Washington, D.C. 20549








For the month of September 2019


Commission File Number: 001-33911






7/F, Block B, Future Land Holdings Tower
No. 5, Lane 388, Zhongjiang Road

Putuo District, Shanghai 200062

People’s Republic of China

(Address of principal executive offices)



Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.


Form 20-F þ Form 40-F o


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o









Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




  By: /s/ Lili Xu
  Name: Lili Xu
  Title: Chief Executive Officer


Date: September 20, 2019





Exhibit Index


Exhibit No.


Exhibit 99.1 Press Release







Exhibit 99.1




September 16, 2019



Dear Shareholders,


Our second quarter results demonstrate our ability to run our business profitably in a challenging environment. Results exceeded all expectations due to our outstanding execution. Revenue of $13.6 million was well above guidance; gross margin of 77% significantly exceeded our guidance range of 55% to 65%, and importantly, we returned to profitability with net income of $5.1 million.


Our financial success was driven by solid operations. Foremost, we connected 19.6 MW of utility projects in the U.S., 11.0 MW of DG projects in Poland and 5.8 MW of DG projects in China and 0.6 MW of FiT projects in Canada. Second, we recognized the remaining $3.1 million of retention revenue from the 26.1 MW community projects in the United Kingdom that were sold in 2016. Third, we signed a development service agreement with X-Elio North America to develop large utility-scale solar projects in multiple states within the U.S. Fourth, we sold two project companies in China, including ten rooftop DG projects with an aggregate capacity of 12.3 MW.


Capturing Expanding Opportunities


The global solar power project development business is large and continues to grow. We have established ourselves as one of the leading global project developers through our focus on high-quality projects. We concentrate on small-scale DG projects and community solar gardens with an individual project size of less than 5 MW.


Our total project pipeline of 1.4GW and late-stage pipeline of 714 MW represent a massive opportunity. We have expanded our customer base beyond China over the last several years, with teams covering major solar power markets including the U.S, Canada, the United Kingdom, South Korea, Poland, Hungary, France, Spain, and India. Our teams are dedicated to our success, possessing an excellent skill set and years of industry experience. In addition, our balance sheet is healthy, which provides the financial flexibility we need to drive growth.


Project Development


Our Project Development business targets a number of countries and regions where the solar power project markets are growing rapidly now, and should sustain that growth due to improved clarity around government policies. These markets include the U.S., Canada, China, Poland, Hungary, Spain, France and other emerging markets in Southeast Asia. Specifically, we believe we are in a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York. We sell our developed projects or project special purpose vehicles (“SPVs”) to global purchasers. Our community solar gardens are an attractive solution for businesses, municipalities, schools, hospitals, and residential customers seeking lower-cost green power.


Our project business benefits from our focus on small-scale projects with high PPA/FiT price in diversified jurisdictions that offer attractive returns. While we are optimistic about the outlook for this business, we are mindful of its inherent uncertainties. In particular, projects may take longer than we expect to develop and monetize. Quarterly fluctuations in project development revenue primarily reflect a normal unevenness in our business as we recognize revenue based on project completion. Nonetheless, our strategy on a go-forward basis is to focus on high-margin project development opportunities in the U.S. and Europe, including notice-to-proceed (NTP) solar projects and the development service agreement we signed with X-Elio North America.






Independent Power Producer (“IPP”)


While our primary focus is the sale of solar projects, which creates an efficient recycling of capital, we also operate an IPP business by retaining some projects primarily located in China, where we sell the electricity to power purchasers in well-developed regions. Our power purchasers are largely commercial and industrial end users with good credit. In our target regions, there is also less risk of subsidy delays or curtailment issues. Outside of China, we sell the generated electricity primarily to local transmission grids, utilities, government entities, municipalities, community and other commercial and industrial end users.


Owning self-consumption DG projects is an attractive business model for ReneSola, as it generates very high margin recurring revenue. However, in line with our strategy to evolve into an asset-light project developer, we still intend to eventually monetize our China DG assets, because it will further strengthen our balance sheet, reduce leverage, and improve cash flow.


Engineering, Procurement and Construction (“EPC”)


Building on the success of our Project Development and IPP businesses, our EPC business includes engineering design, procurement of solar modules, balance-of-system components and other components, and construction contracting and management. We typically enter into short-term contracts with our suppliers and contractors on project-by-project basis or project portfolio basis based on market prices.


We believe the business environment for the solar industry is currently favorable, driven by strong global demand, relatively low interest rate, improved clarity regarding government policy across different geographies, and increasing competitiveness relative to other sources of energy. We are seeing solid traction in our business, and we remain focused on capturing the opportunities in front of us.


Second Quarter Financial Highlights


   Q2 2019
($ millions)
   Q1 2019
($ millions)



Revenue  $13.6   $13.1    +4%
Gross Profit  $10.5   $0.4    +2774%
Operating income (loss)  $7.1   $(2.1)   N/A 
EBITDA  $10.6   $(1.0)   N/A 
Income (loss) before income tax and noncontrolling interests  $6.6   $(5.5)   N/A 
Net income (loss) attributed to ReneSola Ltd  $5.1   $(5.4)   N/A 


·Revenue was $13.6 million, well ahead of the guidance range of $10 to $12 million;
·Key constituents of revenue were:
o$3.9 million from the Project Development business
o$9.7 million from the IPP business, primarily from the sale of electricity in China
·Gross margin was 77.3%, compared to 2.8% in Q1 2019;
·Income before income tax and non-controlling interests was $6.6 million, compared to loss of $5.5 million in Q1 2019 and income of $0.4 million in Q2 2018;
·Connected 19.6 MW of utility projects in the U.S., 11.0 MW of DG projects in Poland, 5.8 MW of DG projects in China and 0.6 MW of FiT projects in Canada;
·Sold 12.3 MW of rooftop DG projects in China;
·Solar power project pipeline of approximately 1.4 GW, of which 714 MW are late-stage projects.






Robust Project Pipeline



The development pipeline is strong at around 1.4 GW, of which 714 MW are late-stage; 33.5 MW of the late stage projects are under construction. Due to the geographic diversification of our assets, we consider our risk profile to be attractive.


Late-stage projects include those with the legal right to develop based on definitive agreements, including those held by project SPVs or joint-venture project SPVs whose controlling power belongs to us.


The following table highlights our late-stage project pipeline by location:







   Under Construction (MW) 
US   306.7    4.5 
Canada   2.7    2.7 
Poland   26.0    -- 
Hungary   33.6    21.3 
France   69.0    -- 
Spain   12.0    -- 
India   50.0    -- 
South Korea   9.0    -- 
Vietnam   200.0    -- 
China   5.0    5.0 
Total   714.0    33.5 






Operating Assets and Completed Projects for Sale


We currently own 241 MW of operating projects. Of the 241 MW of assets, we operate 201.3 MW of rooftop projects in China, 19.6 MW in the U.S., 15.4 MW in Romania, and 4.3 MW in the United Kingdom.


Operating Assets  Capacity (MW) 
China DG   201.3 
- Zhejiang& Shanghai   65.8 
- Henan   61.5 
- Anhui   32.1 
- Hebei   17.2 
- Jiangsu   12.8 
- Shandong   7.5 
- Fujian   4.4 
Romania   15.4 
United States   19.6 
United Kingdom   4.3 
Total   240.6 


As of June 30, 2019, we had 67 MW of completed projects, which are currently for sale.



Projects for


  Capacity (MW) 
Poland   55.0 
Hungary   7.7 
Canada   4.3 
Total   67.0 


Development Update by Country




In China, we now operate approximately 201 MW of rooftop solar, concentrated in a few eastern provinces with credit worthy C&I off-takers. Looking ahead, we have 5 MW of rooftop projects under construction.


China: Late-stage Pipeline  Capacity
   Business Model
-Zhejiang & Shanghai   5.0   Project Development
China DG   5.0    


United States


Our late-stage projects total 306.7 MW, of which 106.7 MW are community solar projects in Minnesota and New York. Additionally, we have small utility-scale projects in Utah, Texas, Florida, Arizona, North Carolina and California. Of the late-stage projects, 4.5 MW are under construction and expected to be connected to the grid in the third quarter of 2019.


US: Late-stage Pipeline  Location  Capacity
  Project Type  Status  Expected COD  Business Model
RP-NC  NC  4.5  Utility  Construction  2019  Project Development
Utah  UT  9.2  Self-consumption / DG  Development  2019  Project Development
MN-VOS  MN  19.6  Community Solar  Development  2019  Project Development
New York  NY  87.1  Community Solar  Development  2019  Project Development
RP-CA  CA  21.3  TBD  Development  2019  Project Development
Florida  FL  100.0  TBD  Development  2020  Project Development
Alpine  TX  65.0  TBD  Development  2020  Project Development
   Total  306.7            








In Canada, we have 2.7 MW of late-stage projects, all of which are under construction and should connect to the grid in the third quarter of 2019. All 2.7 MW of projects are eligible for the FiT 3 scheme.


Canada: Late-stage Pipeline  Location  Capacity
  Project Type  Status  Expected COD  Business Model
FiT3  Ontario  2.7  DG  Construction  2019  Project Development
Total     2.7            




In Poland, we connected 11MW of DG projects in the second quarter as expected. We now have total projects of 26 MW in our development pipeline, which are part of the projects awarded to us in the government auction in 2018.





  Location  Capacity
  Project Type  Status  Expected COD  Business Model
Auction 2018 Jun  Poland  26.0  DG  Ready to build  2019/2020  Project Development
Total     26.0            




In Hungary, we invest in small-scale DG projects. Our late-stage pipeline has more than 67 “micro projects”, with an average size of 0.5 MW per project, bringing total capacity to 33.6 MW. Of the late-stage projects, 21.3 MW are under construction and expected to be connected to the grid in the fourth quarter of 2019 or first quarter of 2020.





  Location  Capacity
  Project Type  Status  Expected COD  Business Model

Portfolio of “Micro

PPs”, 0.5 MW each

  Hungary  21.3  DG 



  2019/2020  Project Development

Portfolio of “Micro

PPs”, 0.5 MW each

  Hungary  12.3  DG  Ready to build  2019/2020  Project Development
Total     33.6            








In India, we have a project pipeline of 50 MW, most of which are ground-mounted open access projects. Our strategy in India is a pure project developer model. We develop projects to the shovel-ready stage and then sell the project rights to investors.


Other Geographies:

Late-stage Pipeline

  Location  Capacity
  Project Type  Status  Expected COD/Sale  Business Model
Rajasthan  India  50.0  DG  Development  2019/2020  Project Development
Total     50.0            




In France, we formed a strategic partnership with Green City Energy to jointly develop four solar parks with a total installed capacity of 69.0 MW in 2018. With a total installed capacity of 69 MW, the four parks will generate approximately 105 million kW hours of electricity per year.


France: Late-stage


  Location  Capacity
  Project Type  Status  Expected COD  Business Model
SOLARPARK  France  69.0  Utility  Development  2020/2021  Project Development
Total     69.0            


Other Geographies


Beyond those geographies, we continue to actively pursue opportunities in other international markets, including Spain, South Korea and Vietnam. In Spain, we have a late-stage pipeline of 12 MW of private PPA projects. In South Korea we have a 9 MW ground mounted project. In Vietnam, we obtained the land rights for a 200 MW ground-mounted project.


Other Geographies:

Late-stage Pipeline

  Location  Capacity
  Project Type  Status  Expected COD  Business Model
Spain PPA  Spain  12.0  Utility  Development  2019  Project Development
South Korea  South Korea  9.0  Utility  Development  2019  Project Development
Vietnam  Vietnam  200.0  Utility  Development  2019/2020  Project Development
Total     221.0            


In summary, we have a geographically diversified project portfolio, and we are optimistic about the opportunities ahead of us.


Strong Second Quarter Financial Results




Revenue was $13.6 million, up sequentially and down year-over-year but above guidance. Revenue from Project Development was largely driven by recognition of a variable consideration1 of $3.1 million from the 26.1 MW of U.K. community projects that were sold in 2016. Energy sales were mostly from the 61.7 million KwH generated by our rooftop DG projects in China.




1 Pursuant to ASC 606-10-32-5, the Company should only recognize the variable consideration as adjustments to revenue when sufficient performance data becomes available and only to the extent that it is probable that a significant reversal of such revenue will not occur.






Gross Profits and Gross Margin


Gross profit was $10.5 million in Q2 of 2019, yielding a gross margin of 77.3%. This compares to a gross profit of $0.4 million and gross margin of 2.8% in Q1 of 2019, and a gross profit of $8.2 million and gross margin of 29.5% in Q2 of 2018. Gross margin was well above the guidance range of 55% to 65%, due to the revenue mix shift toward high-margin variable consideration of project development sales and high-margin IPP electricity sales.


Operating Expense


Operating expenses were $3.4 million, up both sequentially and year-over-year. Sales and marketing expenses of $77,000 were well below the year-earlier period. General and administrative expenses of $2.7 million were up sequentially due to other receivables write-off of $0.89 million.


Operating income was $7.1 million, compared to an operating loss of $2.1 million in Q1 of 2019 and operating income of $5.9 million in Q2 of 2018. Operating margin was 52.2%, up from -16% in Q1 of 2019 and 21% in Q2 of 2018.


Net Income/loss


Net income attributed to ReneSola Ltd. was $5.1 million, compared to net loss of $5.4 million in Q1 of 2019 and net loss of $0.7 million in Q2 of 2018. Net income per share was $0.01, compared to net loss per share of $0.01 in Q1 2019 and net loss per share of $0.00 in Q2 2018.


Financial Position


Our balance sheet remains healthy. We had quarter-end cash and equivalents of $8.7 million, up $1.7 million compared to Q1 of 2019. Long-term borrowings were $10.5 million as of June 30, 2019, essentially flat when compared to the prior quarter. Long-term failed sale-lease back and lease liabilities, associated with the financial leasing payables for rooftop projects in China, were $70.7 million as of June 30, 2019, compared to $78.1 million as of March 31, 2019.


Financial Outlook


For 2019, we continue to expect our project business to generate revenue in the range of $150 to $170 million and overall gross margin in the range of 20% to 25%. We continue to anticipate meaningful revenue growth in the second half relative to the first half of 2019, as we expect significant revenue contribution from project sales in the second half of the year. For the third quarter of 2019, we expect revenue to be in the range of $15 to $20 million and overall gross margin in the range of 35% to 40%.


Adoption of New Accounting Standard


In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing right-of-use assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months and disclosing key information about leasing transactions. Leases are classified as either operating or finance, with such classification affecting the pattern of expense recognition in the income statement. The effective date of the new standard is for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), which provided a transition election to not restate comparative periods for the effects of applying the new standard. This transition election permits entities to change the date of initial application to the beginning of the earliest comparative period presented, or retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment.






We adopted ASC 842 on January 1, 2019 and elected to apply the standard retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment which, among other things, allowed us to not reassess prior conclusions related to contracts containing leases or lease classification. Upon commencement of a lease, we recognize a lease liability for the present value of the lease payments not yet paid, discounted using an interest rate that represents our ability to borrow on a collateralized basis over a period that approximates the lease term. We also recognize a lease asset, which represents our right to control the use of the underlying property, plant or equipment, at an amount equal to the lease liability adjusted for prepayments and initial direct costs. The adoption primarily affected our condensed consolidated balance sheet through the recognition of $37.1 million of operating lease right-of-use assets, $39.9 million of finance lease right-of-use assets, $35.8 million of operating lease liabilities and $34.2 million of finance lease liabilities as of January 1, 2019 and the de-recognition of historical prepaid and deferred rent balances. The adoption did not have a material impact on our results of operations or cash flows.


We subsequently recognize the cost of the lease on a straight-line basis over the lease term, and any variable lease costs, which represent amounts owed to the lessor that are not fixed per the terms of the contract, are recognized in the period in which they are incurred. Any costs included in our lease arrangements that are not directly related to the leased assets, such as maintenance charges, are included as part of the lease costs. Leases with an initial term of one year or less are considered short-term leases and are not recognized as lease assets and liabilities. We also recognize the cost of such short-term leases on a straight-line basis over the term of the underlying agreement. As of June 30, 2019, we recognized $35.0 million of operating lease right-of-use assets, $34.1 million of finance lease right-of-use assets, $34.2 million of operating lease liabilities and $29.5 million of finance lease liabilities.








In summary, our return to solidly profitable operations creates the foundation for resumed growth later this year. Downstream projects are a large global opportunity for us, and we are excited about our business prospects. We are focused on delivering high return and generating good cash flow, which should create long-term value for our shareholders. With our talented team, diversified geographic coverage and track record of success, we believe we are uniquely positioned to deliver profitable growth in the years ahead. We remain on track to advance toward our goal of becoming a global leader in solar power project development. We are encouraged by the progress we have achieved, and we look forward to capitalizing on the tremendous market opportunity in front of us.


We will host a conference call today to discuss our Q2 2019 business and financial results. The call is scheduled to begin at 8:30 a.m. U.S. Eastern Time (8:30 p.m. China Standard Time).


Dial-in details for the earnings conference call are as follows:


  Phone Number Toll-Free Number
United States +1 (845) 675-0437 +1 (866) 519-4004
Hong Kong +852 30186771 +852 (800) 906601

+86 (800) 819-0121

+86 (400) 620-8038

Other International +65 6713-5090  


The call passcode is 6693127.


A replay of the conference call may be accessed by phone at the following numbers until September 24, 2019. To access the replay, please again reference the conference passcode 6693127.


  Phone Number Toll-Free Number
United States +1 (646) 254-3697 +1 (855) 452-5696
Hong Kong +852 3051-2780 +852 (800) 963117
Mainland China

+86 (800) 870-0206

+86 (400) 602-2065

Other International +61 (2) 8199-0299  


Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of ReneSola's website at http://www.renesolapower.com.







Ms. Shelley Xu

Chief Executive Officer

ReneSola Ltd.






About ReneSola


Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer and operator. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.


Safe Harbor Statement


This shareholder letter contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "plans," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. Furthermore, the forward-looking statements are mainly related to the Company’s continuing operations and you may not be able to compare such information with the Company’s past performance or results. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.


For investor and media inquiries, please contact:


In China


ReneSola Ltd

Ms. Ella Li

+86 (21) 6280-8070 x102




The Blueshirt Group Asia

Mr. Gary Dvorchak, CFA

+86 (138) 1079-1480




In the United States:


The Blueshirt Group

Mr. Ralph Fong

+1 (415) 489-2195







Unaudited Consolidated Balance Sheets
(US dollars in thousands)
   Jun 30,   Mar 31,   Jun 30, 
   2019   2019   2018 
 Current assets:               
 Cash and cash equivalents   8,729    6,986    24,805 
 Restricted cash   3,261    2,981    1,571 
 Accounts receivable, net of allowances for doubtful accounts   39,467    40,159    43,893 
 Advances to suppliers, net   180    387    660 
 Value added tax recoverable   9,816    10,571    15,002 
 Prepaid expenses and other current assets   7,509    11,966    10,525 
 Project assets current   69,948    65,119    77,799 
 Contract costs   -    -    1,006 
 Total current assets   138,910    138,169    175,261 
 Property, plant and equipment, net   179,832    150,826    195,885 
 Deferred tax assets, net   1,664    1,379    414 
 Project assets non-current   12,318    46,069    17,133 
 Operating lease right-of-use assets   35,019    36,699    - 
 Finance lease right-of-use assets   34,123    38,614    - 
 Other non-current assets   4,426    5,903    922 
 Total assets   406,292    417,659    389,615 
 Current liabilities:               
 Short-term borrowings   82,807    80,600    7,527 
 Bond payable current   13,121    8,162    - 
 Accounts payable   10,773    12,528    23,662 
 Advances from customers   23    34    213 
 Amounts due to related parties   10,126    15,392    31,725 
 Other current liabilities   30,485    39,404    40,589 
 Income tax payable   1,042    894    147 
 Salary payable   833    616    800 
 Operating lease liabilities current   622    152    - 
 Failed sale-lease back and finance lease liabilities current   12,925    13,152    - 
 Total current liabilities   162,757    170,934    104,663 
 Long-term borrowings   10,514    11,035    72,742 
 Operating lease liabilities non-current   33,567    35,332    - 
 Failed sale-lease back and finance lease liabilities non-current   70,712    78,092    85,021 
 Total liabilities   277,550    295,393    262,426 
 Shareholders' equity               
   Common shares   519,313    519,313    519,226 
   Additional paid-in capital   9,596    9,529    8,710 
   Accumulated deficit   (433,766)   (438,890)   (429,898)
   Accumulated other comprehensive loss   (2,746)   (1,845)   (2,851)
 Total equity attributed to ReneSola Ltd   92,397    88,107    95,187 
   Noncontrolling interest   36,345    34,159    32,002 
 Total  shareholders' equity   128,742    122,266    127,189 
 Total liabilities and shareholders' equity   406,292    417,659    389,615 






Unaudited Consolidated Statements of Income
(US dollars in thousands, except ADS and share data)
   Three Months Ended   Six Months Ended 
   Jun 30, 2019   Mar 31, 2019   Jun 30, 2018   Jun 30, 2019   Jun 30, 2018 
 Net revenues   13,567    13,058    27,809    26,625    72,567 
  Total net revenues   13,567    13,058    27,809    26,625    72,567 
 Cost of revenues   (3,077)   (12,693)   (19,598)   (15,770)   (55,977)
 Gross profit   10,490    365    8,211    10,855    16,590 
 Operating (expenses) income:                         
 Sales and marketing   (77)   (23)   (173)   (100)   (301)
 General and administrative   (2,747)   (2,323)   (2,680)   (5,070)   (5,101)
 Other operating income (loss)   (583)   (122)   544    (705)   574 
 Total operating expenses   (3,407)   (2,468)   (2,309)   (5,875)   (4,828)
 Income (loss) from operations   7,083    (2,103)   5,902    4,980    11,762 
 Non-operating (expenses) income:                         
 Interest income   121    113    43    234    49 
 Interest expense   (2,370)   (2,320)   (2,623)   (4,690)   (4,142)
 Foreign exchange gains (loss)   1,739    (1,227)   (2,900)   512    (1,798)
 Income (loss) before income tax, noncontrolling interests   6,573    (5,537)   422    1,036    5,871 
 Income tax expense   (64)   (15)   (1)   (79)   (10)
 Net income (loss)   6,509    (5,552)   421    957    5,861 
 Less: Net income (loss) attributed to noncontrolling interests   1,385    (177)   1,112    1,208    1,111 
 Net income (loss) attributed to ReneSola Ltd   5,124    (5,375)   (691)   (251)   4,750 
 Income (loss) attributed to ReneSola Ltd per share                         
   Basic   0.01    (0.01)   (0.00)   (0.00)   0.01 
   Diluted   0.01    (0.01)   (0.00)   (0.00)   0.01 
 Weighted average number of shares used in computing income (loss) per share                         
   Basic   380,818,902    380,818,902    380,679,598    380,818,902    380,679,598 
   Diluted   380,818,902    380,818,902    380,679,598    380,818,902    380,679,598