarizes the Company’s revenues generated by the geographic location of customers:


	Three months March 31,
	2024		2023

	in thousands
China	$	2,881	$	3,230
United States		407		203
UK		2,097		1,286
France		1		—
Poland		2,460		7,908
Italy		5,062		—
Hungary		1,692		249
Total	$	14,600	$	12,876

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Receivables from disposal of property, plant and equipment	$ 1,408	$ 1,885
Deposits	14,398	13,727
Others	6,499	4,577
Total prepaid expenses and other current assets	22,305	20,189
Allowance for credit losses	(1,876)	(1,934)
Total prepaid expenses and other current assets	$ 20,429	$ 18,255

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advances to Suppliers (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advances to suppliers-current	$ 4,859	$ 4,283

SHARE BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

SHARE BASED COMPENSATION

Schedule of the option activity


				Weighted
				Average
			Weighted	Remaining	Aggregate
	Number of		Average	Contractual	Intrinsic
	Options		Exercise Prices	Term (in years)	Value
Outstanding on December 31, 2023	13,360,000	$	0.39	2.61	$	624,234
Granted	—		—	—		—
Exercised	—		—	—		—
Forfeited	(600,010)		0.39	—	$	2,200
Outstanding on March 31, 2024	12,759,990		0.39	2.28	$	215,000
Expected to vest at March 31, 2024	1,653,390		0.43	4.07		—
Exercisable at March 31, 2024	11,106,600		0.38	2.01	$	215,000

ACCOUNTS RECEIVABLE TRADE, NET - Allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
ACCOUNTS RECEIVABLE TRADE, NET
At beginning of year	$ 5,203	$ 2,749	$ 2,749
Allowance for credit losses	206	$ 0	2,925
Written off	0		(471)
At end of year	$ 5,409		$ 5,203

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

18. SUBSEQUENT EVENTS

In April 2024, the Company repurchased an aggregate of 4,729,870 common shares at the cost of $1.0 million.

The Company has evaluated subsequent events through the date of issuance of the unaudited condensed consolidated financial statements, there were no subsequent events occurred that would require recognition or disclosure in the consolidated financial statements.

ACCOUNTS RECEIVABLE TRADE, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	$ 31,565	$ 31,955
Less: allowance for credit losses	(5,038)	(4,832)	$ (2,000)
Accounts receivable trade, net	26,527	27,123	$ 21,700
From EPC services
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	3,214	7,304
from solar power project assets and DSA
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	16,411	15,055
From electricity generation
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	$ 11,940	$ 9,596

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Basis of consolidation

Use of estimates

Use of estimates

Fair value measurement

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and salaries payable approximate their fair value because of their short-term nature (classified as Level 1).

Significant accounting policies

Cash and cash equivalents

Restricted cash


	March 31,		December 31,
	2024		2023

	in thousands
Cash and cash equivalents	$	55,070	$	70,174
Restricted cash		3		—
Total cash, cash equivalents, and restricted cash	$	55,073	$	70,174

Advances to suppliers

Leases

Revenue recognition

The Company primarily derives its revenues from the following revenue streams:

●

Electricity generation – See Note 3. ACCOUNTS RECEIVABLE TRADE, NET for further details.

●

Contract liability

Disaggregation of revenue

Revenues from sales of project right is recognized at a point in time whereas other revenues are recognized over time. The following tables summarizes the Company’s revenues by recognition points:


	Three months ended March 31,
	2024		2023

	in thousands
EPC services	$	4,137	$	7,895
Electricity generation		5,384		4,882
DSA		5,062		—
Others		17		99
Revenue recognized over time		14,600		12,876
Total	$	14,600	$	12,876

The following table summarizes the Company’s revenues generated by the geographic location of customers:


	Three months ended March 31,
	2024		2023

	in thousands
China	$	2,881	$	3,230
United States		407		203
UK		2,097		1,286
France		1		—
Poland		2,460		7,908
Italy		5,062		—
Hungary		1,692		249
Total	$	14,600	$	12,876

See Note 17. SEGMENT REPORTING for further details.

Feed-in tariff(s) (FIT) payments

Feed-in tariff(s) (FIT) payments

Foreign currency

Comprehensive income (loss)

Recently issued accounting pronouncements

Recently issued accounting pronouncements

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - future minimum payments required under the failed sale-lease back (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Future minimum payments required under the failed sale-lease back
2024 (April 1 through December 31)	$ 3,435
2025	4,171
2026	2,617
2027	1,923
2028	1,296
2029 and later	374
Total minimum lease payments	13,816
Less: Amount representing interest	(1,576)
Present value of net minimum lease payments	12,240
Current portion	3,564	$ 3,589
Non-Current portion	8,676	9,055
Current portion of finance lease	999	970
Current portion of failed sale and lease back	3,564	3,589
Total current portion of failed sale-lease back and finance lease	4,563	4,559
Non-current portion for finance lease	1,854	2,203
Non-current portion for failed sale and lease back	8,676	9,055
Total non-current portion of failed sale-lease back and finance lease	$ 10,530	11,258
Financings With Failed Sale Lease Back Transactions [Member]
Future minimum payments required under the failed sale-lease back
Current portion of finance lease		$ 800

PROJECT ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

PROJECT ASSETS

Schedule of project assets


	March 31,		December 31,
	2024		2023

	in thousands
Project assets - Development and construction cost	$	93,880	$	75,277
Project assets - Others		1,292		1,247
Total project assets	$	95,172	$	76,524

Current portion	$	53,901	$	39,914
Non-current portion	$	41,271	$	36,610

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,925)	$ (194)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Topic 250
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

NON-CONTROLLING INTEREST

3 Months Ended

Mar. 31, 2024

NON-CONTROLLING INTEREST

NON-CONTROLLING INTEREST

14. NON-CONTROLLING INTEREST

During the three months ended March 31, 2024 and 2023, the Company has comprehensive loss attributed to non-controlling interest for $0.2 million and $0.4 million, respectively, of which, the majority resulted from two consolidated entities, RPNC Holdings, LLC and Zhejiang Emeren Smart Energy Co., Ltd. The Company calculated the non-controlling interest for 99% to RPNC Holdings, LLC and 40.13% to Zhejiang Emeren Smart Energy Co., Ltd.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

16. COMMITMENTS AND CONTINGENCIES

Operating lease accounting

The Company leases rooftop, land, other property, and equipment under non-cancellable operating leases whose initial terms are typically 3 to 25 years, with some having a term of 40 years or more, along with options that permit renewals for additional periods. At the inception of each lease, the Company determines if the arrangement is a lease or contains an embedded lease and reviews the facts and circumstances of the arrangement to classify leased assets as operating or finance under Topic 842. The Company has elected not to record any leases with terms of 12 months or less on the balance sheet.

As this time, a certain portion of active leases within the Company portfolio are classified as operating leases under the new standard. Operating leases are included in operating lease, Right of Use (“ROU”) assets, operating lease liabilities, current, and operating lease liabilities , non-current in the condensed consolidated balance sheets. The ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make minimum lease payment arising from the lease for the duration of the lease term.

Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 year to 5 years or greater. The exercise of the lease renewal option is typically at our discretion. Additionally, many leases contain early termination clauses, however early termination typically requires the agreement of both parties to the lease. At the lease inception, all renewal options reasonably certain to be exercised are considered when determining the lease term. At this time, the Company does not have operating leases that include options to purchase or automatically transfer ownership of the lease property to the Company. The depreciable life of leased assets is limited by the expected lease term.

To determine the present value of future minimum lease payments, the Company use the implicit rate when readily determinable. At this time, many of the Company’s leases do not provide an implicit rate; therefore, to determine the present value of minimum lease payments, the Company use its incremental borrowing rate based on the information available at lease commencement date. The ROU assets also include any lease payments made and exclude lease incentives.

The components of lease expenses consisted of the following:


		Three months ended March 31,
Lease cost	Classification	2024		2023

		in thousands
Operating lease cost	Operating expenses: General and administrative	$	498	$	486
Short-term lease cost	Operating expenses: General and administrative		—		11
Net lease cost		$	498	$	497


Lease Term and Discount Rate	March 31, 2024		December 31, 2023
Weighted-average remaining lease term (years)
Operating leases	23.4	years	23.5	years
Weighted-average discount rate (%)
Operating leases	6.07	%	6.07	%


	Three months ended March 31,
Other information	2024		2023

	in thousands
Cash paid for amount included in the measurement of lease liabilities
Operating cash flows from operating leases	$	454	$	505
Cash paid for short-term leases	$	—	$	11

As of March 31, 2024, future minimum payments required under the operating lease are:


	USD
	in thousands
2024 (April 1 through December 31)	$	1,021
2025		1,681
2026		1,842
2027		1,988
2028		1,392
2029 and later		31,459
Total minimum lease payments		39,383
Less: Amount representing interest		(18,801)
Present value of net minimum lease payments	$	20,582

Capital commitments

As of March 31, 2024 and December 31, 2023, the Company had capital commitments of approximately $3.8 million and $7.9 million, respectively. These capital commitments were solely related to contracts signed with vendors for procurement of services or PV related products used for the construction of solar PV systems being developed by the Company.

The capital commitments as at balance sheet date disclosed above do not include those incomplete purchases or acquisitions as at balance sheet dates as the agreements could either be terminated unconditionally without any penalty or cancelable when the closing conditions as specified in the agreements could not be met.

Legal matters

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable.

The Company is a party to legal matters and claims in the normal course of its operations. While the Company believes that the ultimate outcome of these matters will not have a material adverse effect on its financial position, results of operations or cash flows, the outcome of these matters is not determinable with certainty and negative outcomes may adversely affect the Company.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common shares	Treasury stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income/(loss)	Equity attributable to Emeren Group Ltd	Noncontrolling interest	Total
Balance at Dec. 31, 2022	$ 806,283	$ (20,000)	$ 13,500	$ (437,377)	$ (15,113)	$ 347,293	$ 41,351	$ 388,644
Balance (in shares) at Dec. 31, 2022	651,121,762	(33,471,750)
Increase (Decrease) in Stockholders' Equity
Net income / (loss)	$ 0		0	(194)	0	(194)	(421)	(615)
Stock repurchase	0	$ (13,200)	0	0	0	(13,200)	0	(13,200)
Stock repurchase (in shares)		(30,000,000)
Share-based compensation	0		441	0	0	441	0	441
Initial non-controlling interest of the minority shareholders	0		0	0	0	0	27	27
Other comprehensive income/(loss), net of tax	0		0	0	1,350	1,350	(10)	1,340
Balance at Mar. 31, 2023	$ 806,283	$ (33,200)	13,941	(437,571)	(13,763)	335,690	40,947	376,637
Balance (in shares) at Mar. 31, 2023	651,121,762	(63,471,750)
Balance at Dec. 31, 2022	$ 806,283	$ (20,000)	13,500	(437,377)	(15,113)	347,293	41,351	388,644
Balance (in shares) at Dec. 31, 2022	651,121,762	(33,471,750)
Increase (Decrease) in Stockholders' Equity
Stock repurchase								$ (21,900)
Stock repurchase (in shares)								(57,244,020)
Balance at Dec. 31, 2023	$ 806,714	$ (41,938)	14,728	(440,563)	(13,629)	325,312	37,997	$ 363,309
Balance (in shares) at Dec. 31, 2023	651,821,742	(90,715,770)
Increase (Decrease) in Stockholders' Equity
Net income / (loss)	$ 0		0	(5,925)	0	(5,925)	437	(5,488)
Stock repurchase	0	$ (6,178)	0	0	0	(6,178)	0	$ (6,178)
Stock repurchase (in shares)		(29,258,280)						(29,258,280)
Share-based compensation	0		29	0	0	29	0	$ 29
Other comprehensive income/(loss), net of tax	$ 0		0	0	(2,274)	(2,274)	(681)	$ (2,955)
Issuance of common stock from release of restricted share units (in shares)	333,333							333,333
Balance at Mar. 31, 2024	$ 806,714	$ (48,116)	$ 14,757	$ (446,488)	$ (15,903)	$ 310,964	$ 37,753	$ 348,717
Balance (in shares) at Mar. 31, 2024	652,155,075	(119,974,050)

EMPLOYEE BENEFITS (Details)	3 Months Ended
EMPLOYEE BENEFITS (Details)	Mar. 31, 2024
401(k) plan
EMPLOYEE BENEFITS
Percentage of employer matching contribution of basic salaries	100.00%

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Common shares, par value (in dollars per share)	$ 0	$ 0
Common shares, shares authorized	1,000,000,000	1,000,000,000
Common shares, shares issued	652,155,075	651,821,742
Common shares, shares outstanding	517,279,425	546,204,372
Treasury stock (in shares)	119,974,050	90,715,770

SHARE BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION

11. SHARE BASED COMPENSATION

2007 Share Incentive Plan

On September 27, 2007, the Company adopted the Emeren Group Ltd 2007 Share Incentive Plan (the “Plan”) that provides for grant of share options, restricted shares and restricted share units to employees in the Plan. A maximum of 7,500,000 authorized but unissued shares of the Company have been reserved and allocated to the Plan, whose shares were subsequently registered and are issuable upon exercise of outstanding options granted under the Plan. The Plan shall be administered by the Compensation Committee of the Board of Directors (the “Committee”). On July 27, 2010, the Company has amended the Plan so as to increase the maximum number of authorized but unissued shares of the Company to 12,500,000 in accordance with the rules of the 2007 Share Incentive Plan. On December 21, 2020, the Company has amended the Plan to increase the number of authorized but unissued shares of the Company to 22,500,000 in accordance with the rules of the 2007 Share Incentive Plan. On December 29, 2021, the Company has amended the Plan to increase the maximum number of authorized but unissued shares of the Company to 42,500,000 in accordance with the rules of the 2007 Share Incentive Plan.

Except as otherwise noted in the award agreements with the employee or consultant, the options can be exercised within six years from the award date, except for participant’s termination of employment or service. The vesting schedule and the exercise price per share will be determined by the Committee and set forth in the individual award agreement. In the event of any distribution, share split, or recapitalization of the Company, the Committee shall make such proportionate and equitable adjustments, if any, to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan and (b) the terms and conditions of any outstanding awards. Except as may otherwise be provided in any award agreement, if a change of control occurs and a participant’s awards are not converted, assumed, or replaced by a successor, such awards shall become fully exercisable and all forfeiture restrictions on such awards shall lapse.

Options to Employees

During the three months ended March 31, 2024 and year ended December 31, 2023, no options were granted to employees.

Expected volatilities based on the average of the standard deviation of the daily stock prices of the Company and other selected comparable companies in the same industry. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free rate of return is based on the US Treasury bond yield curve in effect at the time of grant for periods corresponding with the expected term of the option.

A summary of the option activity is as follows:


				Weighted
				Average
			Weighted	Remaining	Aggregate
	Number of		Average	Contractual	Intrinsic
	Options		Exercise Prices	Term (in years)	Value
Outstanding on December 31, 2023	13,360,000	$	0.39	2.61	$	624,234
Granted	—		—	—		—
Exercised	—		—	—		—
Forfeited	(600,010)		0.39	—	$	2,200
Outstanding on March 31, 2024	12,759,990		0.39	2.28	$	215,000
Expected to vest at March 31, 2024	1,653,390		0.43	4.07		—
Exercisable at March 31, 2024	11,106,600		0.38	2.01	$	215,000

As of March 31, 2024, there was 12,759,990 outstanding options with weighted average contractual period of 2.28 years under the Plan.

Share-based compensation costs of $0.03 million and $0.4 million have been charged against income during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was $0.3 million in total unrecognized share-based compensation expense related to unvested options granted under the Plan, which is expected to be recognized over a weighted-average period of 1.1 years.

During the three months ended March 31, 2024, the 333,333 ordinary shares of restricted share units were exercised. As of March 31, 2024, 666,667 ordinary shares of restricted share units were outstanding.

INCOME TAXES

3 Months Ended

Mar. 31, 2024

INCOME TAXES

INCOME TAXES

7. INCOME TAXES

The Company and its subsidiaries file separate income tax returns.

The Company recorded income tax expense of $1.2 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively.

The Company’s effective tax rate for the three months ended March 31, 2024 and 2023 was (27%) and (75%), respectively.

We determine our income tax provision for interim periods using an estimate of our annual effective tax rate adjusted for discrete items occurring during the periods presented. The Company’s income tax provision in the three months ended March 31, 2024 and 2023 was primarily related to the foreign tax provision. The Company’s income tax provision in the three months ended March 31, 2024 and 2023 was mainly due to income taxes on earnings from its foreign tax jurisdictions.

The Company conducts its business globally and its operating income is subject to varying rates of tax. Consequently, the Company’s effective tax rate is dependent upon the geographic distribution of its earnings or losses and the tax laws and regulations in each geographical region.

Due to historical losses in the U.S., the Company has a full valuation allowance on its U.S. federal and state deferred tax assets. Management continues to evaluate the realizability of deferred tax assets and the related valuation allowance. If management's assessment of the deferred tax assets or the corresponding valuation allowance were to change, the Company would record the related adjustment to income during the period in which management makes the determination.

As of March 31, 2024, there is no material changes on uncertain tax positions.

- Definition

The entire disclosure for income tax.

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+ Details

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 55,070	$ 70,174
Restricted cash	3	0
Accounts receivable trade, net	26,527	27,123
Accounts receivable unbilled, net	49,327	59,598
Advances to suppliers	4,859	4,283
Value added tax receivable	8,822	7,103
Project assets, current	53,901	39,914
Prepaid expenses and other current assets, net	20,429	18,255
Total current assets	218,938	226,450
Property, plant and equipment, net	160,382	163,114
Project assets, non-current	41,271	36,610
Operating lease, right-of-use assets	20,669	21,057
Finance lease, right-of-use assets	4,807	14,192
Other non-current assets	17,459	16,928
Total assets	463,526	478,351
Current liabilities:
Accounts payable	18,458	16,203
Advances from customers	5,243	5,375
Long-term borrowings, current	939	1,385
Income tax payable	3,109	2,102
Salaries payable	670	718
Operating lease liabilities, current	500	363
Failed sales-leaseback and finance lease liabilities, current	4,563	4,559
Other current liabilities	18,333	21,320
Total current liabilities	57,666	56,992
Long-term borrowings, non-current	23,033	22,685
Operating lease liabilities, non-current	20,082	20,575
Failed sales-leaseback and finance lease liabilities, non-current	10,530	11,258
Deferred tax liabilities	3,498	3,532
Total liabilities	114,809	115,042
Commitments and contingencies
Shareholders' equity
Common shares (1,000,000,000 shares and 1,000,000,000 shares; no par value, authorized at March 31, 2024 and December 31, 2023; 652,155,075 shares issued and 517,279,425 shares outstanding at March 31, 2024; 651,821,742 shares issued and 546,204,372 shares outstanding at December 31, 2023)	806,714	806,714
Additional paid-in capital	14,757	14,728
Treasury stock, at cost (119,974,050 and 90,715,770 shares as of March 31, 2024 and December 31, 2023, respectively)	(48,116)	(41,938)
Accumulated deficit	(446,488)	(440,563)
Accumulated other comprehensive loss	(15,903)	(13,629)
Emeren Group Ltd shareholders' equity	310,964	325,312
Noncontrolling interest	37,753	37,997
Total shareholders' equity	348,717	363,309
Total liabilities and shareholders' equity	463,526	478,351
Related Party [Member]
Current liabilities:
Amounts due to related parties	$ 5,851	$ 4,967

EARNINGS/ (LOSS) PER ADS - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
EARNINGS/ (LOSS) PER ADS
Number of shares issued to the share depository bank but are treated as escrowed shares	10,063,147		10,396,480
Number of shares per ADS	10
Antidilutive securities excluded from computation of diluted net earnings/(loss) per share	1,323,530	4,220,557

ACCOUNTS RECEIVABLE TRADE, NET - Accounts receivable unbilled (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	$ 49,698	$ 59,969
Less: allowance for credit losses	(371)	(371)	$ 700
Accounts receivable unbilled, net	49,327	59,598	$ 43,900
Solar power project assets
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	7,936	8,088
EPC Services
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	$ 41,762	$ 51,881

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
Less: Accumulated depreciation	$ (30,560)	$ (27,125)
Property, plant and equipment Before Construction	159,504	161,834
Property, plant and equipment, net	160,382	163,114
Land
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	275	275
Plant and machinery
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	887	768
Motor vehicles
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	90	91
Office equipment
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	299	307
Power stations
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	188,513	187,518
Construction in progress
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	$ 878	$ 1,280

SEGMENT REPORTING - Schedule of the Company's Revenues Generated by Geographic Location of Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEGMENT REPORTING
Total	$ 14,600	$ 12,876
China
SEGMENT REPORTING
Total	2,881	3,230
United States
SEGMENT REPORTING
Total	407	203
UK
SEGMENT REPORTING
Total	2,097	1,286
France
SEGMENT REPORTING
Total	1	0
Poland
SEGMENT REPORTING
Total	2,460	7,908
Italy
SEGMENT REPORTING
Total	5,062	0
Hungary
SEGMENT REPORTING
Total	$ 1,692	$ 249

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Company's revenues geographic location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	$ 14,600	$ 12,876
China
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	2,881	3,230
United States
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	407	203
UK
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	2,097	1,286
France
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	1	0
Poland
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	2,460	7,908
Italy
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	5,062	0
Hungary
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	$ 1,692	$ 249

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+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2024

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

4. PREPAID EXPENSES AND OTHER CURRENT ASSETS


	March 31,		December 31,
	2024		2023

	in thousands
Receivables from disposal of property, plant and equipment (1)	$	1,408	$	1,885
Deposits (2)		14,398		13,727
Others (3)		6,499		4,577
Total prepaid expenses and other current assets		22,305		20,189
Allowance for credit losses (4)		(1,876)		(1,934)
Total prepaid expenses and other current assets	$	20,429	$	18,255

(1)	Receivables from disposal of property, plant and equipment mainly represented disposal of Company’s solar power stations assets which were primarily for electricity generation revenue segment.

(2)	As of March 31, 2024 and December 31, 2023, deposits mainly represented deposits made for interconnection, and the bidding of project asset construction rights and rooftop leases.

(3)

(4)

ORGANIZATION AND NATURE OF OPERATIONS

3 Months Ended

Mar. 31, 2024

ORGANIZATION AND NATURE OF OPERATIONS

ORGANIZATION AND NATURE OF OPERATIONS

1. ORGANIZATION AND NATURE OF OPERATIONS

Emeren Group Ltd, rebranded from ReneSola Ltd. in January 2023, was incorporated in the British Virgin Islands on March 17, 2006. On January 29, 2008, Emeren Group Ltd and its subsidiaries (collectively, the “Company”) became listed on the New York Stock Exchange (“NYSE”) in the United States. The Company is a solar project developer and operator, a solar downstream player. The Company develops and sells solar power projects or sells project Special Purpose Vehicles (“SPVs”) (project development business); provides engineering, procurement and construction business (“EPC business”); owns and operates solar power projects and sells the electricity generated by the operated solar power plants (“IPP business”); and provides Development Services Agreement (“DSA”). The Company conducts the IPP business, EPC business and project development business in a number of countries, including United States, Poland, Hungary, Spain, France, United Kingdom (“UK”), Germany, Italy and China.

SEGMENT REPORTING - Schedule of the Company's Revenues Generated from Each Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
SEGMENT REPORTING
Net revenue	$ 14,600	$ 12,876
Gross profit/(loss)	$ 4,322	1,593
Number of reportable segments \| segment	4
Operating segment
SEGMENT REPORTING
Net revenue	$ 14,600	12,876
Gross profit/(loss)	4,322	1,593
Electricity generation
SEGMENT REPORTING
Net revenue	5,384	4,882
Electricity generation \| Operating segment
SEGMENT REPORTING
Net revenue	5,384	4,882
Gross profit/(loss)	2,501	1,550
EPC services
SEGMENT REPORTING
Net revenue	4,137	7,895
EPC services \| Operating segment
SEGMENT REPORTING
Net revenue	4,137	7,895
Gross profit/(loss)	409	(6)
DSA
SEGMENT REPORTING
Net revenue	5,062	0
DSA \| Operating segment
SEGMENT REPORTING
Net revenue	5,062	0
Gross profit/(loss)	1,395	0
Others
SEGMENT REPORTING
Net revenue	17	99
Others \| Operating segment
SEGMENT REPORTING
Net revenue	17	99
Gross profit/(loss)	$ 17	$ 49

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

EARNINGS/ (LOSS) PER ADS

3 Months Ended

Mar. 31, 2024

EARNINGS/ (LOSS) PER ADS

EARNINGS/ (LOSS) PER ADS

13. EARNINGS/ (LOSS) PER ADS

Basic and diluted earnings per ADS have been calculated as follows:


	Three months ended March 31,
	2024		2023

	in thousands, except number of shares and per share amounts
Numerator:
Net loss	$	(5,488)	$	(615)
Less: Net income/(loss) attributed to noncontrolling interests		437		(421)
Total net loss attributed to Emeren Group Ltd	$	(5,925)	$	(194)

Numerator for diluted loss per ADS	$	(5,925)	$	(194)

Denominator:
Denominator for basic loss per ADS - weighted average number of ADS outstanding*		53,553,650		57,409,673
Dilutive effects of share options*		—		—
Denominator for diluted calculation - weighted average number of ADS outstanding*		53,553,650		57,409,673

Basic loss per ADS	$	(0.11)	$	(0.00)
Diluted loss per ADS	$	(0.11)	$	(0.00)

*	All shares are converted to ADS, each ADS represents 10 common shares

The Company issues ordinary shares to its share depository bank which will be used to settle stock option awards upon their exercise. Any ordinary shares not used in the settlement of stock option awards will be returned to the Company. As of March 31, 2024 and December 31, 2023, there is 10,063,147 ordinary shares and 10,396,480 ordinary shares, respectively, legally issued to the share depository bank but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of earnings (loss) per ADS.

The Company uses the treasury method in determining whether those potential common shares are dilutive or antidilutive. That is, the number of potential common shares, after considering the shares repurchased used in computing the diluted per-share amount for income/(loss). For the three months ended March 31, 2024 and 2023, the Company excluded ordinary share equivalents of 1,323,530 and 4,220,557, respectively, from the computation of diluted net earnings/(loss) per share because including them would have been anti-dilutive.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-lived Assets, Leases, Revenue Recognition, and Feed-in tariff(s) (FIT) payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Prepaid rental fees	$ 900		$ 1,000
Revenue from green certificates	14,600	$ 12,876
Recognized government grants	100	0
Accounts receivable unbilled, net	49,327		59,598
Proceeds of government grants from feed-in tariff(s) (FIT)	100	1,600
Green certificates
Advance from customers, revenue recognized		0
EPC Services
Revenue from green certificates	4,137	$ 7,895
Accounts receivable unbilled, net	$ 41,700		51,900
Electricity Revenue Generation
Feed-in tariff(s) (FIT) receivables, recovery period	12 months
Feed-in tariff(s) (FIT) receivables, current	$ 3,400		3,500
Feed-in tariff(s) (FIT) receivables, noncurrent	$ 16,900		$ 16,400

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency (Details) ¥ in Millions, $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents, functional currency equivalent of foreign currency denominated amount	$ 15.7	¥ 113.4	$ 19.5	¥ 138.1

NON-CONTROLLING INTEREST (Details) - USD ($) $ in Millions	3 Months Ended
NON-CONTROLLING INTEREST (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
NON-CONTROLLING INTEREST
Comprehensive loss attributed to non-controlling interest	$ 0.2	$ 0.4
RPNC Holdings
NON-CONTROLLING INTEREST
Percentage of the company non-controlling interest	99.00%
Zhejiang Emeren Smart Energy Co. Ltd
NON-CONTROLLING INTEREST
Percentage of the company non-controlling interest	40.13%

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net loss	$ (5,488)	$ (615)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,751	2,050
Allowances for credit losses	262
Share-based compensation	29	441
Deferred tax provision	33	(13)
Loss on cancellation of project assets	942
Investment gains from U.S. treasury note		(58)
Changes in operating assets and liabilities:
Accounts receivable, trade and unbilled	8,623	(7,221)
Advances to suppliers	(801)	392
Value added tax recoverable	(1,866)	(1,212)
Prepaid expenses and other current assets	(2,295)	(2,565)
Project assets	(11,603)	(15,554)
Other non-current assets	(781)	(958)
Accounts payable	2,638	(1,207)
Advances from customers		59
Amounts due to related parties	939
Other current liabilities	(170)	2,671
Income tax payable	1,031	52
Salaries payable	(32)	10
Net cash used in operating activities	(6,788)	(23,728)
Investing activities:
Purchase of property, plant and equipment	(2,849)	(1,979)
Proceeds from disposal of property, plant and equipment	242
Interest from U.S. treasury note		113
Net cash used in investing activities	(2,607)	(1,866)
Financing activities:
Proceeds from banks and other third-party borrowings	779
Repayment of banks and other third-party borrowings	(987)	(964)
Repurchase of shares	(6,178)	(13,200)
Borrowings from related parties		663
Proceeds from failed sale-lease back		1,096
Repayment of finance lease obligations	(689)	(2,096)
Repayment of failed sale-lease back financing	(1,112)	(1,649)
Net cash used in financing activities	(8,187)	(16,150)
Effect of exchange rate changes	2,481	1,193
Net decrease in cash and cash equivalents and restricted cash	(15,101)	(40,551)
Cash and cash equivalents and restricted cash, beginning of period	70,174	107,288
Cash and cash equivalents and restricted cash, end of period	$ 55,073	$ 66,737

ACCOUNTS RECEIVABLE TRADE, NET (Tables)

3 Months Ended

Mar. 31, 2024

ACCOUNTS RECEIVABLE TRADE, NET

Schedule of components of accounts receivable, net


	March 31,		December 31,
	2024		2023

	in thousands
Accounts receivable trade
– from EPC services	$	3,214	$	7,304
– from solar power project assets and DSA		16,411		15,055
– from electricity generation (1)		11,940		9,596
Total accounts receivable trade		31,565		31,955
Less: allowance for credit losses		(5,038)		(4,832)
Accounts receivable trade, net	$	26,527	$	27,123

(1)

Schedule of accounts receivable unbilled


	March 31,		December 31,
	2024		2023

	in thousands
Accounts receivable unbilled
–from solar power project assets	$	7,936	$	8,088
–from EPC services		41,762		51,881
Total accounts receivable unbilled		49,698		59,969
Less: allowance for credit losses		(371)		(371)
Accounts receivable unbilled, net	$	49,327	$	59,598

Schedule of movement in lifetime expected credit losses that has been recognized for trade receivable


	March 31,		December 31,
	2024		2023

	in thousands
At beginning of the period	$	5,203	$	2,749
Allowance for credit losses for the period		206		2,925
Written off		—		(471)
At end of the period	$	5,409	$	5,203

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Finance lease (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Finance lease liabilities	$ 2,853		$ 5,980
Modules, inverters, and other
Estimated useful lives	25 years
Finance lease liabilities	$ 2,900	$ 3,200

BORROWINGS AND OTHER FINANCING ARRANGEMENTS (Details) £ in Thousands, € in Millions, ¥ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2021 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2024 CNY (¥)	Nov. 30, 2023 USD ($)	Nov. 30, 2023 EUR (€)	Feb. 28, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jan. 31, 2022	Jan. 31, 2021 GBP (£)
Schedule of Debt Instrument [Line Items]
Long-term borrowings, current		$ 939,000		$ 1,385,000
Interest expense
Interest expense incurred		$ 400,000	$ 700,000
Sale leaseback transaction					$ 4,000,000.0
Cash consideration received in sale of self-built solar projects					$ 2,800,000
Sale Leaseback Transaction, Lease Terms		5 to 10 years
Expected useful life		25 years
Payment for financing lease associated with failed sales-lease back transactions		$ 1,100,000		1,600,000
Non-current portion for failed sale and lease back		8,676,000		9,055,000
Total failed sale and lease back				700,000
Interest Rate		200,000	$ 400,000
Long-term Debt		44,343,000
Long-term borrowings, non-current portion		23,033,000		22,685,000
China subsidiary
Interest expense
Long-term Debt		800,000				¥ 5.6
Long-term borrowings, non-current portion		$ 700,000
Debt instrument, interest rate during period		5.20%
Interest expense, long-term debt		$ 80,000.00
Debt Instrument, Maturity Date			Mar. 31, 2034
Financings With Failed Sale Lease Back Transactions
Schedule of Debt Instrument [Line Items]
Weighted average interest rate		6.68%	6.67%			6.68%
Interest expense
Current portion for failed sale and lease back		$ 3,600,000		3,600,000
Takeover of existing loans \| Aviva Investor Infrasture Income No.4 Ltd \| Branston Solar Farm Limited
Schedule of Debt Instrument [Line Items]
Interest rate (as a percent)											4.00%
Long-term borrowings, current		900,000		1,100,000
Interest expense
Long-term Debt		22,900,000		23,700,000
Long-term borrowings, non-current portion		22,000,000.0		22,700,000
Shareholder loan \| Tensol 3 Subsidiary [Member]
Schedule of Debt Instrument [Line Items]
Term loan amount									$ 700,000
Interest rate (as a percent)									2.00%
Interest expense
Long-term Debt		30,000.00		30,000.00
Shareholder loan \| RPZE 1
Schedule of Debt Instrument [Line Items]
Term loan amount										$ 600,000
Interest rate (as a percent)										2.00%
Interest expense
Long-term Debt		100,000		100,000
Long-Term Debt [Member] \| China subsidiary
Schedule of Debt Instrument [Line Items]
Term loan amount							$ 200,000	€ 1.3
Interest rate (as a percent)							5.20%	5.20%
Long-term borrowings, current		20,000.00		20,000.00
Interest expense
Long-term Debt		200,000		200,000
Long-term borrowings, non-current portion		200,000		200,000
Secured debt
Schedule of Debt Instrument [Line Items]
Short-term borrowings		24,000,000.0		24,100,000
Interest expense
Long-term Debt		$ 30,000.00		$ 40,000.00
Secured debt \| UK Lender
Interest expense
Interest Rate	$ 2.5
Long-term Debt	$ 60,000.00											£ 50

EMPLOYEE BENEFITS

3 Months Ended

Mar. 31, 2024

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

12. EMPLOYEE BENEFITS

North America

Emeren extends a 401(k) plan to eligible employees based in the United States. Through our 401(k) plan, eligible employees have the flexibility to defer up to 100% of their Plan Compensation on a pre-tax basis or opt for Voluntary Contributions, such as Roth contributions, on an after-tax basis. We ensure compliance with Internal Revenue Service (IRS) regulations, which stipulate limits on the amount an employee may defer under this plan or any other retirement plan allowing Elective Deferral Contributions during a calendar year. Emeren provides an Employer Match percentage formula, with vesting determined by the length of service with the Company.

Emeren has implemented a voluntary Registered Retirement Savings Plan (RRSP) tailored for eligible employees based in Canada. This initiative aims to empower our Canadian workforce in achieving their long-term financial objectives in a tax-efficient manner. Under the RRSP program, eligible employees immediately vest in the plan, ensuring immediate access to the benefits it offers. Moreover, the Company provides a structured Employer Match percentage formula, which depends on the percentage of earnings contributed by the Employee.

In the fiscal year 2023, eligible employees based in the United States and Canada could enroll in the Company’s comprehensive supplemental benefits plans, comprising health insurance, dental and vision coverage, life insurance, and a flexible spending account. Furthermore, the Company ensured full compliance with state, provincial, and federal laws and regulations, guaranteeing that all social benefits pertinent to North American employees were provided in accordance with applicable legal frameworks.

Europe

Emeren Group is committed to providing a comprehensive range of benefits to its employees in Europe, maintaining careful adherence to the framework of local laws and regulations governing social welfare. Across the majority of European countries, the cornerstone elements of the social benefit system encompass pension, healthcare, accident, and unemployment insurances. Eligibility criteria, utilization guidelines, and benefit amounts are dictated by relevant local legislation, ensuring compliance and equitable distribution. In alignment with statutory obligations, our company carefully fulfills the provision of all supplementary social benefits mandated by law in each respective country. Furthermore, beyond the statutory offerings, our company extends additional support through supplementary benefits, including private medical insurance, meal vouchers, and commuting allowances.

China

In the fiscal year 2023, our operations in China continued to uphold our commitment to the welfare of our employees through participation in the benefit plans administered by the government of the People’s Republic of China (PRC). These plans encompass essential aspects such as pension, medical insurance, housing funds, unemployment, and workplace injury insurance, ensuring comprehensive coverage for our workforce.

Both the company and our employees actively contribute to these plans, with the company assuming the responsibility of withholding the employees’ portion from their salaries and remitting the contributions to the local government on a monthly basis.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES - (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES - (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
INCOME TAXES
Income tax expense	$ 1,157	$ 264
Effective tax rate	(27.00%)	(75.00%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

EARNINGS/ (LOSS) PER ADS (Tables)

3 Months Ended

Mar. 31, 2024

EARNINGS/ (LOSS) PER ADS

Schedule of basic and diluted earnings per ADS


	Three months ended March 31,
	2024		2023

	in thousands, except number of shares and per share amounts
Numerator:
Net loss	$	(5,488)	$	(615)
Less: Net income/(loss) attributed to noncontrolling interests		437		(421)
Total net loss attributed to Emeren Group Ltd	$	(5,925)	$	(194)

Numerator for diluted loss per ADS	$	(5,925)	$	(194)

Denominator:
Denominator for basic loss per ADS - weighted average number of ADS outstanding*		53,553,650		57,409,673
Dilutive effects of share options*		—		—
Denominator for diluted calculation - weighted average number of ADS outstanding*		53,553,650		57,409,673

Basic loss per ADS	$	(0.11)	$	(0.00)
Diluted loss per ADS	$	(0.11)	$	(0.00)

*	All shares are converted to ADS, each ADS represents 10 common shares

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Schedule Of Finance Lease Future Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
2024 (April 1 through December 31)	$ 696
2025	1,018
2026	792
2027	776
Total minimum lease payments	3,282
Less: Amount representing interest	(429)
Present value of net minimum lease payments	2,853		$ 5,980
Current portion	999	$ 970
Non-current portion	$ 1,854	$ 2,203

SHARE BASED COMPENSATION - Schedule of Assumptions Used to Estimate the Fair Value of the Options (Details)	3 Months Ended
	Mar. 31, 2024
Maximum
Assumptions used to estimate fair value of the options
Weighted average expected option life	6 years

OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

OTHER CURRENT LIABILITIES

Schedule of other current liabilities


	March 31,		December 31,
	2024		2023

	in thousands
Payables for purchase of property, plant and equipment⁽¹⁾	$	11,717	$	13,426
Other tax payables		264		271
Deferred revenue⁽³⁾		2,997		3,177
Other ⁽²⁾		3,355		4,446
Total other current liabilities	$	18,333	$	21,320

(1)	Payable for purchase of property, plant and equipment as of March 31, 2024 and December 31, 2023 included as payable to ReneSola Singapore Pte Ltd.’s subsidiaries.

(2)	Other as of March 31, 2024 and December 31, 2023 mainly includes the payables for claims, audit fees and other professional service fees.

(3)	Deferred revenue as of March 31, 2024 and December 31, 2023 is mainly related to Hungary project.

EARNINGS/ (LOSS) PER ADS - Schedule of Basic and Diluted earnings/(loss) Per ADS (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Numerator:

Net loss

$ (5,488)

$ (615)

Less: Net income/(loss) attributed to noncontrolling interests

437

(421)

Total net loss attributed to Emeren Group Ltd

(5,925)

(194)

Numerator for diluted loss per ADS

$ (5,925)

$ (194)

Denominator:

Denominator for basic loss per ADS - weighted average number of ADS outstanding

^[1]

53,553,650

57,409,673

Dilutive effects of share options

Denominator for diluted calculation - weighted average number of ADS outstanding

^[1]

53,553,650

57,409,673

Basic loss per ADS

$ (0.11)

$ 0.00

Diluted loss per ADS

$ (0.11)

$ 0.00

[1]	Each American depositary shares (“ADS”) represents 10 common shares

COMMITMENTS AND CONTINGENCIES - Operating lease accounting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Operating lease cost
Operating lease cost	$ 498	$ 486
Short-term lease cost		11
Net lease cost	$ 498	497
Lease Term and Discount Rate
Weighted-average remaining lease term (years) - Operating leases	23 years 4 months 24 days		23 years 6 months
Weighted-average discount rate (%) - Operating leases	6.07%		6.07%
Other information
Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 454	505
Cash paid for amount included in the measurement of lease liabilities: Cash paid for short-term leases		$ 11
Capital commitments	3,800		$ 7,900
Future minimum payments required under the operating lease
2024 (April 1 through December 31)	1,021
2025	1,681
2026	1,842
2027	1,988
2028	1,392
2029 and later	31,459
Total minimum lease payments	39,383
Less: Amount representing interest	(18,801)
Present value of net minimum lease payments	$ 20,582
Minimum
COMMITMENTS AND CONTINGENCIES
Initial term of the lease	3 years
Initial term of some leases	40 years
Renewal term of the lease	1 year
Maximum
COMMITMENTS AND CONTINGENCIES
Initial term of the lease	25 years
Renewal term of the lease	5 years

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Deferred project costs	$ 1,800,000	$ 3,100,000
Prepayment on Korea project development	$ 800,000	$ 800,000
Percentage of prepayment as allowance for credit losses	100.00%
Prepaid project cost	$ 700,000

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2024

PROPERTY, PLANT AND EQUIPMENT, NET

Schedule of property, plant and equipment. net


	March 31,		December 31,
	2024		2023

	in thousands
Land	$	275	$	275
Plant and machinery		887		768
Motor vehicles		90		91
Office equipment		299		307
Power stations		188,513		187,518
Less: Accumulated depreciation		(30,560)		(27,125)
		159,504		161,834
Construction in progress		878		1,280
Property, plant and equipment, net	$	160,382	$	163,114

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Company's revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	$ 14,600	$ 12,876
Over time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	14,600	12,876
EPC Services
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	4,137	7,895
Electricity generation
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	5,384	4,882
DSA
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	5,062
Others
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	$ 17	$ 99

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details