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Schedule I Condensed Financial Information of Parent Company | 12 Months Ended
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Dec. 31, 2020
Parent Company [Member] |
Schedule I Condensed Financial Information of Parent Company [Line Items] |
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY |
|  | December 31, 2019 |  | December 31, 2020
Assets |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,378 |  |  | $ | 1,600 |
Prepaid expenses and other current assets |  |  | 9 |  |  |  | 126 |
Amount due from subsidiaries |  |  | 3,081 |  |  |  | 3,081 |
Total Current Assets |  |  | 8,468 |  |  |  | 4,807 |
Property, plant and equipment, net |  |  | 1 |  |  |  | 3 |
Other non-current assets |  |  | — |  |  |  | 377 |
Investments in subsidiaries |  |  | — |  |  |  | 6,122 |
Total Assets |  | $ | 8,469 |  |  | $ | 11,309 |
Liabilities |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accrued expenses and other current liabilities |  | $ | 2 |  |  | $ | — |
Income tax payables |  |  | 557 |  |  |  | 557 |
Amount due to subsidiaries |  |  | 12 |  |  |  | 64,432 |
Total Current Liabilities |  |  | 571 |  |  |  | 64,989 |
Deposit liability for series B2 convertible preferred shares (“Series B2 Preferred”) |  |  | 21,792 |  |  |  | 21,792 |
Deficits of investments in subsidiaries |  |  | 28,648 |  |  |  | — |
Total Liabilities |  | $ | 51,011 |  |  | $ | 86,781 |
Mezzanine Equity |  |  |  |  |  |  |  |
Series C1 convertible redeemable preferred shares (“Series C1 Preferred”) (US$0.01 par value; 166,950 shares authorized, issued and outstanding as of December 31, 2019 and 2020) |  |  | 76,684 |  |  |  | 80,581 |
Series C2 convertible redeemable preferred shares (“Series C2 Preferred”) (US$0.01 par value; 126,345 shares authorized, issued and outstanding as of December 31, 2019 and 2020) |  |  | 73,100 |  |  |  | 81,966 |
Series D1 convertible redeemable preferred shares (“Series D1 Preferred”) (US$0.01 par value; 139,186 shares authorized, issued and outstanding as of December 31, 2019 and 2020) |  |  | 127,935 |  |  |  | 146,583 |
Total Mezzanine Equity |  | $ | 277,719 |  |  | $ | 309,130 |
Shareholders’ Deficit |  |  |  |  |  |  |  |
Ordinary shares (par value of US$0.01 per share, 1,500,000 shares authorized as of December 31, 2019 and 2020; 617,880 shares issued and outstanding as of December 31, 2019 and 2020) |  | $ | 6 |  |  | $ | 6 |
Additional paid-in capital |  |  | 3,727 |  |  |  | — |
Accumulated deficit |  |  | (314,728 | ) |  |  | (391,964 | )
Accumulated other comprehensive deficit |  |  | (9,266 | ) |  |  | 7,356 |
Total Shareholders’ Deficit |  |  | (320,261 | ) |  |  | (384,602 | )
Total Liabilities, Mezzanine Equity and Shareholders’ Deficit |  | $ | 8,469 |  |  | $ | 11,309 |
|  | Year ended December 31,
|  | 2018 |  | 2019 |  | 2020
Revenues from subsidiaries |  | $ | 371 |  |  | $ | 289 |  |  | $ | 199 |
Gross profit |  |  | 371 |  |  |  | 289 |  |  |  | 199 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  | (3,909 | ) |  |  | (2,360 | ) |  |  | (3,340 | )
Total operating expenses |  |  | (3,909 | ) |  |  | (2,360 | ) |  |  | (3,340 | )
Subsidy income |  |  | — |  |  |  | — |  |  |  | 224 |
Loss from operations |  |  | (3,538 | ) |  |  | (2,071 | ) |  |  | (2,917 | )
Other income and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 25 |  |  |  | 134 |  |  |  | 38 |
Loss before provision for income taxes |  |  | (3,513 | ) |  |  | (1,937 | ) |  |  | (2,879 | )
Income tax expense |  |  | (3,309 | ) |  |  | — |  |  |  | — |
Loss from investment in subsidiaries and variable interest entities |  |  | (48,070 | ) |  |  | (55,603 | ) |  |  | (30,746 | )
Net loss attributable to Microvast, Inc. |  | $ | (54,892 | ) |  | $ | (57,540 | ) |  | $ | (33,625 | )
|  | Year ended December 31,
|  | 2018 |  | 2019 |  | 2020
Net loss |  | $ | (54,892 | ) |  | $ | (57,540 | ) |  | $ | (33,625 | )
Other comprehensive loss, net of tax of nil: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  |  | (30,088 | ) |  |  | (3,965 | ) |  |  | 16,622 |
Total comprehensive loss |  | $ | (84,980 | ) |  | $ | (61,505 | ) |  | $ | (17,003 | )
|  | Year ended December 31,
|  | 2018 |  | 2019 |  | 2020
Net cash used in operating activities |  | $ | (5,416 | ) |  | $ | (6,736 | ) |  | $ | (3,398 | )
Net cash used in investing activities |  |  | — |  |  |  | — |  |  |  | (380 | )
Cash flows from financing activities Repurchase shares from former shareholders |  |  | (3,728 | ) |  |  | — |  |  |  | — |
Net cash used in financing activities |  |  | (3,728 | ) |  |  | — |  |  |  | — |
Decrease in cash, cash equivalents and restricted cash |  |  | (9,144 | ) |  |  | (6,736 | ) |  |  | (3,778 | )
Cash, cash equivalents and restricted cash at beginning of the year |  |  | 21,258 |  |  |  | 12,114 |  |  |  | 5,378 |
Cash, cash equivalents and restricted cash at end of the year |  | $ | 12,114 |  |  | $ | 5,378 |  |  | $ | 1,600 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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