altn_10q.htm

0001477932-20-005834.txt : 20201013 0001477932-20-005834.hdr.sgml : 20201013 20201013063542 ACCESSION NUMBER: 0001477932-20-005834 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20201013 DATE AS OF CHANGE: 20201013 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Alternus Energy Inc. CENTRAL INDEX KEY: 0001621499 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 464996419 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-56085 FILM NUMBER: 201234502 BUSINESS ADDRESS: STREET 1: ONE WORLD TRADE CENTER STREET 2: SUITE 8500 CITY: NEW YORK STATE: NY ZIP: 10007 BUSINESS PHONE: 212-220-7434 MAIL ADDRESS: STREET 1: ONE WORLD TRADE CENTER STREET 2: SUITE 8500 CITY: NEW YORK STATE: NY ZIP: 10007 FORMER COMPANY: FORMER CONFORMED NAME: Power Clouds Inc. DATE OF NAME CHANGE: 20161020 FORMER COMPANY: FORMER CONFORMED NAME: World Assurance Group, Inc. DATE OF NAME CHANGE: 20141003 10-Q 1 altn_10q.htm FORM 10-Q altn_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _________ to _________

Commission file number: __________

ALTERNUS ENERGY INC.

(Exact name of registrant as specified in its charter)

Nevada

46-4996419

(State or other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

One World Trade Center, Suite 8500

New York, NY

10007

(Address of Principal Executive Offices)

(Zip Code)

(212) 220-7434

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of exchange on

which registered

None

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” a “smaller reporting company” and an “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging Growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act: ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 5, 2020, there were 120,520,492 shares of the registrant’s Class A and 15,000,000 shares of Class B common stock outstanding.

ALTERNUS ENERGY INC. AND SUBSIDIARIES

FORM 10-Q

FOR THE THREE MONTHS ENDED MARCH 31, 2020

TABLE OF CONTENTS

		Page

PART I. FINANCIAL INFORMATION		3

ITEM 1.	Condensed Consolidated Financial Statements	3

	Condensed Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019 (audited)	3

	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2020 and 2019 (unaudited)	4

	Condensed Consolidated Statement of Stockholders’ Deficit for the Three Months Ended March 31, 2020 and 2019 (unaudited)	5

	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (unaudited)	6

	Notes to Condensed Consolidated Financial Statements	8

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	19

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	30

ITEM 4.	Controls and Procedures	30

PART II. OTHER INFORMATION

ITEM 1.	Legal Proceedings	32

ITEM 1A.	Risk Factors	32

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

ITEM 3.	Defaults Upon Senior Securities	32

ITEM 4.	Mine Safety Disclosures	32

ITEM 5.	Other Information	32

ITEM 6.	Exhibits	33

SIGNATURES		35

PART I – FINANCIAL INFORMATION

ALTERNUS ENERGY INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2020 AND DECEMBER 31, 2019

	March 31, 2020			December 31, 2019
	(unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	765,679		$	1,076,995
Accounts receivable		88,502			210,032
Other receivable, sale of asset		29,937			383,819
Prepaid expenses and other current assets, short-term portion		535,102			502,054
Taxes recoverable		528,466			610,919
Total Current Assets		1,947,686			2,783,819

Investment in Energy Property and Equipment, Net		32,362,386			33,459,478
Construction in Process		7,580,763			7,270,194

Prepaid expenses and other current assets, long-term portion		317,931			396,639
Goodwill		1,438,013			1,353,998
Restricted cash		342,729			349,434
Total Assets	$	43,989,508		$	45,613,562

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	3,952,511		$	3,700,796
Convertible and non-convertible promissory notes, current portion		23,107,839			22,705,665
Capital lease, current portion		86,101			87,785
Taxes payable		69,911			61,575
Total Current Liabilities		27,216,362			26,555,821

Convertible and non-convertible promissory notes, net of current portion		13,638,090			14,109,417
Capital lease, net of current portion		885,085			923,948
Asset retirement obligation		144,965			146,215
Total Liabilities		41,884,502			41,735,401

Commitments and Contingencies

Shareholders' equity
Preferred Shares, $0.001 par value; 50,000,000 shares authorized, 0 and 5,000,000 issued and outstanding as of March 31, 2020 and December 31, 2019		-			5,000
Common stock, $0.001 par value; 450,000,000 shares authorized, 118,351,219 and 68,182,602 shares issued and outstanding as of March 31, 2020 and December 31, 2019 respectively.		118,352			68,183
Common stock, $0.001 par value; 15,000,000 shares of Class B stock authorized, issued and outstanding as of March 31, 2020 and December 31, 2019 respectively		15,000			15,000
Additional paid in capital		15,426,099			15,442,118
Other comprehensive loss		(772,877	)		(642,682	)
Accumulated deficit		(12,681,567	)		(11,009,458	)
Total Shareholders' Equity		2,105,007			3,878,161
Total Liabilities and Shareholders' Equity	$	43,989,508		$	45,613,652

See accompanying notes to the unaudited condensed consolidated financial statements

Table of Contents

ALTERNUS ENERGY INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

	March 31, 2020			March 31, 2019
Revenues	$	697,703		$	370,131
Cost of revenues		(326,973	)		(157,008	)
Gross Profit		370,730			213,123

Operating Expenses
Selling, general and administrative		868,798			542,557
Depreciation and amortization		509,332			167,471
Total Operating Expenses		1,378,130			710,028
Loss from Operations		(1,007,400	)		(496,905	)

Other Expense
Interest expense		(664,641	)		(887,374	)
Total other expense		(664,641	)		(887,374	)
Loss before provision for income taxes		(1,672,041	)		(1,384,279	)
Provision for income taxes		-			-
Net Loss	$	(1,672,041	)	$	(1,384,279	)

Basic and diluted loss per share	$	(0.02	)	$	(0.01	)

Weighted average shares outstanding:
Basic and diluted		71,679,845			114,384,791

Comprehensive loss:
Net loss	$	(1,672,041	)	$	(1,384,279	)
Current translation adjustment unrealized loss		(130,263	)		(317,664	)
Comprehensive loss	$	(1,802,304	)	$	(1,701,943	)

See accompanying notes to the unaudited condensed consolidated financial statements

Table of Contents

ALTERNUS ENEGY INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

																		Comprehensive
	Preferred Shares						Class A Common stock				Class B Common stock				Paid-In			Income/			Accumulated
	Series D			Amount			Shares		Amount		Shares		Amount		Capital			(Loss)			(Deficit)			Total
Balance at January 1, 2020		5,000,000		$	5,000			68,182,601	$	68,183		15,000,000	$	15,000	$	15,442,118		$	(642,614	)	$	(11,009,458	)	$	3,878,229
Conversion of preferred shares to Class A common shares		(5,000,000	)		(5,000	)		50,000,000		50,000		-		-		(45,000	)		-			-			-
Stock Compensation		-			-			168,618		169		-		-		28,981			-			-			29,150
Unrealized loss on currency translation adjustment		-			-			-		-		-		-		-			(130,263	)		-			(130,263	)
Net Loss		-			-			-		-		-		-		-			-			(1,672,109	)		(1,672,109	)
Balance at March 31, 2020		-		$	-			118,351,219	$	118,352		15,000,000	$	15,000	$	15,426,099		$	(772,877	)	$	(12,681,567	)	$	2,105,007

															Comprehensive
	Preferred Shares				Class A Common stock				Class B Common stock				Paid-In		Income/			Accumulated
	Series D		Amount		Shares		Amount		Shares		Amount		Capital		(Loss)			(Deficit)			Total
Balance at January 1, 2019		-	$	-		110,726,726	$	110,727		-	$	-	$	13,164,601	$	(260,424	)	$	(7,980,540	)	$	5,034,364
Stock Compensation		-		-		21,915,876		21,916		-		-		1,395,948		-			-			1,417,864
Amortization of debt discount		-		-		-		-		-		-		123,804		-			-			123,804
Unrealized loss on currency translation adjustment		-		-		-		-		-		-		-		(317,644	)		-			(317,644	)
Net Loss		-		-		-		-		-		-		-		-			(1,384,279	)		(1,384,279	)
Balance at March 31, 2019		-	$	-		369,345,040	$	369,347		30,000,000	$	30,000	$	45,536,551	$	(2,123,822	)	$	(34,727,953	)	$	9,084,123

See accompanying notes to the unaudited condensed consolidated financial statements

Table of Contents

ALTERNUS ENERGY INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2020 and 2019

	March 31, 2020			March 31, 2019
Cash Flows from Operating Activities:
Net loss	$	(1,672,109	)	$	(1,384,279	)

Adjustments to reconcile net loss to net cash used in operations
Depreciation and amortization		509,332			167,470
Stock compensation costs		29,150			161,686
Amortization of debt discount		-			77,415

Changes in assets and liabilities, net of acquisition and disposals:
Accounts receivable and other short-term receivables		536,017			(20,635	)
Accounts payable and accrued liabilities		240,266			674,486
Energy incentives earned, not yet received		-			(52,675	)
Vendor deposits and prepayments		40,777			243,136
Net Cash Used in Operating Activities		(316,567	)		(133,396	)

Cash Flows from Investing Activities:
Cash used for construction in process		(518,108	)		(726,267	)
Net Cash Used In Investing Activities		(518,108	)		(726,267	)

Cash Flows from Financing Activities:
Proceeds from debt, related parties		-			16,350
Payments of debt principal, related parties		(48,191	)		-
Proceeds from debt, senior debt and promissory notes		829,947			826,772
Payments on debt principal, senior debt and promissory notes		(224,586	)		(723,575	)
Payments on leased assets, principal		(21,190	)		-
Net Cash Provided by Financing Activities		535,980			119,547

Effect of exchange rate on cash		(19,327	)		(60,016	)

Net decrease in cash and cash equivalents		(318,022	)		(680,100	)
Cash, cash equivalents, and restricted cash beginning of the period		1,426,429			1,026,533
Cash, cash equivalents, and restricted cash end of the period	$	1,108,407		$	346,433

See accompanying notes to the unaudited condensed consolidated financial statements

Table of Contents

ALTERNUS ENERGY INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED SUPPLEMENTAL STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2020 and 2019

March 31,

2020

March 31,

2019

Supplemental Cash Flow Disclosure

Cash paid for interest

142,818

152,929

See accompanying notes to the unaudited condensed consolidated financial statements

Table of Contents

ALTERNUS ENERGY INC. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Formation

Alternus Energy Inc. (“We”, “ALTN” or the “Company”) was incorporated in the State of Colorado on January 1, 2000, then reorganized as a Nevada corporation on November 8, 2006. On September 11, 2008 the corporation changed its name from Asset Realization, Inc. to World Assurance Group, Inc. On April 24, 2015, the Company changed its name from World Assurance Group, Inc. to Power Clouds Inc.On November 29, 2018, the Company changed its name from Power Clouds Inc. to Alternus Energy Inc. and related stock ticker symbol change from PWCL to ALTN.

AE Europe B.V. (formerly Power Clouds Europe B.V.)

In August of 2016, the Company incorporated a new wholly owned subsidiary in the Netherlands, AE Europe B.V. (formerly named Power Clouds Europe B.V.) This company was incorporated to ultimately hold the Company’s European operating companies and sub-holding companies as appropriate.

PC-Italia-01 S.R.L. (Formerly Power Clouds Wind Italia S.R.L.)

In June of 2015, ALTN incorporated a company in Italy, PC-Italia-01 S.R.L. (formerly named Power Clouds Wind Italia S.R.L.). This company was incorporated to acquire Italian special purpose vehicles (SPVs), power plants and / or other assets located in Italy.

PC-Italia-02 S.p.A. (Formerly PC-Italia-02 S.R.L.)

In August of 2016, the Company incorporated a new company in Italy, PC-Italia-02 SRL as a wholly owned subsidiary of AE Europe B.V. This company was incorporated to acquire Italian special purpose vehicles, power plants and/or other assets located in Italy. During the quarter ended March 31, 2017, this company completed the acquisition of the Sant’Angelo Energia S.r.l. in Italy which operates a 702kW PV solar park. Subsequently, in April of 2019, PC-Italia-02 acquired four additional SPVs in Italy, CIC Rooftop 2 S.r.l., CIC RT Treviso S.r.l., SPV White One S.r.l., CTS Power 2 S.r.l.

PCG_HoldCo GmbH & PCG_GP UG

In June of 2018, the Company acquired 100% of the share capital of two companies in Germany which were renamed as PCG_HoldCo GmbH and PCG_GP UG immediately thereafter. These two companies were acquired in order to acquire German special purpose vehicles, PV solar parks and/or other assets located in Germany. During the year ended December 31, 2018, PCG_HoldCo completed the acquisitions of 4 SPVs in Germany, PSM 20 GmbH & Co KG, GRK 17.2 GmbH & Co KG, GRT 1.1 GmbH and PSM 40 GmbH & Co KG. In December of 2018, the Company acquired 100% of the share capital of another company in Germany which was renamed to ALTN HoldCo UG.

Alternus Energy International Limited

In March of 2019, the Company incorporated a new wholly owned subsidiary in Ireland, Alternus Energy International Limited. This company was incorporated to establish our European operations center.

AEN 01 B.V.

In June of 2019, the Company incorporated a new wholly owned subsidiary in the Netherlands, AEN 01 B.V. This company was incorporated to acquire Netherlands special purpose vehicles (SPVs), project rights and other solar energy assets in the Netherlands. During the quarter ended December 31, 2019, this company completed the acquisition of Zonnepark Rilland B.V. in the Netherlands, which operates a 11.75MW PV solar park.

Table of Contents

In summary, Alternus Energy is a holding company that operates through the following twenty operating subsidiaries as of March 31, 2020:

Subsidiary	Principal Activity	Date Acquired / Established	ALTN Ownership	Country of Operation
Power Clouds SRL	SPV	March 31, 2015	99.5%*	Romania
F.R.A.N. Energy Investment SRL	SPV	March 31, 2015	99.5%*	Romania
AE Europe B.V.	Holding Company	August 2016	100%	Netherlands
PC-Italia-01 S.R.L.	Sub-Holding	June 2015	100% (via PCE)	Italy
PC-Italia-02 S.p.A.	SPV	August 2016	100% (via PCE)	Italy
Sant’Angelo Energia S.r.l.	SPV	March 30, 2017	100% (via PC_Italia_02)	Italy
PCG_HoldCo GmbH	Holding Company	July 6, 2018	100%	Germany
PCG_GP UG	General Partner (Management Company)	August 30, 2018	100%	Germany
PSM 20 UG	SPV	November 14, 2018	100% (via PCG_HoldCo)	Germany
PSM 40 UG	SPV	December 28, 2018	100% (via PCG_HoldCo)	Germany
GRK 17.2 GmbH & Co KG	SPV	November 17, 2018	100% (via PCG_HoldCo)	Germany
GRT 1.1 GmbH & Co KG	SPV	December 21, 2018	100% (via PCG_HoldCo)	Germany
ALTN HoldCo UG	SPV	December 14, 2018	100% (via PCG HoldCo)	Germany
Alternus Energy International Ltd.	European Operational Centre	March 1, 2019	100%	Ireland
CIC Rooftop 2 S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
CIC RT Treviso S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
SPV White One S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
CTS Power 2 S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
AEN 01 B.V.	SPV	June 13, 2019	100%	Netherlands
Zonnepark Rilland B.V.	SPV	December 20, 2019	100%	Netherlands

Summary:

*Non-controlling interest is not material

2. Basis of Presentation and Going Concern

The unaudited condensed consolidated financial statements include the consolidated balance sheet, consolidated statements of operations, changes in shareholders’ equity and cash flows of the Company and have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) from records maintained by the Company. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s 2019 annual auditedconsolidated financial statements and accompanying notes filed on Form 10-K. The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary, in management’s opinion, to state fairly the Company’s financial position and results of operations for the reported periods.The results of operations for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the operating results for the full fiscal year for any future period.

Going Concern

Our unaudited condensed consolidated financial statements as of March 31, 2020 and 2019 identify the existence of certain conditions that raise substantial doubt about our ability to continue as a going concern for twelve months from the issuance of this report.

Table of Contents

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had net loss of ($1,672,109) and ($1,384,279) for the periods ended March 31, 2020 and 2019, respectively.

The Company had accumulated shareholders’ equity of $2,107,392 and $3,878,161 as of March 31, 2020 and December 31, 2019, respectively, and a working capital deficit of $25,266,292 and $23,772,002 as of March 31, 2020 and December 31, 2019, respectively. At March 31, 2020, the Company had $765,679 of cash on hand.

Our operating revenues are insufficient to fund our operations and our assets already are pledged to secure our indebtedness to various third party secured creditor, respectively. The unavailability of additional financing could require us to delay, scale back or terminate our acquisition efforts as well as our own business activities, which would have a material adverse effect on the Company and its viability and prospects.

The terms of our indebtedness, including the covenants and the dates on which principal and interest payments on our indebtedness are due, increases the risk that we will be unable to continue as a going concern. To continue as a going concern over the next twelve months from the date these financial statements are issued, we must make payments on our debt as they come due and comply with the covenants in the agreements governing our indebtedness or, if we fail to do so, to (i) negotiate and obtain waivers of or forbearances with respect to any defaults that occur with respect to our indebtedness, (ii) amend, replace, refinance or restructure any or all of the agreements governing our indebtedness, and/or (iii) otherwise raise additional capital. However, we cannot provide any assurances that we will be successful in accomplishing any of these plans.

The recent outbreak of the corona virus, also known as "COVID-19", has spread across the globe and is impacting worldwide economic activity. Conditions surrounding the corona virus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the virus. The outbreak and the related mitigation measures may have an adverse impact on global economic conditions as well as on the Company's business activities. The extent to which the corona virus may impact the Company's business activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions, business disruptions, and the effectiveness of actions taken in the United States and other countries to contain and treat the disease. These events are highly uncertain and as such, the Company cannot determine their financial impact at this time.

3. Summary of Significant Accounting Policies

Basis of consolidation

The consolidated financial statements as of March 31, 2020 and 2019 and for the three months then ended include the accounts of the Company and the aforementioned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The results of subsidiaries acquired or disposed of during the respective periods are included in the unaudited condensed consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Use of estimates

The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses for the periods presented. The most significant estimates with regard to these statements relate to the assumptions utilized in the calculation of stock and warrant compensation expense, asset retirement obligations and impairment of long-lived assets. Actual results could differ from these estimates.

Revenue Recognition

The Company derives revenues as single unit from the sale of electricity and the sale of solar renewable energy credits. Energy generation revenue and solar renewable energy credits revenue are recognized as electricity is generated by the solar energy facility and delivered to the customers at which time all performance obligations have been delivered. Revenues are based on actual output and contractual sale prices set forth in long-term contracts.

Table of Contents

Risks and Uncertainties

The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure. Also see Footnote 2 regarding going concern matters.

Fair Value of Financial Instruments

The Company measures its financial instruments at fair value. Accounting principles generally accepted in the United States of America (U.S. GAAP) establishes a framework for measuring fair value and disclosures about fair value measurements.

To increase consistency and comparability in fair value measurements and related disclosures, GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy are described below:

Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2 Pricing inputs other than quoted prices in active markets included in Level 1 that are either directly or indirectly observable as of the reporting date.

Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The Company has level 3 asset and liabilities consisting of asset retirement obligations which are not material

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable, approximate their fair value because of the short maturity of those instruments.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

Income Taxes

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences, operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

As of March 31, 2020 the Company has U.S. federal and state net operating loss carryovers of approximately $4,667,136, which will expire at various dates beginning in 2034 through 2037, if not utilized with exception of loss carryovers generated in 2018 and 2019. As a result of Tax Cuts and Jobs Act, net operating losses generated in 2018 and beyond have indefinite lives, but limited to 80% of taxable income in each year. Additionally, as of March 31, 2020, the Company has U.S. federal capital loss carryovers of approximately $949,875, which will expire at various dates beginning in 2020 through 2022, if not utilized against capital gain income. In accordance with Section 382 of the internal revenue code, deductibility of the Company’s U.S. net operating loss carryovers may be subject to an annual limitation in the event of a change of control as defined under the Section 382 regulations.

Table of Contents

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. As of March 31, 2020 and December 31, 2019 the valuation allowance was $2,512,173.

The Company evaluated the provisions of ASC 740 related to the accounting for uncertainty in income taxes recognized in their financial statements. ASC 740 prescribes a comprehensive model for how a company should recognize, present, and disclose uncertain positions that the company has taken or expects to take in its return. For those benefits to be recognized, a tax position must be more-likely-than- not to be sustained upon examination by taxing authorities. Differences between two positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing-authority for a tax position that was not recognized as a result of applying the provisions of ASC 740.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC 718. Under the fair value recognition provisions of this statement, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period, which is the vesting period.

Net income (loss) per common share

Net income (loss) per common share is computed pursuant to section 260 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. As of March 31, 2020, the Company had 13,053,235 common shares underlying warrants, and 10,137,054 common shares underlying convertible notes associated with debt issuance. As of March 31, 2019, the Company had 13,543,235 common shares underlying warrants, and 1,218,681 common shares underlying convertible notes associated with debt issuance. For both 2020 and 2019, the potentially dilutive shares were excluded since they were anti-dilutive.

Foreign Currency and Other Comprehensive Loss

The functional currency of our foreign subsidiaries is typically the applicable local currency which is Romania Lei, Japanese Yen or European Union Euros. The translation from the respective foreign currency to United States Dollars (U.S. Dollar) is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using an average exchange rate during the period. Gains or losses resulting from such translation are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency transactions are included in foreign currency income or loss except for the effect of exchange rates on long-term inter-company transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income.

Transaction gains and losses are recognized in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting date. The Company had an immaterial net foreign exchange loss for the period ended March 31, 2020 and 2019, respectively. The foreign currency exchange gains and losses are included as a component of general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss. For the three month period ended March 31, 2020 and 2019, the increase in accumulated comprehensive loss related to foreign currency translation adjustments was $130,263 and $317,664, respectively.

Table of Contents

Preferred Stock

We apply the accounting standards for distinguishing liabilities from equity under U.S. GAAP when determining the classification and measurement of our convertible preferred stock. Preferred Stock subject to mandatory redemption is classified as liability instruments and is measured at fair value. Conditionally redeemable Preferred Stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as temporary equity. At all other times, preferred stock is classified as permanent equity.

Subsequent Events

The Company follows the guidance in Section 855 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company considers its financial statements issued when they are widely distributed to users, such as through filing them with the Securities and Exchange Commission. No subsequent events required disclosure except for those in Note 11.

Recent Accounting Standards

On January 1, 2019, the Company adopted ASU 2016-18. The adoption had an impact on the Company’s beginning of the period and end of the period cash and cash equivalents balance in its statement of cash flows. Restricted cash at the end of March 31, 2020 and December 31, 2019 was related to debt service reserve and maintenance reserves required by third party senior lender. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheet that equals the total of the same amounts reported in the consolidated statement of cash flows:

	March 31, 2020		December 31, 2019

Cash and cash equivalents	$	765,679,	$	1,076,995
Restricted cash		342,729		349,434
Total cash, cash equivalents, and restricted cash	$	1,108,407	$	1,426,429

In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The guidance in this ASU expands the scope of ASC Topic 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. This amendment is effective for annual and period starting on January 1^st, 2019. The ASU No. 2018-07 adoption did not have a material impact on The Company’s financial position, results of operations or financial statement disclosure.

Recent Accounting Standards Not Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either operating or financing, with such classifications affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2019, and early adoption is permitted. ASU 2016-02 was recently delayed for emerging growth companies that elected to adopt new accounting standards on the adoption date required for private companies and will be effective for the Company’s annual reporting period in 2022 and interim periods beginning first quarter of 2023. The Company is evaluating the impact ASU 2016-02 will have on its financial statements and associated disclosures.

Table of Contents

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326). This new guidance will change how entities account for credit impairment for trade and other receivables, as well as for certain financial assets and other instruments. The update will replace the current incurred loss model with an expected loss model. Under the incurred loss model, a loss (or allowance) is recognized only when an event has occurred (such as a payment delinquency) that causes the entity to believe that a loss is probable (that is has been “incurred”). Under the expected loss model, a loss (or allowance) is recognized upon initial recognitions of the asset that reflects all future events that leads to a loss being realized, regardless of whether it is probable that the future event will occur. The incurred loss model considers past events and conditions, while the expected loss model includes expectations for the future which have yet to occur. ASU 2018-19 was issued in November 2018 and excludes operating leases from the new guidance. The standard will require entities to record a cumulative-effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. As an Emerging Growth Company, the standard is effective for the Company’s 2022 annual reporting period and interim periods beginning first quarter of 2023. The Company is evaluating the impact of ASU 2016-13 will have on its financial statements and associated disclosures.

On December 18, 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (the ASU), as part as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. The FASB’s amendments primarily impact ASC 740, Income Taxes, and may impact both interim and annual reporting periods. The Company is currently evaluating the effect that the adoption of ASU 2019-12 will have on its consolidated financial statement. The guidance is effective January 1, 2021 with early adoption permitted.

4. Investment in Energy Property and Equipment, Net

As of March 31, 2020 and December 31, 2019, the Company had net investment in energy property, as outlined in the table below.

	March 31, 2020			December 31, 2019
Solar energy facilities operating	$	35,440,178		$	36,123,412
Less accumulated depreciation		(3,076,792	)		(2,663,934	)
Net Assets	$	32,362,386		$	33,459,478

The estimated useful life remaining on the investment in energy property and asset retirement obligation is between 15 and 25 years.

Depreciation expense for the three months ended March 31, 2020 and 2019, was $509,332 and $167,471, respectively

The Company leases various equipment under capital leases. Assets held under capital leases are included in property and equipment as follows:

	March 31, 2020			December 31, 2019
Finance lease right of use asset	$	2,251,269		$	2,311,255
Less accumulated depreciation		(341,965	)		(321,821	)
Net Assets	$	1,909,304		$	1,989,434

5. Capital Leases

We have acquired equipment through a capital lease obligation for the Sant’Angelo park in Italy. As of March 31, 2020, there was $971,186 remaining on the lease of which $86,101, net of interest, was the short-term portion. The lease commenced in 2011, has a term of 18 years and will expire in September 2029. Interest is calculated on the outstanding principal based on EURIBOR 3 months (EUR3M) plus an agreed margin for the lender. The average interest rate based on previous year is approximately 4.5% per annum. This interest amount may vary due to future changes in EUR3M index.

Table of Contents

Capital lease future minimum payments for each of the next five years and thereafter is as follows:

2020		102,992
2021		137,322
2022		137,322
2023		137,322
2024		137,322
Thereafter		608,260
		1,260,540
Less Interest Expense		(289,355	)
	$	971,185

6. Convertible and Unconvertible Promissory Notes

The following table reflects the total debt balances of the Company as of March 31, 2020 and December 31, 2019:

	March 31, 2020			December 31, 2019
Short term line of credit	$	34,123		$	35,120
Promissory notes related parties		-			48,821
Convertible notes related parties		291,540			291,540
Senior secured debt		19,243,800			19,575,794
Promissory notes		15,191,303			15,478,536
Convertible promissory notes		2,430,140			2,169,401
Gross debt		37,190,906			37,599,212
Debt discount		(444,977	)		(784,130	)
Net debt		36,745,929			36,815,082
Less Current Maturities		(23,107,839	)		(22,705,665	)
Long Term Debt, net of current maturities	$	13,638,090		$	14,109,418

Note principal payments next five years and thereafter:

	2020			2021			2022		2023		2024		Thereafter		Total
Gross debt	$	23,409,856		$	1,102,888		$	1,108,229	$	1,113,219	$	1,118,312	$	9,338,402	$	37,190,906
Debt discount		(302,017	)		(142,960	)		-		-		-		-		(444,977	)
Net debt	$	23,107,839		$	959,928		$	1,108,229	$	1,113,219	$	1,118,312	$	9,338,402	$	36,745,929

In January 2020, the Company entered into a Securities Purchase Agreement with an accredited investor (the “Lender”), in connection with an investment of $250,000, and pursuant to which the Company issued a convertible promissory note accruing 12% interest per annum with bi-annual interest payments, having a two year term, senior in priority to all obligations of the Company other than the Company’s obligations to an accredited investor and its affiliated investment funds, or a similar replacement thereto, having a call option right for the noteholder (such right commences on the anniversary of the issuance date), a redemption right for the Corporation (provided the Company is listed on a national exchange and its per share value exceeds a $.55 per share, as defined), and convertible at $0.20 per share.

Table of Contents

In January of 2020, ALTN HoldCo UG entered into a construction financing loan with DKB Bank in Germany. This relates to the construction of 6 photovoltaic installations in Germany with an interest rate of 1.74% and a term of one year. As of March 31, 2020 there was $483,183 drawn on this loan. The total loan commitment is approximately $3.1M

In February of 2020, the Corporation entered into a Securities Purchase Agreement with another accredited investor (the “Lender”), in connection with an investment of $105,000, and pursuant to which the Company issued a promissory note convertible at 65% of the lowest trading price of the Company's Class A Common Stock for the last 15 trading days prior to conversion, commencing in August 2020, and accruing 10% interest per annum, with a maturity date of February 10, 2021.

7. Commitments and Contingencies

Litigation

The Company is not currently involved in or aware of any litigation that could result in a material loss other than the following: On February 11, 2020 Unisun obtained leave from the interim relief judge of the Court of Amsterdam for three prejudgment attachments on the shares of 3 subsidiaries of Alternus, to secure an outstanding amount owed pursuant to an outstanding loan of EUR 1,689,864 plus interest and agreed penalties. Unisun also started proceedings on the merits to claim the amounts due under this loan and the penalties. The court proceedings commenced on September 16, 2020 and we have until October 28, 2020 to submit our statement of defense. On March 24, 2020, the Company entered into a securities purchase agreement with Ultramar Energy Ltd., an accredited foreign investor, pursuant to which the Company expected to receive gross proceeds of $3.0 million, before deducting transaction costs, fees and expenses. On April 7, 2020 the Company entered into a Settlement Agreement with Unisun to resolve and settle these claims.The Company intended to use a portion of the net proceeds from Ultramar Energy to repay this loan to Unisun in the amount of $2.0 million to resolve and settle the claim. However, as of the date of this filing, the proceeds have not been received from Ultramar Energy Ltd. and there is no guarantee that the Company will ever receive the proceeds; therefore the Settlement Agreement has been terminated.

Operating Leases

On March 6, 2019, the Company signed a lease for office space located in Dublin, Ireland, having a term of ten years, with a break option at the end of year five. The estimated payments are $54,226 per annum, to be paid quarterly. Also the Company paid a six month security deposit in the sum of $36,820.

As part of the Rilland acquisition, the Company acquired a twenty-five year lease. The annual lease payment is $137,859 for the first fifteen years and $55,969 for years sixteen through twenty five.

The Company’s Romanian operations lease the land for its solar parks. The combined estimated annual cost of $16,042. The leases commenced in 2012 and run for 20 years.

Minimum Future Lease Payments:

	Total
2020	$	156,312
2021		208,128
2022		208,128
2023		208,128
2024		208,128
Thereafter		2,275,275
	$	3,264,099

Table of Contents

8. Shareholder’s Equity

Common Stock:

In the first quarter of 2020, the Corporation issued 135,368 shares of Class A common stock as fees related to third party investment, and 33,250 shares of restricted Class A common stock were issued to a consultant for services rendered. The total value was based on the closing stock price of our common stock on the various dates of issuance, and equal to $29,150.

On March 20, 2020, the Company received a notice of conversion from Growthcap Investments Inc. (“GII”), a related party of the CEO, to convert the entirety of its shares of Series E Convertible Preferred Stock, with a stated value of $0.001 per share, into an aggregate of 50,000,000 shares of the Company’s Class A Common Stock (the “Conversion”). On March 20, 2020, the Company effected the Conversion and issued to GII an aggregate of 50,000,000 shares of Class A Common Stock.

Warrants:

As of March 31, 2020, warrants to purchase up to 13,053,235 shares of restricted common stock were issued and outstanding. For the three months ended March 31, 2020, the Company did not issue any warrants.

	March 31, 2020
			Average
	Warrants		Exercise Price
Balance - beginning of period		13,053,235	$	0.15
Exercised during the period		-		-
Granted during the period		-		-
Balance - end of period		13,053,235	$	0.15
Exercisable - end of period		13,053,235	$	0.15

9. Geographical Information

The Company has one operating segment and the decision-making group is the senior executive management team. The Company manages the segment by country focusing on gross profit by country.

Revenues	Three Months Ended March, 2020		Three Months Ended March, 2019
Italy	$	297,665	$	160,270
Romania		182,665		187,639
Netherlands		197,083		-
Germany		20,290		22,222
Total	$	697,703	$	370,131

Cost of Revenues
Italy	$	130,684	$	13,432
Romania		90,831		143,576
Netherlands		105,359		-
Germany		99		-
Total	$	326,973	$	157,008

Gross Profit
Italy	$	166,981	$	146,838
Romania		91,834		44,063
Netherlands		91,724		-
Germany		20,191		22,222
Total	$	370,730	$	213,123

Table of Contents

Investment In Energy Property and Equipment, Net	March 31, 2020		December 31, 2019
Romania	$	4,625,777	$	4,772,109
Italy		16,489,583		17,067,553
Germany		1,608,323		1,661,516
Netherlands		9,638,703		9,958,300
	$	32,362,386	$	33,459,478

10. Subsequent Events

In accordance with ASC 855, Subsequent Events, we have evaluated subsequent events through the date of issuance of these unaudited condensed financial statements. During this period, we had the following materially recognizable subsequent events.

In April of 2020, the Company entered into a Securities Purchase Agreement with an accredited investor in connection with an investment of $53,000, and pursuant to which the Company issued a promissory note convertible at 65% of the lowest trading price of the Company's Class A Common Stock for the last 15 trading days prior to conversion, and accruing 10% interest per annum, with a maturity date of April 6, 2021.

On April 7, 2020 the Company entered into a Settlement Agreement with Unisun whereby the Company agreed to pay Unisun $2,000,000 as full settlement for all the outstanding amounts owed under the loan from Unisun and related to the acquisition of Zonnepark Rilland, other than a potential earn out. On April 16, 2020, the Company received a Notice of Default from Unisun regarding the Settlement Agreement, and on April 23, 2020 Unisun terminated the Settlement Agreement due to nonpayment.Court proceedings on the merits of Unisun’s claim of the amounts due under this loan and the penalties commenced on September 16, 2020, and we have until October 28, 2020 to submit our statement of defense.

On May 25, 2020 the Company filed a Form 15 with the Securities and Exchange Commission in order to deregister its shares.

On May 22, 2020, the Corporation issued 700,000 shares of Class A common stock to two consultants for services rendered. The total value was based on the closing stock price of our common stock on the various dates of issuance, equals $77,000.

On June 12, 2020, Alternus Energy International Limited (“Alternus” or the “Purchaser”), a wholly owned subsidiary of the Company, and Sycamore Capital (Italy) Limited (the “Seller”) entered into a Share Purchase Agreement (the “SPA”). Pursuant to the terms of the SPA, the Seller agreed to sell to Alternus 100% of the share capital of Solar Sicily S.r.l., an Italian SPV that owns the project rights to develop and construct a 102 MW ground-mounted solar photovoltaic (PV) power plant in Sicily, Italy (the “Project”), in exchange for approximately $15.4 million (€14 million), to be paid on closing (the “Purchase Price”).

In July, the Company incorporated 3 new wholly owned subsidiaries, one in the Netherlands, AEN 02 B.V, and two in Italy, PC-Italia-04 Srl, which is wholly owned by AEN 02 BV, and PC-Italia-03 Srl, which is wholly owned by Alternus Energy International Ltd. These companies were incorporated to acquire various special purpose vehicles (SPVs), project rights and other solar energy assets in various locations across Europe.

On August 12, 2020, the Company issued an option to purchase up to 100,000 shares of restricted common stock under the Corporation’s 2019 Stock Incentive Plan, having a three year vesting schedule and exercisable at $0.10 per share with a cashless exercise provision.

On August 12, 2020, the Company guaranteed a 9.15 million RON (equivalent to approximately US$2.0M) promissory note issued by both of its subsidiaries, Power Clouds S.R.L., and F.R.A.N. Energy Investment SRL two Romanian companies to OTP Bank in Romania, which is secured in first position against the Romanian solar parks and customer contracts held, accruing interest annually at a rate of ROBOR 3M + 3.3% and having a term of 10 years.

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We are a Smaller Reporting Company, as defined in Rule 12b-2 of the Exchange Act. Accordingly, we have omitted certain information called for by this Item as permitted by applicable scaled disclosure rules.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our financial condition and results of operations for the three months ended March 31, 2020 and 2019. You should read this discussion and analysis together with our Condensed Consolidated Financial Statements and related notes and the other financial information included elsewhere in the registration statement. This discussion contains forward-looking statements that involve significant risks and uncertainties. As a result of many factors, such as those set forth under “Risk Factors” and elsewhere in the registration statement, our actual results may differ materially from those anticipated in these forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements.”

Overview

We are a global independent power producer (“IPP”). We develop, own and operate solar PV parks that connect directly to national power grids. Our current revenue streams are generated from long-term, government-mandated, fixed price supply contracts with terms of between 15-20 years in the form of government Feed-In-Tariffs (“FiT”) and other energy incentives. Our current contracts deliver annual revenues, of which approximately 75% are generated from these sources with the remaining 25% deriving from revenues generated under contracted Power Purchase Agreements (“PPA”) with other energy operators and by sales to the general energy market in the countries we operate. In general, these contracts generate an average sales rate for every kWh of green energy produced by our solar parks. Our current focus is on the European solar PV market. However, we are also actively exploring opportunities in other countries outside of Europe.

The Company is not a manufacturer of solar panels or other related equipment but generates 100% of its revenues from energy sales under long term contracts as described above. By design, we currently focus exclusively on energy generation and as a result, we are technology agnostic and can therefore customize our solar parks based on local environmental and regulatory requirements and continue to take advantage of falling component prices over time.

Overall, the current proforma annual revenues contracted by our owned projects is approximately $4.3 million, which delivers an annual EBITDA of approximately $3.5 million when the parks are fully operational. Underlying group annual EBITDA is a non-GAAP measure. We measure EBITDA as net income and addback interest, taxes, depreciation and amortization expense.

We use annual contracted revenues as a key metric in our financial management of the business as we feel it better reflects the long-term stability of operations. Annual contracted revenues is defined as the estimated future revenue based on the remaining term, price and estimated production of the offtake contract of the solar park. It must be noted that the actual revenues reported by the Company in a particular year may be lower than the annual contracted revenues because not all parks may be revenue generating for the full year in their first year of operation, and also to allow for timing of acquisitions that take place throughout the financial year.

Table of Contents

Our goal is to grow our asset base and within our operations provide sufficient liquidity for recurring growth capital expenditures and general purposes. We expect to achieve this growth and deliver returns by focusing on the following initiatives:

Value-Oriented Acquisitions:

We focus on sourcing off-market transactions at more attractive valuations than tender processes. We believe that targeting smaller solar projects 1MW to 20 MWs and working with in country developer partners allows us to acquire high quality assets at attractive relative values. We continue to develop an acquisition pipeline across our scope of operations.

Margin Enhancements:

We believe there is significant opportunity to enhance our cash flow through optimizing the performance of our existing assets. As our recently announced long-term service agreement with BayWa r.e., such agreements provide reduction in operations and maintenance expense, provide 24/7 monitoring of our assets and increase revenue through deployment of technology.

Factors that Significantly Affect our Results of Operations and Business

We expect the following factors will affect our results of operations:

Offtake contracts

Our revenue is primarily a function of the volume of electricity generated and sold by our renewable energy facilities as well as, where applicable, the sale of green energy certificates and other environmental attributes related to energy generation. Our current portfolio of renewable energy facilities is generally contracted under long-term FiT program or PPAs with creditworthy counterparties. As of March 31, 2020, the weighted average remaining life of our FiT and PPAs was 13 years. Pricing of the electricity sold under these FiT and PPAs is generally fixed for the duration of the contract, although some of our PPAs have price escalators based on an index (such as the consumer price index) or other rates specified in the applicable PPA.

We also generate RECs as we produce electricity. RECs are accounted for as governmental incentives and are considered operational revenue as part of the solar facilities. These RECs are currently sold pursuant to agreements with third parties and the revenue is recognized as the underlying electricity is generated.

Project operations and generation availability

Our revenue is a function of the volume of electricity generated and sold by our renewable energy facilities. The volume of electricity generated and sold by our renewable energy facilities during a particular period is impacted by the number of facilities that have achieved commercial operations, as well as both scheduled and unexpected repair and maintenance required to keep our facilities operational.

The costs we incur to operate, maintain and manage our renewable energy facilities also affect our results of operations. Equipment performance represents the primary factor affecting our operating results because equipment downtime impacts the volume of the electricity that we are able to generate from our renewable energy facilities. The volume of electricity generated and sold by our facilities will also be negatively impacted if any facilities experience higher than normal downtime as a result of equipment failures, electrical grid disruption or curtailment, weather disruptions, or other events beyond our control.

Table of Contents

Seasonality and resource variability

The amount of electricity produced and revenues generated by our solar generation facilities is dependent in part on the amount of sunlight, or irradiation, where the assets are located. As shorter daylight hours in winter months result in less irradiation, the electricity generated by these facilities will vary depending on the season. Irradiation can also be variable at a particular location from period to period due to weather or other meteorological patterns, which can affect operating results. As the majority of our solar power plants are located in the Northern Hemisphere (Europe) we expect our current solar portfolio’s power generation to be at its lowest during the first and fourth quarters of each year. Therefore, we expect our first and fourth quarter solar revenue to be lower than in other quarters. As a result, on average, each solar park generates approximately 15% of its annual revenues in Q1 every year, 35% in each of Q2 and Q3, and the remaining 15% in Q4. Our costs are relatively flat over a year, and so we will always report lower profits in Q1 and Q4 as compared to the middle of the year.

Interest rates on our debt

Interest rates on our senior debt are mostly fixed for the full term of the finance at interest rates ranging from 1.8% to 6.3%. The relative certainty of cash flows and the fixed nature of the senior debt payments provide sufficient coverage ratios. Additionally, our senior financing is project specific with no cross-collateralization and with no recourse to the parent. In this environment all free cash flows therefore are available to cover corporate costs and for reinvestment in new projects.

In addition to the project specific senior debt, we use a small amount of promissory notes that reduces, and in some cases eliminates, the requirement for us to provide equity in the acquisition of the projects. As of March 31, 2020, 91% of our total debt was project related debt.

Cash distribution restrictions

In certain cases, we obtain project-level or other limited or non-recourse financing for our renewable energy facilities which may limit our ability to distribute funds to the parent company, Alternus Energy Inc. for corporate operational costs. These limitations typically require that the project-level cash is used to meet debt obligations and fund operating reserves of the operating subsidiary. These financing arrangements also generally limit our ability to distribute funds generated from the projects if defaults have occurred or would occur with the giving of notice or the lapse of time, or both.

Renewable energy facility acquisitions and investments

Our long-term growth strategy is dependent on our ability to acquire additional renewable power generation assets. This growth is expected to be comprised of additional acquisitions across our scope of operations both in our current focus countries and new countries.

Renewable power has been one of the fastest growing sources of electricity generation globally over the past decade. We expect the renewable energy generation segment in particular to continue to offer growth opportunities driven by:

☐	the continued reduction in the cost of solar and other renewable energy technologies, which we believe will lead to grid parity in an increasing number of markets;

☐	distribution charges and the effects of an aging transmission infrastructure, which enable renewable energy generation sources located at a customer’s site, or distributed generation, to be more competitive with, or cheaper than, grid-supplied electricity;

☐

the replacement of aging and conventional power generation facilities in the face of increasing industry challenges, such as regulatory barriers, increasing costs of and difficulties in obtaining and maintaining applicable permits, and the decommissioning of certain types of conventional power generation facilities, such as coal and nuclear facilities;

☐	the ability to couple renewable energy generation with other forms of power generation and/or storage, creating a hybrid energy solution capable of providing energy on a 24/7 basis while reducing the average cost of electricity obtained through the system;

Table of Contents

☐	the desire of energy consumers to lock in long-term pricing for a reliable energy source;

☐	renewable energy generation’s ability to utilize freely available sources of fuel, thus avoiding the risks of price volatility and market disruptions associated with many conventional fuel sources;

☐	environmental concerns over conventional power generation; and

☐	government policies that encourage development of renewable power, such as country, state or provincial renewable portfolio standard programs, which motivate utilities to procure electricity from renewable resources.

Access to capital markets

Our ability to acquire additional clean power generation assets and manage our other commitments will likely be dependent on our ability to raise or borrow additional funds and access debt and equity capital markets, including the equity capital markets, the corporate debt markets and the project finance market for project-level debt. We accessed the capital markets several times in 2019 and 2020, including in connection with long-term project debt, and corporate loans and equity. Limitations on our ability to access the corporate and project finance debt and equity capital markets in the future on terms that are accretive to our existing cash flows would be expected to negatively affect our results of operations, business and future growth.

Foreign exchange

Our operating results are reported in United States Dollars. Our current projects revenue and expenses are generated in other currencies, including the Euro, and the Romanian RON. This mix may continue to change in the future if we elect to alter the mix of our portfolio within our existing markets or elect to expand into new markets. In addition, our investments (including intercompany loans) in renewable energy facilities in foreign countries are exposed to foreign currency fluctuations. As a result, we expect our revenues and expenses will be exposed to foreign exchange fluctuations in local currencies where our renewable energy facilities are located. To the extent we do not hedge these exposures, fluctuations in foreign exchange rates could negatively impact our profitability and financial position.

Engineer, Procurement and Construction costs for Solar Projects

EPC costs for solar projects include the costs of construction, connection and procurement. The most significant contributor to EPC costs is the cost of components such as modules, inverters and mounting systems. Our supplier and technology, agnosticism, our strong supply chain management and our strong relationships with equipment suppliers have enabled us to historically purchase equipment at relatively competitive technical performance, prices, terms and conditions.

In recent years, the prices of modules, inverters and mounting systems have decreased as a result of oversupply and improving technology. As the costs of our components have decreased, our solar parks have become more cost competitive and our profitability has increased. As a result, our solar parks have begun to offer electricity at increasingly competitive rates, which has increased the attractiveness of our investment return and our revenue. We expect the cost of components will continue to gradually decrease. Moreover, newly commercialized PV technologies are expected to further drive down EPC costs and increase the energy output of PV systems, which will further increase the competitiveness of our solar parks and allow solar energy to achieve grid parity in more and more markets.

Key Metrics

Operating Metrics

We regularly review a number of operating metrics to evaluate our performance, identify trends affecting our business, formulate financial projections and make certain strategic decisions. We consider a solar park operating when it has achieved connection and begins selling electricity to the energy grid.

Table of Contents

Operating Nameplate capacity

We measure the electricity-generating production capacity of our renewable energy facilities in nameplate capacity. We express nameplate capacity in direct current (“DC”), for all facilities. The size of our renewable energy facilities varies significantly among the assets comprising our portfolio.

We believe the combined nameplate capacity of our portfolio is indicative of our overall production capacity and period to period comparisons of our nameplate capacity are indicative of the growth rate of our business. The table below outlines our operating renewable energy facilities as of March 31, 2020, and December 31, 2019.

	As of March 31,		As of December 31,
MWs (DC) Nameplate Capacity by Country	2020		2019
Romania		6.1		6.1
Italy		7.9		7.9
Germany		1.4		1.4
Netherlands		11.8		11.8
Total		27.2		27.2

Megawatt hours sold

Megawatt hours (“MWh”) sold refers to the actual volume of electricity sold by our renewable energy facilities during a particular period. We track kWh sold as an indicator of our ability to realize cash flows from the generation of electricity at our renewable energy facilities. Our kWh sold for renewable energy facilities for the three months ended March 31, 2020 and 2019, were as follows:

MWhs by Country	2020		2019
Romania		1,584.2		1,074.6
Italy		1,058.1		528.8
Germany		169.4		108.4
Netherlands		1,631.9		-
Total		4,443.6		1,711.8

Consolidated Results of Operations

The following table illustrates the consolidated results of operations for the three months ended March 31, 2020 and 2019,:

	For the Three Months Ended March 31
	2020			2019
Revenues	$	697,703		$	370,131
Cost of revenues		(326,973	)		(157,008	)
Gross Profit		370,730			213,123
Operating Expenses
Selling, general and administrative		868,866			542,557
Depreciation and amortization		509,332			167,470
Total Operating Expenses		1,378,198			710,027
Loss from Operations		(1,007,468	)		(496,904	)
Other Income (Expense)
Interest expense		(664,641	)		(887,375	)
Total other income (expense)		(664,641	)		(887,375	)
(Loss) Before Provision for Income Taxes		(1,672,109	)		(1,384,279	)
Provision for Income Taxes		-			-
Net Loss	$	(1,672,109	)	$	(1,384,279	)

Table of Contents

Major Components of Our Results of Operations

For the three months ended March 31, 2020 compared to March 31, 2019.

We generate our revenue from the sale of electricity from our solar parks. The revenue is either from a Feed in Tariff (Fit) program, Power Purchase Agreement (PPA), or Renewable Energy Credit (RECs)

Operating Revenues, net

Operating revenues, net for the for the three months ended March 31, 2020 and 2019 were as follows:

	For the Three Months Ended March 31,
Net Revenue, by Country	2020		2019		Change
Italy	$	297,665	$	160,270	$	137,395
Romania		182,665		187,639		(4,974	)
Germany		20,290		22,222		(1,932	)
Netherlands		197,083		-		197,083
Total	$	697,703	$	370,131	$	327,572

Net revenue increased for the three months ended 2020 compared to 2019. The increase was due to the new project acquisitions in Netherlands which occurred at the end of December 2019, and the acquisition of Italian assets which occurred in April of 2019.

Cost of Revenues

We capitalize the equipment costs, development costs, engineering and construction related costs. Our cost of revenues with regards to our IPP solar parks primarily is a result of the asset management, operations and maintenance, as well as tax, insurance, and lease expenses. Certain economic incentive programs, such as FiT regimes, generally include mechanisms that ratchet down incentives over time. As a result, we seek to connect our IPP solar parks to the local power grids and commence operations in a timely manner to benefit from more favorable existing incentives. Therefore, we generally seek to make capital investments during times when incentives are most favorable.

Cost of revenues for the three months ended March 31, 2020 and 2019 were as follows:

	For the Three Months Ended March 31,
Cost of Revenue, by Country	2020		2019		Change
Italy	$	130,684	$	13,432	$	117,252
Romania		90,831		143,576		(52,745	)
Germany		99		-		99
Netherlands		105,359		-		105,359
Total	$	326,973	$	157,008	$	169,965

Table of Contents

Cost of revenue increased by $169,965 for the three months ended March 31, 2020, compared to 2019. The increase was due to the new project acquisitions in Netherlands which occurred at the end of December 2019, and the acquisition of Italian assets which occurred in April of 2019.

Gross profit

Gross profit is equal to revenue less cost of revenues. Our gross profit depends on a combination of factors, including primarily our revenue model, the geographic distribution of the solar parks, the mix of electricity sold during the reporting period, the costs of services outsourced to third-party contractors and management costs.

Gross profit for the three months ended March 31, 2020 and 2019 were as follows:

	For the Three Months Ended March 31,
Gross Profit, by Country	2020		2019		Change
Italy	$	166,981	$	146,838	$	20,143
Romania		91,834		44,063		47,771
Germany		20,191		22,222		(2,031	)
Netherlands		91,724		-		91,724
Total	$	370,730	$	213,123	$	157,607

Gross profit increased for the three months ended March 31by $157,607 compared to 2019. The increase was due to the new project acquisitions in Netherlands which occurred at the end of December 2019, and the acquisition of Italian assets which occurred in April of 2019. Romania gross profit was higher as well, due to that fact the part of the system was down in 2019, and in 2020 the plant was fully operational.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended March 31, 2020 and 2019 were as follows:

	For the Three Months Ended March 31,
	2020		2019		Change
Selling, General & Admin Expenses		868,886		542,557		326,329
Total	$	868,886	$	542,557	$	326,329

Selling, general and administrative expenses increased from for the three months ended March 31, 2020 compared to 2019. This was mainly due to accounting and legal fees of related to our audits and Form 10 filings, of approximately $150,000 In addition, we hired four additional full time employees in Ireland that were not there as of March 31, 2019, which totaled approximately 59,000.

Depreciation, Accretion and Amortization Expense

Depreciation, accretion and amortization expense increased by $341,861 for the three months ended March 31, 2020, compared to 2019. The increase was due to the new project acquisitions in Netherlands which occurred at the end of December 2019, and the acquisition of Italian assets which occurred in April of 2019

Table of Contents

Interest Expense, Net

	For the Three Months Ended March 31,
	2020			2019			Change
Interest Expense		(664,641	)		(887,374	)		(222,733	)
Total	$	(664,641	)	$	(887,375	)	$	(222,733	)

Interest expense decreased for the three months ended March 31, 2020 compared to 2019, primarily as a result of additional interest in 2019 due to interest on Italy acquisition at 12%, and third party commission on financing.

Liquidity and Capital Resources

Capital Resources

A key element to our financing strategy is to raise the majority of our debt in the form of project specific non-recourse borrowings at our subsidiaries with investment grade metrics. Going forward, we intend to primarily finance acquisitions or growth capital expenditures using long-term non-recourse debt that fully amortizes within the asset’s contracted life, as well as retained cash flows from operations and issuance of equity securities through public markets.

The following table summarizes the total capitalization and debt as of March 31, 2020 and December 31, 2019:

	March 31, 2020			December 31, 2019
Short term line of credit	$	34,123		$	35,120
Promissory notes related parties		-			48,821
Convertible notes related parties		291,540			291,540
Senior secured debt		19,243,800			19,575,794
Promissory notes		15,191,303			15,478,536
Convertible promissory notes		2,430,140			2,169,401
Gross debt		37,190,906			37,599.212
Debt discount		(444,977	)		(784,130	)
Net debt		36,745,929			36,815,082
Less current maturities		(23,107,839	)		(22,705,665	)
Long Term Debt, net of current maturities	$	13,638,090		$	14,109,418

Liquidity Position

Given the current level of cash resources, receivables and long-term supply contracts, management believes the Company's current level of operations is insufficient to mitigate the uncertainty of The Company's ability to continue as a going concern. The working capital deficit for 2020 and 2019 is largely related to the acquisition of long-term assets that are planned to be refinanced with long term debt during 2020.

The accompanying financial statements do not include any adjustments related to recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the company be unable to continue as a going concern.

The following table summarizes corporate liquidity and available capital as of March 31, 2020 and December 31, 2019:

	As of March 31,		As of December 31,
	2020		2019
Cash and cash equivalents		765,679		1,076,995
Restricted cash		342,729		349,434
Total cash, cash equivalents, and restricted cash	$	1,108,408	$	1,426,429

Table of Contents

The cash is restricted for debt service reserve funds at the project level.

Financing Activities

In January 2020, the Company entered into a Securities Purchase Agreement with another accredited investor (the “Lender”), in connection with an investment of $250,000, and pursuant to which the Company issued a convertible promissory note accruing 12% interest per annum with bi-annual interest payments, having a two year term, senior in priority to all obligations of the Company other than the Company’s obligations to an accredited investor and its affiliated investment funds, or a similar replacement thereto, having a call option right for the noteholder, a redemption right for the Corporation, and convertible at $0.20 per share.

In February of 2020, the Corporation entered into a Securities Purchase Agreement with another accredited investor (the “Lender”), in connection with an investment of $105,000, and pursuant to which the Company issued a promissory note convertible at 65% of the lowest trading price of the Company's Class A Common Stock for the last 15 trading days prior to conversion, and accruing 10% interest per annum, with a maturity date of February 10, 2021.

Debt Service Obligations

We remain focused on refinancing near-term facilities on acceptable terms and maintaining a manageable maturity ladder. We do not anticipate material issues in addressing our borrowings through 2020 on acceptable terms and expect to be able to do so opportunistically based on the prevailing interest rate environment.

Table of Contents

Note principal payments next five years and thereafter:

	2020			2021			2022		2023		2024		Thereafter		Total
Gross debt	$	23,409,856		$	1,102,888		$	1,108,229	$	1,113,219	$	1,118,312	$	9,338,402	$	37,190,906
Debt discount		(302,017	)		(142,960	)		-		-		-		-		(444,977	)
Net debt	$	23,107,839		$	959,928		$	1,108,229	$	1,113,219	$	1,118,312	$	9,338,402	$	36,745,929

Cash Flow Discussion

We use traditional measures of cash flow, including net cash flows from operating activities, investing activities and financing activities to evaluate our periodic cash flow results.

For the Three Months Ended March 31, 2020 compared to March 31, 2019

The following table reflects the changes in cash flows for the comparative periods:

	For the Three Months Ended March 31,
	2020			2019			Change
Net cash used in operating activities	$	(316,567	)	$	(133,396	)	$	(183,171	)
Net cash used in investing activities		(518,108	)		(726,267	)		208,159
Net cash provided by financing activities		535,980			119,547			416,433

Net Cash (Used In) Provided By Operating Activities

Net cash used in operating activities for the period ended March 31, 2020 compared to 2019 increased primarily due the Company having a net loss increase in 2020 of $287,830 compared to 2019.

Net Cash Used In Investing Activities

Net cash used in investing activities for the period ended March 31, 2020 compared to March 31, 2019 decreased due to lower cost associated with projects under construction.

Net Cash Provided by Financing Activities

Net cash provided by financing activities for the period ended March 31, 2020 compared to March 31, 2019 increased due to proceeds from debt issuance.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions in certain circumstances that affect amounts reported in our consolidated financial statements and related footnotes. In preparing these consolidated financial statements, we have made our best estimates of certain amounts included in the consolidated financial statements. Application of accounting policies and estimates, however, involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ from these estimates. In arriving at our critical accounting estimates, factors we consider include how accurate the estimate or assumptions have been in the past, how much the estimate or assumptions have changed and how reasonably likely such change may have a material impact. Our critical accounting policies are discussed below.

Table of Contents

Business Combinations

We account for business combinations by recognizing in the financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interests in the acquiree at fair value at the acquisition date. We also recognize and measure the goodwill acquired or a gain from a bargain purchase in the business combination and determines what information to disclose to enable users of an entity’s financial statements to evaluate the nature and financial effects of the business combination. In addition, acquisition costs related to business combinations are expensed as incurred. Business combinations is a critical accounting policy as there are significant judgments involved in the allocation of acquisition cost.

When we acquire renewable energy facilities, we allocate the purchase price to (i) the acquired tangible assets and liabilities assumed, primarily consisting of land, plant, and long-term debt, (ii) the identified intangible assets and liabilities, primarily consisting of the value of favorable and unfavorable rate PPAs and REC agreements and the in-place value of market rate PPAs, (iii) non-controlling interests, and (iv) other working capital items based in each case on their fair values in accordance with ASC 805.

We perform the analysis of the acquisition using the various valuation methodologies of replacement cost approach, or an income approach or excess earnings approach. Factors considered by management in its analysis include considering current market conditions and costs to construct similar facilities. We also consider information obtained about each facility as a result of our pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets and liabilities acquired or assumed. In estimating the fair value, we also establish estimates of energy production, current in-place and market power purchase rates, tax credit arrangements and operating and maintenance costs. A change in any of the assumptions above, which are subjective, could have a significant impact on the results of operations.

The allocation of the purchase price directly affects the following items in our consolidated financial statements:

·	The amount of purchase price allocated to the various tangible and intangible assets, liabilities and non-controlling interests on our balance sheet;

The amounts allocated to the value of favorable and unfavorable rate PPAs and REC agreements are amortized to revenue over the remaining non-cancelable terms of the respective arrangement. The amounts allocated to all other tangible assets and intangibles are amortized to depreciation or amortization expense, with the exception of favorable and unfavorable rate land leases and unfavorable rate O&M contracts which are amortized to cost of operations; and

·	The period of time over which tangible and intangible assets and liabilities are depreciated or amortized varies, and thus, changes in the amounts allocated to these assets and liabilities will have a direct impact on our results of operations.

Impairment of Renewable Energy Facilities and Intangibles

Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate carrying values may not be recoverable. An impairment loss is recognized if the total future estimated undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured as the difference between an asset’s carrying amount and its fair value. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques.

Impairment of Goodwill

Goodwill is tested annually for impairment at the reporting unit level during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances. A reporting unit is either the operating segment level or one level below, which is referred to as a component. The level at which the impairment test is performed requires judgment as to whether the operations below the operating segment constitute a self-sustaining business or whether the operations are similar such that they should be aggregated for purposes of the impairment test.

In assessing goodwill for impairment, we may elect to use a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of our reporting units are less than their carrying amounts. If we determine that it is not more-likely-than-not that the fair value of our reporting units are less than their carrying amounts, we are not required to perform any additional tests in assessing goodwill for impairment. However, if we conclude otherwise or elect not to perform the qualitative assessment, then we are required to perform the quantitative impairment test.

Table of Contents

Depreciable lives of Long-lived Assets

We have significant investments in renewable energy facility assets. These assets are generally depreciated on a straight-line basis over their estimated useful lives which range from 15 to 30 years for our solar generation facilities.

The estimation of asset useful lives requires significant judgment. Changes in our estimated useful lives of renewable energy facilities could have a significant impact on our future results of operations. See Note 2. Summary of Significant Accounting Policies to our consolidated financial statements regarding depreciation and estimated service lives of our renewable energy facilities.

Recently Issued Accounting Standards

See Note 2. Summary of Significant Accounting Policies to our consolidated financial statements for both our year end audited financial statements and as updated in our March 31, 2020 interim financial statements for disclosures concerning recently issued accounting standards.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable. As a smaller reporting company, we are not required to provide the information required by this Item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective due to the material weakness described below.

Management’s Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company maintains internal controls over financial reporting that are designed to ensure that information required to be disclosed in the Company's SEC reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

In designing and evaluating the internal controls over financial reporting, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Under the supervision and with the participation of management, including the Company's principal executive officer and principal financial officer, the Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013). Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of March 31, 2020 our internal controls over financial reporting were not effective at the reasonable assurance level due to the material weakness discussed below.

Table of Contents

In light of the material weakness described below, we performed additional analysis and other post-closing procedures to ensure that our consolidated financial statements were prepared in accordance with generally accepted accounting principles. Accordingly, we believe that the consolidated financial statements included in this report fairly present, in all material respects, our financial condition, results of operations and cash flows for the periods presented.

This report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our independent registered public accounting firm pursuant to rules of the SEC that permit us to provide only management’s report in this report.

Material Weakness and Related Remediation Initiatives

In performing the above-referenced assessment, management identified the following deficiencies in the design or operation of our internal controls and procedures, which management considers to be material weaknesses:

Insufficient Resources. We have an insufficient quantity of dedicated resources and experienced personnel involved in reviewing and designing internal controls. As a result, an effective assessment could not be completed which raises the possibility of a material misstatement of the interim and annual financial statements which could occur and not be prevented or detected on a timely basis.

Failure to Segregate Duties. Management has not maintained adequate segregation of duties within the Company due to its reliance on a few individuals to fill multiple roles and responsibilities. Our failure to segregate duties has been a material weakness for the period covering this report.

Sufficiency of Accounting Resources. We have limited accounting personnel to handle complex accounting transactions. The insufficiency of our accounting resources and systems has caused certain reconciliations not to be completed without an undue effort the which caused a material weakness for the period covering this report.

Our management feels the material weaknesses identified above have not had any material effect on our financial results. However, we are currently reviewing our disclosure controls and procedures related to these material weaknesses, and expect to implement changes in the near term, as resources permit, in order to address this material weakness. Our management will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis, and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds permit.

Inherent Limitations on the Effectiveness of Controls

Management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control systems are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in a cost-effective control system, no evaluation of internal control over financial reporting can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been or will be detected.

These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

Changes in Internal Control Over Financial Reporting

With the exception of the hiring of our CFO and General Counsel in the fourth quarter of 208 and one other additional full time employee in the accounting department in the fourth quarter of 2019, there were no changes in our internal control over financial reporting during the fiscal period to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not currently involved in or aware of any litigation that could result in a material loss, other than the following: On February 11, 2020 Unisun obtained leave from the interim relief judge of the Court of Amsterdam for three prejudgment attachments on the shares of 3 subsidiaries of Alternus, to secure an outstanding amount owed pursuant to an outstanding loan of EUR 1,689,864 plus interest and agreed penalties. Unisun also started proceedings on the merits to claim the amounts due under this loan and the penalties. The court proceedings commenced on September 16, 2020 and we have until October 28, 2020 to submit our statement of defense. On March 24, 2020, the Company entered into a securities purchase agreement with Ultramar Energy Ltd., an accredited foreign investor, pursuant to which the Company expected to receive gross proceeds of $3.0 million, before deducting transaction costs, fees and expenses. On April 7, 2020 the Company entered into a Settlement Agreement with Unisun to resolve and settle these claims.The Company intended to use a portion of the net proceeds from Ultramar Energy to repay this loan to Unisun in the amount of $2.0 million to resolve and settle the claim. However, as of the date of this filing, the proceeds have not been received from Ultramar Energy Ltd. and there is no guarantee that the Company will ever receive the proceeds; therefore the Settlement Agreement has been terminated.

ITEM 1A. RISK FACTORS

As a smaller reporting company, we are not required to provide the information required by this Item. We note, however, that an investment in our common stock involves a number of very significant risks. Investors should carefully consider the risk factors included in the “Risk Factors” section of our Registration Statement on Form 10 as filed with SEC on August 13, 2019, in addition to other information contained in such Registration Statement and in this Quarterly Report on Form 10-Q, in evaluating the Company and our business before purchasing shares of our common stock. The Company’s business, operating results and financial condition could be adversely affected due to any of those risks.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth our unregistered sales of equity securities during the three months ended March 31, 2020:

Date of Issuance	Number of Shares Issued (Cancelled)	Class of Securities	Value of Shares issued at issuance	Individual/ Entity Shares were issued to (entities also have the individual with voting / investment control disclosed)	Consideration Received	Exemption
1/27/2020	107,368	Class A Common	0.19	Carter, Terry & Company / Timothy Terry	Financial Services equal to $20,400 based on the market price on the date of issuance	Reg D Exempt
2/17/2020	28,000	Class A Common	0.15	Carter, Terry & Company / Timothy Terry	Financial Services equal to $4,200 based on the market price on the date of issuance	Reg D Exempt
2/17/2020	18,667	Class A Common	0.15	Richard P. Brown Jr.	Financial Services equal to $2,800 based on the market price on the date of issuance	Reg D Exempt
3/20/2020	50,000,000	Class A Common	0.001	Growthcap Investments / Vincent Browne	Preferred Series E Shares Conversion equal to $50,000 based on the par value of the shares on the date of issuance	Reg D Exempt
3/20/2020	(5,000,000)	Series E Preferred	0.001	Growthcap Investments/ Vincent Browne	Preferred Series E Conversion into Class A Common Stock equal to $50,000 based on the par value of the shares on the date of cancellation	Reg D Exempt
3/20/2020	14,583	Class A Common	0.12	Richard P. Browne Jr.	Financial Services equal to $1,750 based on the market price on the date of issuance	Reg D Exempt

Each of the securities offerings or transactions described above was made to officers or directors of the Company and was exempt from registration under Regulation S, Regulation D or Section 4(a)(2) of the Securities Act. The shares issued in these transactions were restricted (i.e., not freely tradable), and the certificates evidencing such shares contained a legend (1) stating that the shares have not been registered under the Securities Act, and (2) setting forth or referring to the restrictions on transferability and sale of the shares under the Securities Act.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION

None.

Table of Contents

ITEM 6. EXHIBITS

		Incorporated by Reference			Filed or Furnished
Exhibit #	Exhibit Description	Form	Date Filed	Number	Herewith
3.1	Amended and Restated Certificate of Incorporation of Alternus Energy Inc.	10	8/13/19	3.1
3.2	Amended and Restated Bylaws of Alternus Energy Inc.	10	8/13/19	3.2
3.3	Certificate of Designation of Series E Convertible Preferred Stock	10/A	11/6/19	3.3
3.4	Amended Articles of Incorporation of Alternus Energy Inc.	10/A	11/6/19	3.4
4.1	Form of Certificate of Common Stock of Alternus Energy Inc.	10	8/13/19	4.1
4.2	Form of Warrant to purchase up to a total of 1,257,022 shares of common stock issued in February of 2019	10	8/13/19	4.8
4.3	Form of Warrant to purchase up to a total of 150,000 shares of common stock issued in May and June of 2019	10	8/13/19	4.9
10.1	Employment Agreement dated October 1, 2018 between Joseph E. Duey and the Registrant	10	8/13/19	10.7
10.2	Employment Agreement dated December 1, 2018 between Taliesin Durant and the Registrant	10	8/13/19	10.9
10.3	Professional Consulting Agreement dated February 28, 2019 between VestCo Corp. and the Registrant	10	8/13/19	10.10
10.4	Sale and Purchase Agreement between PC Italia 02 and Risen Energy dated March 19, 2019	10	8/13/19	10.22
10.5	Form of Convertible Note totaling $300,000 issued in February of 2019 to 4 accredited investors	10	8/13/19	10.23
10.6	Form of Securities Purchase Agreement dated February of 2019 entered into with 4 accredited investors	10	8/13/19	10.24
10.7	Form of Note totaling $150,000 issued in May of 2019 to 4 accredited investors	10	8/13/19	10.25
10.8	Form of Securities Purchase Agreement dated May of 2019 entered into with 4 accredited investors	10	8/13/19	10.26
10.9	$500,000 Convertible Note issued May 30, 2019	10	8/13/19	10.27
10.10	Securities Purchase Agreement related to the $500,000 Convertible Note dated May 30, 2019	10	8/13/19	10.28
10.11	$9,806,939 Bond Agreement dated June 2019	10	8/13/19	10.30
10.12	Subordination Agreement related to the $9,806,939 Bond dated June 2019	10	8/13/19	10.31
10.13	Sale and Purchase Agreement by and among Risen Energy PV Holding Italy GmbH, Risen Energy (Hongkong) Co., Limited, PC-Italia-02 S.r.l. and the Registrant dated March 19, 2019	10	8/13/19	10.32
10.14	Share Purchase Agreement dated July 29, 2019 by and among PCG_HoldCo UG, Coöperatie Unisun Energy U.A. and Zonnepark Rilland B.V.	10/A	11/6/19	10.34
10.15	Share Exchange Agreement dated August 19, 2019 by and among the Registrant and Growthcap Investments Inc.	10/A	11/6/19	10.35

Table of Contents

10.16	Share Exchange Agreement dated October 9, 2019 by and among the Registrant and VestCo Corp.	10/A	11/6/19	10.36
10.17	Form of Convertible Loan Note Extension from June 2019 to December 31, 2019	10/A	12/13/19	10.39
10.18	Form of Convertible Note issued November 2019	10/A	12/13/19	10.40
10.19	Addendum to the Share Purchase Agreement dated December 20, 2019 by and among PCG_HoldCo UG, AEN 01 BV, Coöperatie Unisun Energy U.A. and Zonnepark Rilland B.V.	8-K	12/27/19	10.1
10.20	Bond Subscription Agreement dated December 20, 2019	8-K	12/27/19	10.2
10.21	Security Agreement dated December 20, 2019	8-K	12/27/19	10.3
10.22	Call Option Agreement dated December 20, 2019	8-K	12/27/19	10.4
10.23	Loan Agreement by and among AEN 01 BV, Alternus Energy Inc. and Coöperatie Unisun Energy U.A. dated December 20, 2019	8-K	12/27/19	10.5
10.24	$250,000 Convertible Promissory Note issued January 2020	10-K	10/1/20	10.24
10.25	Securities Purchase Agreement related to the $250,000 Convertible Promissory Note issued January 2020	10-K	10/1/20	10.26
10.26	$105,000 Convertible Promissory Note issued February 2020	10-K	10/1/20	10.26
10.27	Securities Purchase Agreement related to the $105,000 Convertible Promissory Note issued February 2020	10-K	10/1/20	10.27
10.28	$3,000,000 Securities Purchase Agreement executed on March 24, 2020	10-K	10/1/20	10.28
10.29	Settlement Agreement by and among the Company and Unisun dated April 7, 2020	10-K	10/1/20	10.29
10.30	$53,000 Convertible Promissory Note issued April 2020	10-K	10/1/20	10.30
10.31	Securities Purchase Agreement related to the $53,000 Convertible Promissory Note issued April 2020	10-K	10/1/20	10.31
14	Code of Ethics	10	8/13/19	14
21.1	List of Subsidiaries	10/A	11/6/19	21.1
31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002				Filed
31.2	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002				Filed
32.1	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002				Filed
32.2	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002				Filed
99.1	Audit Committee Charter	10/A	11/6/19	99.1

Table of Contents

SIGNATURES

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.

	ALTERNUS ENERGY INC.

Date: October 13, 2020	By:	/s/ Vincent Browne
		Vincent Browne
		Chief Executive Officer
		(Principal Executive Officer)

Date: October 13, 2020	By:	/s/ Joseph Duey
		Joseph Duey
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

EX-21.1 2 altn_ex211.htm LIST OF SUBSIDIARIES altn_ex211.htm

EXHIBIT 21.1

ALTERNUS ENERGY INC.

LIST OF SUBSIDIARIES

Subsidiary	Jurisdiction of Incorporation
Power Clouds SRL	Romania
F.R.A.N. Energy Investment SRL	Romania
AE Europe B.V.	Netherlands
PC-Italia-01 S.R.L.	Italy
PC-Italia-02 S.p.A.	Italy
Sant’Angelo Energia S.r.l.	Italy
PCG_HoldCo GmbH	Germany
PCG_GP UG	Germany
PSM 20 UG & Co. KG	Germany
PSM 40 UG &n Co. KG	Germany
GRK 17.2 GmbH & Co KG	Germany
GRT 1.1 GmbH & Co KG	Germany
ALTN HoldCo UG	Germany
Alternus Energy International Ltd.	Ireland
CIC Rooftop 2 S.r.l.	Italy
CIC RT Treviso S.r.l.	Italy
SPV White One S.r.l.	Italy
CTS Power 2 S.r.l.	Italy
AEN 01 B.V.	Netherlands
Zonnepark Rilland B.V.	Netherlands
AEN 02 B.V.	Netherlands
PC Italia 03 S.R.L.	Italy
PC Italian 04 S.R.L.	Italy

EX-31.1 3 altn_ex311.htm CERTIFICATION altn_ex311.htm

EXHIBIT 31.1

CERTIFICATIONS

I, Vincent Browne, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Alternus Energy Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 13, 2020	By:	/s/ Vincent Browne
		Vincent Browne
		Chief Executive Officer and Chairman of the Board
		(Principal Executive Officer)

EX-31.2 4 altn_ex312.htm CERTIFICATION altn_ex312.htm

EXHIBIT 31.2

CERTIFICATIONS

I, Joseph Duey, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Alternus Energy Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 13, 2020	By:	/s/ Joseph Duey
		Joseph Duey
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-32.1 5 altn_ex321.htm CERTIFICATION altn_ex321.htm

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Alternus Energy Inc. (the “Company”) hereby certifies, to such officer’s knowledge, that:

	1.	the accompanying Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended March 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

	2.	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 13, 2020	By:	/s/ Vincent Browne
		Vincent Browne
		Chief Executive Officer and Chairman of the Board
		(Principal Executive Officer)

The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 6 altn_ex322.htm CERTIFICATION altn_ex322.htm

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

	1.	the accompanying Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended March 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

	2.	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 13, 2020	By:	/s/ Joseph Duey
		Joseph Duey
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-101.INS 7 altn-20200331.xml XBRL INSTANCE DOCUMENT 0001621499 2020-01-01 2020-03-31 0001621499 us-gaap:SubsequentEventMember altn:ClassACommonStockMember altn:TwoConsultantsMember 2020-05-01 2020-05-22 0001621499 us-gaap:SubsequentEventMember altn:ClassACommonStockMember altn:TwoConsultantsMember 2020-05-22 0001621499 altn:ItalyMember altn:SubsequentMember 2020-06-01 2020-06-12 0001621499 altn:ItalyMember altn:SubsequentMember 2020-06-12 0001621499 us-gaap:SubsequentEventMember altn:FRANEnergyInvestmentSRLMember 2020-08-12 0001621499 us-gaap:SubsequentEventMember altn:FRANEnergyInvestmentSRLMember 2020-07-25 2020-08-12 0001621499 us-gaap:SubsequentEventMember us-gaap:InvestorMember altn:SecuritiesPurchaseAgreementMember 2020-04-01 2020-04-06 0001621499 us-gaap:SubsequentEventMember us-gaap:InvestorMember altn:SecuritiesPurchaseAgreementMember 2020-04-06 0001621499 us-gaap:SubsequentEventMember 2020-04-06 0001621499 altn:ZonneparkRillandMember us-gaap:SubsequentEventMember altn:SettlementAgreementMember 2020-03-21 2020-04-07 0001621499 altn:NetherlandsMember 2019-12-31 0001621499 altn:NetherlandsMember 2020-03-31 0001621499 altn:NetherlandsMember 2019-01-01 2019-12-31 0001621499 altn:NetherlandsMember 2020-01-01 2020-03-31 0001621499 altn:GermanyMember 2019-12-31 0001621499 altn:GermanyMember 2020-03-31 0001621499 altn:GermanyMember 2019-01-01 2019-12-31 0001621499 altn:GermanyMember 2020-01-01 2020-03-31 0001621499 altn:RomaniaMember 2019-12-31 0001621499 altn:RomaniaMember 2020-03-31 0001621499 altn:RomaniaMember 2019-01-01 2019-12-31 0001621499 altn:RomaniaMember 2020-01-01 2020-03-31 0001621499 altn:ItalyMember altn:SubsequentMember 2019-12-31 0001621499 altn:ItalyMember altn:SubsequentMember 2020-03-31 0001621499 altn:ItalyMember altn:SubsequentMember 2019-01-01 2019-12-31 0001621499 altn:ItalyMember altn:SubsequentMember 2020-01-01 2020-03-31 0001621499 2019-01-01 2019-12-31 0001621499 altn:ConsultantsMember altn:ClassACommonStockMember altn:ThirdPartyMember 2020-01-01 2020-03-31 0001621499 altn:GrowthcapInvestmentsIncMember altn:SeriesEConvertiblePreferredStockMember 2020-03-01 2020-03-20 0001621499 altn:GrowthcapInvestmentsIncMember altn:SeriesEConvertiblePreferredStockMember 2020-03-20 0001621499 us-gaap:WarrantMember 2020-01-01 2020-03-31 0001621499 altn:UltramarEnergyLtdMember 2020-01-01 2020-03-31 0001621499 altn:ZoneparkRillandMember 2020-01-01 2020-03-31 0001621499 2019-03-06 0001621499 2019-03-01 2019-03-06 0001621499 altn:OperatingLeasesMember 2020-03-31 0001621499 altn:SecuritiesPurchaseAgreementMember altn:LenderMember altn:PromissoryNoteMember altn:FebruaryTwoThousandTwentyMember 2020-03-31 0001621499 altn:SecuritiesPurchaseAgreementMember altn:LenderMember altn:PromissoryNoteMember altn:FebruaryTwoThousandTwentyMember 2020-01-01 2020-03-31 0001621499 altn:ConvertiblePromissoryNoteMember altn:JanuaryTwoThousandTwentyMember altn:ALTNholdCoUGMember 2020-03-31 0001621499 altn:ConvertiblePromissoryNoteMember altn:JanuaryTwoThousandTwentyMember altn:ALTNholdCoUGMember 2020-01-01 2020-03-31 0001621499 altn:ConvertiblePromissoryNoteMember altn:TwoAccreditedInvestorsMember altn:JanuaryTwoThousandTwentyMember 2020-01-01 2020-03-31 0001621499 altn:ConvertiblePromissoryNoteMember altn:TwoAccreditedInvestorsMember altn:JanuaryTwoThousandTwentyMember 2020-03-31 0001621499 altn:TotalMember 2020-03-31 0001621499 altn:ThereafterMember 2020-03-31 0001621499 altn:TwoThousandTwentyFourMember 2020-03-31 0001621499 altn:TwoThousandTwentyThreeMember 2020-03-31 0001621499 altn:TwoThousandTwentyTwoMember 2020-03-31 0001621499 altn:TwoThousandTwentyOneMember 2020-03-31 0001621499 altn:TwoThousandTwentyMember 2020-03-31 0001621499 altn:CapitalLeasesMember 2020-03-31 0001621499 srt:MaximumMember 2020-01-01 2020-03-31 0001621499 srt:MinimumMember 2020-01-01 2020-03-31 0001621499 altn:PowerCloudsSrlMember 2020-03-31 0001621499 altn:PowerCloudsSrlMember 2020-01-01 2020-03-31 0001621499 altn:FRANEnergyInvestmentSRLMember 2020-03-31 0001621499 altn:FRANEnergyInvestmentSRLMember 2020-01-01 2020-03-31 0001621499 altn:AEEuropeBVMember 2020-03-31 0001621499 altn:AEEuropeBVMember 2020-01-01 2020-03-31 0001621499 altn:PCItaliaZeroOneSRLMember 2020-03-31 0001621499 altn:PCItaliaZeroOneSRLMember 2020-01-01 2020-03-31 0001621499 altn:PCItaliaZeroTwoSpAMember 2020-03-31 0001621499 altn:PCItaliaZeroTwoSpAMember 2020-01-01 2020-03-31 0001621499 altn:SantAngeloEnergiaSRLMember 2020-03-31 0001621499 altn:SantAngeloEnergiaSRLMember 2020-01-01 2020-03-31 0001621499 altn:PCGHoldCoGmbHMember 2020-03-31 0001621499 altn:PCGHoldCoGmbHMember 2020-01-01 2020-03-31 0001621499 altn:PCGGPUGMember 2020-03-31 0001621499 altn:PCGGPUGMember 2020-01-01 2020-03-31 0001621499 altn:PSMTwentyUGMember 2020-03-31 0001621499 altn:PSMTwentyUGMember 2020-01-01 2020-03-31 0001621499 altn:GRKOneSevenPointTwoGmbHAndCoKGMember 2020-03-31 0001621499 altn:GRKOneSevenPointTwoGmbHAndCoKGMember 2020-01-01 2020-03-31 0001621499 altn:GRTOnePointOneGmbHAndCoKGMember 2020-03-31 0001621499 altn:GRTOnePointOneGmbHAndCoKGMember 2020-01-01 2020-03-31 0001621499 altn:ALTNHoldCoUGMember 2020-03-31 0001621499 altn:ALTNHoldCoUGMember 2020-01-01 2020-03-31 0001621499 altn:AlternusEnergyInternationalLimitedMember 2020-03-31 0001621499 altn:AlternusEnergyInternationalLimitedMember 2020-01-01 2020-03-31 0001621499 altn:CICRooftopTwoSrlMember 2020-03-31 0001621499 altn:CICRooftopTwoSrlMember 2020-01-01 2020-03-31 0001621499 altn:CICRTTrevisoSRLMember 2020-03-31 0001621499 altn:CICRTTrevisoSRLMember 2020-01-01 2020-03-31 0001621499 altn:SPVWhiteOneSRLMember 2020-03-31 0001621499 altn:SPVWhiteOneSRLMember 2020-01-01 2020-03-31 0001621499 altn:CTSPowerTwoSRlMember 2020-03-31 0001621499 altn:CTSPowerTwoSRlMember 2020-01-01 2020-03-31 0001621499 altn:PSM40UGMember 2020-03-31 0001621499 altn:PSM40UGMember 2020-01-01 2020-03-31 0001621499 altn:AENZeroOneBVMember 2020-03-31 0001621499 altn:AENZeroOneBVMember 2020-01-01 2020-03-31 0001621499 altn:ZonneparkRillandBVMember 2020-03-31 0001621499 altn:ZonneparkRillandBVMember 2020-01-01 2020-03-31 0001621499 us-gaap:RetainedEarningsMember 2020-03-31 0001621499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001621499 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001621499 us-gaap:SeriesDPreferredStockMember 2020-03-31 0001621499 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001621499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0001621499 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001621499 altn:ClassBCommonStockMember 2020-01-01 2020-03-31 0001621499 us-gaap:SeriesDPreferredStockMember 2020-01-01 2020-03-31 0001621499 altn:ClassACommonStockMember 2020-01-01 2020-03-31 0001621499 us-gaap:RetainedEarningsMember 2019-12-31 0001621499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001621499 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001621499 us-gaap:SeriesDPreferredStockMember 2019-12-31 0001621499 2019-03-31 0001621499 us-gaap:RetainedEarningsMember 2019-03-31 0001621499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001621499 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001621499 us-gaap:SeriesDPreferredStockMember 2019-03-31 0001621499 altn:ClassBCommonStockMember 2019-03-31 0001621499 altn:ClassACommonStockMember 2019-03-31 0001621499 2019-01-01 2019-03-31 0001621499 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001621499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001621499 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001621499 us-gaap:SeriesDPreferredStockMember 2019-01-01 2019-03-31 0001621499 altn:ClassBCommonStockMember 2019-01-01 2019-03-31 0001621499 altn:ClassACommonStockMember 2019-01-01 2019-03-31 0001621499 2018-12-31 0001621499 us-gaap:RetainedEarningsMember 2018-12-31 0001621499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001621499 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001621499 altn:ClassBCommonStockMember 2018-12-31 0001621499 us-gaap:SeriesDPreferredStockMember 2018-12-31 0001621499 altn:ClassACommonStockMember 2018-12-31 0001621499 2019-10-01 2019-12-31 0001621499 altn:ClassBCommonStockMember 2019-12-31 0001621499 altn:ClassBCommonStockMember 2020-03-31 0001621499 altn:ClassACommonStockMember 2019-12-31 0001621499 altn:ClassACommonStockMember 2020-03-31 0001621499 2019-12-31 0001621499 2020-03-31 0001621499 2020-10-05 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure Alternus Energy Inc. 0001621499 10-Q false --12-31 true false true Yes 2020-03-31 Non-accelerated Filer Q1 2020 false 120520492 true false Yes

765679

1076995

88502

210032

29937

383819

535102

502054

528466

610919

1947686

2783819

32362386

33459478

7580763

7270194

317931

396639

1438013

1353998

342729

349434

43989508

45613562

3952511

3700796

23107839 22705665

86101

87785

69911

61575

27216362

26555821

13638090 14109417

885085

923948

144965

146215

41884502

41735401

5000

15426099

15442118

-772877

-642682

-12681567

-11009458

2105007

3878161

43989508

45613652

118352

68183

15000

0.001

50000000

5000000

0.001

450000000

435000000

118351219

68182602

118351219

68182602

0.001

15000000

697703

370131

326973

157008

370730

213123

868798

542557

509332

167471

1378130

710028

-1007400

-496905

664641

887374

-664641

-887374

-1672041

-1384279

-1672041

-1384279

-0.02

-0.01

71679845

114384791

-1672041

-1384279

-130263

-317664

-1802304

-1701943

110726726

110727

13164601

-260424

-7980540

5034364

21915876

21916

1395948

1417864

0 0 0 123804 0 0 123804 0 0 0 0 -317644 0 -317644

-1384279

369345040

30000000

369347

30000

45536551

-2123822

-34727953

9084123

68182601

15000000

5000000

68183

15000

5000

15442118

-642614

-11009458

50000000 -5000000 50000 0 -5000 -45000 0 0 0

168618

169

28981

29150

0 0 0 0 -130263 0 -130263

-1672109

118351219

15000000

118352

15000

15426099

-772877

-12681567

-1384279

167470

29150

161686

77415

536017

-20635

240266

674486

0 -52675 40777 243136

-316567

-133396

-518108 -726267

-518108

-726267

16350

-48191 0

829947

826772

-224586 -723575 -21190 0

535980

119547

-19327

-60016

-318022

-680100

1426429

1026533

1108407

346433

142818

152929

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">Alternus Energy Inc. (“We”, “ALTN” or the “Company”) was incorporated in the State of Colorado on January 1, 2000, then reorganized as a Nevada corporation on November 8, 2006. On September 11, 2008 the corporation changed its name from Asset Realization, Inc. to World Assurance Group, Inc. On April 24, 2015, the Company changed its name from World Assurance Group, Inc. to Power Clouds Inc.On November 29, 2018, the Company changed its name from Power Clouds Inc. to Alternus Energy Inc. and related stock ticker symbol change from PWCL to ALTN.   AE Europe B.V. (formerly Power Clouds Europe B.V.) In August of 2016, the Company incorporated a new wholly owned subsidiary in the Netherlands, AE Europe B.V. (formerly named Power Clouds Europe B.V.) This company was incorporated to ultimately hold the Company’s European operating companies and sub-holding companies as appropriate.   PC-Italia-01 S.R.L. (Formerly Power Clouds Wind Italia S.R.L.) In June of 2015, ALTN incorporated a company in Italy, PC-Italia-01 S.R.L. (formerly named Power Clouds Wind Italia S.R.L.). This company was incorporated to acquire Italian special purpose vehicles (SPVs), power plants and / or other assets located in Italy.   PC-Italia-02 S.p.A. (Formerly PC-Italia-02 S.R.L.) In August of 2016, the Company incorporated a new company in Italy, PC-Italia-02 SRL as a wholly owned subsidiary of AE Europe B.V. This company was incorporated to acquire Italian special purpose vehicles, power plants and/or other assets located in Italy. During the quarter ended March 31, 2017, this company completed the acquisition of the Sant’Angelo Energia S.r.l. in Italy which operates a 702kW PV solar park. Subsequently, in April of 2019, PC-Italia-02 acquired four additional SPVs in Italy, CIC Rooftop 2 S.r.l., CIC RT Treviso S.r.l., SPV White One S.r.l., CTS Power 2 S.r.l.   PCG_HoldCo GmbH & PCG_GP UG In June of 2018, the Company acquired 100% of the share capital of two companies in Germany which were renamed as PCG_HoldCo GmbH and PCG_GP UG immediately thereafter. These two companies were acquired in order to acquire German special purpose vehicles, PV solar parks and/or other assets located in Germany. During the year ended December 31, 2018, PCG_HoldCo completed the acquisitions of 4 SPVs in Germany, PSM 20 GmbH & Co KG, GRK 17.2 GmbH & Co KG, GRT 1.1 GmbH and PSM 40 GmbH & Co KG. In December of 2018, the Company acquired 100% of the share capital of another company in Germany which was renamed to ALTN HoldCo UG.   Alternus Energy International Limited In March of 2019, the Company incorporated a new wholly owned subsidiary in Ireland, Alternus Energy International Limited. This company was incorporated to establish our European operations center.   AEN 01 B.V. In June of 2019, the Company incorporated a new wholly owned subsidiary in the Netherlands, AEN 01 B.V. This company was incorporated to acquire Netherlands special purpose vehicles (SPVs), project rights and other solar energy assets in the Netherlands. During the quarter ended December 31, 2019, this company completed the acquisition of Zonnepark Rilland B.V. in the Netherlands, which operates a 11.75MW PV solar park.   In summary, Alternus Energy is a holding company that operates through the following twenty operating subsidiaries as of March 31, 2020:   <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:20%;vertical-align:bottom;"> Subsidiary</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:25%;vertical-align:top;"> Principal Activity</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:15%;vertical-align:top;"> Date Acquired / Established</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:25%;"> ALTN Ownership</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:15%;vertical-align:top;"> Country of Operation</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Power Clouds SRL</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> March 31, 2015</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 99.5%*</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Romania</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> F.R.A.N. Energy Investment SRL</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> March 31, 2015</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 99.5%*</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Romania</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> AE Europe B.V. </td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Holding Company</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> August 2016</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100%</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Netherlands</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PC-Italia-01 S.R.L.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Sub-Holding</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> June 2015</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCE)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PC-Italia-02 S.p.A.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> August 2016</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCE)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Sant’Angelo Energia S.r.l.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> March 30, 2017</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PC_Italia_02)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PCG_HoldCo GmbH</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Holding Company</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> July 6, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100%</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PCG_GP UG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> General Partner (Management Company)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> August 30, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100%</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PSM 20 UG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> November 14, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCG_HoldCo)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PSM 40 UG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> December 28, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCG_HoldCo)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> GRK 17.2 GmbH & Co KG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> November 17, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCG_HoldCo)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> GRT 1.1 GmbH & Co KG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> December 21, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCG_HoldCo)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> ALTN HoldCo UG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> December 14, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCG HoldCo)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Alternus Energy International Ltd.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> European Operational Centre</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> March 1, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100%</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Ireland</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> CIC Rooftop 2 S.r.l.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> April 23, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PC-Italia-02)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> CIC RT Treviso S.r.l.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> April 23, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> 100% (via PC-Italia-02)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV White One S.r.l.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> April 23, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> 100% (via PC-Italia-02)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> CTS Power 2 S.r.l.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> April 23, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> 100% (via PC-Italia-02)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> AEN 01 B.V.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> June 13, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> 100%</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Netherlands</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> Zonnepark Rilland B.V.</td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> December 20, 2019</td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> 100%</td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> Netherlands</td></tr></table>   Summary: *Non-controlling interest is not material.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">The unaudited condensed consolidated financial statements include the consolidated balance sheet, consolidated statements of operations, changes in shareholders’ equity and cash flows of the Company and have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) from records maintained by the Company. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s 2019 annual auditedconsolidated financial statements and accompanying notes filed on Form 10-K. The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary, in management’s opinion, to state fairly the Company’s financial position and results of operations for the reported periods.The results of operations for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the operating results for the full fiscal year for any future period.   Going Concern Our unaudited condensed consolidated financial statements as of March 31, 2020 and 2019 identify the existence of certain conditions that raise substantial doubt about our ability to continue as a going concern for twelve months from the issuance of this report.   The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had net loss of ($1,672,109) and ($1,384,279) for the periods ended March 31, 2020 and 2019, respectively.   The Company had accumulated shareholders’ equity of $2,107,392 and $3,878,161 as of March 31, 2020 and December 31, 2019, respectively, and a working capital deficit of $25,266,292 and $23,772,002 as of March 31, 2020 and December 31, 2019, respectively. At March 31, 2020, the Company had $765,679 of cash on hand.   Our operating revenues are insufficient to fund our operations and our assets already are pledged to secure our indebtedness to various third party secured creditor, respectively. The unavailability of additional financing could require us to delay, scale back or terminate our acquisition efforts as well as our own business activities, which would have a material adverse effect on the Company and its viability and prospects.   The terms of our indebtedness, including the covenants and the dates on which principal and interest payments on our indebtedness are due, increases the risk that we will be unable to continue as a going concern. To continue as a going concern over the next twelve months from the date these financial statements are issued, we must make payments on our debt as they come due and comply with the covenants in the agreements governing our indebtedness or, if we fail to do so, to (i) negotiate and obtain waivers of or forbearances with respect to any defaults that occur with respect to our indebtedness, (ii) amend, replace, refinance or restructure any or all of the agreements governing our indebtedness, and/or (iii) otherwise raise additional capital. However, we cannot provide any assurances that we will be successful in accomplishing any of these plans.   The recent outbreak of the corona virus, also known as "COVID-19", has spread across the globe and is impacting worldwide economic activity. Conditions surrounding the corona virus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the virus. The outbreak and the related mitigation measures may have an adverse impact on global economic conditions as well as on the Company's business activities. The extent to which the corona virus may impact the Company's business activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions, business disruptions, and the effectiveness of actions taken in the United States and other countries to contain and treat the disease. These events are highly uncertain and as such, the Company cannot determine their financial impact at this time.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">Basis of consolidation The consolidated financial statements as of March 31, 2020 and 2019 and for the three months then ended include the accounts of the Company and the aforementioned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The results of subsidiaries acquired or disposed of during the respective periods are included in the unaudited condensed consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.   Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses for the periods presented. The most significant estimates with regard to these statements relate to the assumptions utilized in the calculation of stock and warrant compensation expense, asset retirement obligations and impairment of long-lived assets. Actual results could differ from these estimates.   Revenue Recognition The Company derives revenues as single unit from the sale of electricity and the sale of solar renewable energy credits. Energy generation revenue and solar renewable energy credits revenue are recognized as electricity is generated by the solar energy facility and delivered to the customers at which time all performance obligations have been delivered. Revenues are based on actual output and contractual sale prices set forth in long-term contracts.   Risks and Uncertainties The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure. Also see Footnote 2 regarding going concern matters.   Fair Value of Financial Instruments The Company measures its financial instruments at fair value. Accounting principles generally accepted in the United States of America (U.S. GAAP) establishes a framework for measuring fair value and disclosures about fair value measurements.   To increase consistency and comparability in fair value measurements and related disclosures, GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy are described below:   Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1 that are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data.   Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The Company has level 3 asset and liabilities consisting of asset retirement obligations which are not material   The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable, approximate their fair value because of the short maturity of those instruments.   Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.   Income Taxes Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences, operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.   As of March 31, 2020 the Company has U.S. federal and state net operating loss carryovers of approximately $4,667,136, which will expire at various dates beginning in 2034 through 2037, if not utilized with exception of loss carryovers generated in 2018 and 2019. As a result of Tax Cuts and Jobs Act, net operating losses generated in 2018 and beyond have indefinite lives, but limited to 80% of taxable income in each year. Additionally, as of March 31, 2020, the Company has U.S. federal capital loss carryovers of approximately $949,875, which will expire at various dates beginning in 2020 through 2022, if not utilized against capital gain income. In accordance with Section 382 of the internal revenue code, deductibility of the Company’s U.S. net operating loss carryovers may be subject to an annual limitation in the event of a change of control as defined under the Section 382 regulations.   In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. As of March 31, 2020 and December 31, 2019 the valuation allowance was $2,512,173.   The Company evaluated the provisions of ASC 740 related to the accounting for uncertainty in income taxes recognized in their financial statements. ASC 740 prescribes a comprehensive model for how a company should recognize, present, and disclose uncertain positions that the company has taken or expects to take in its return. For those benefits to be recognized, a tax position must be more-likely-than- not to be sustained upon examination by taxing authorities. Differences between two positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing-authority for a tax position that was not recognized as a result of applying the provisions of ASC 740.   Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718. Under the fair value recognition provisions of this statement, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period, which is the vesting period.   Net income (loss) per common share Net income (loss) per common share is computed pursuant to section 260 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. As of March 31, 2020, the Company had 13,053,235 common shares underlying warrants, and 10,137,054 common shares underlying convertible notes associated with debt issuance. As of March 31, 2019, the Company had 13,543,235 common shares underlying warrants, and 1,218,681 common shares underlying convertible notes associated with debt issuance. For both 2020 and 2019, the potentially dilutive shares were excluded since they were anti-dilutive.   Foreign Currency and Other Comprehensive Loss The functional currency of our foreign subsidiaries is typically the applicable local currency which is Romania Lei, Japanese Yen or European Union Euros. The translation from the respective foreign currency to United States Dollars (U.S. Dollar) is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using an average exchange rate during the period. Gains or losses resulting from such translation are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency transactions are included in foreign currency income or loss except for the effect of exchange rates on long-term inter-company transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income.   Transaction gains and losses are recognized in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting date. The Company had an immaterial net foreign exchange loss for the period ended March 31, 2020 and 2019, respectively. The foreign currency exchange gains and losses are included as a component of general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss. For the three month period ended March 31, 2020 and 2019, the increase in accumulated comprehensive loss related to foreign currency translation adjustments was $130,263 and $317,664, respectively.   Preferred Stock We apply the accounting standards for distinguishing liabilities from equity under U.S. GAAP when determining the classification and measurement of our convertible preferred stock. Preferred Stock subject to mandatory redemption is classified as liability instruments and is measured at fair value. Conditionally redeemable Preferred Stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as temporary equity. At all other times, preferred stock is classified as permanent equity.   Subsequent Events The Company follows the guidance in Section 855 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company considers its financial statements issued when they are widely distributed to users, such as through filing them with the Securities and Exchange Commission. No subsequent events required disclosure except for those in Note 11.   Recent Accounting Standards On January 1, 2019, the Company adopted ASU 2016-18. The adoption had an impact on the Company’s beginning of the period and end of the period cash and cash equivalents balance in its statement of cash flows. Restricted cash at the end of March 31, 2020 and December 31, 2019 was related to debt service reserve and maintenance reserves required by third party senior lender. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheet that equals the total of the same amounts reported in the consolidated statement of cash flows:   <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> March 31, 2020</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> December 31, 2019</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px"> <td>  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" colspan="2" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" colspan="2" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Cash and cash equivalents </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">765,679,</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,076,995</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Restricted cash </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">342,729</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">349,434</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Total cash, cash equivalents, and restricted cash </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">1,108,407</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">1,426,429</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table>   In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The guidance in this ASU expands the scope of ASC Topic 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. This amendment is effective for annual and period starting on January 1st, 2019. The ASU No. 2018-07 adoption did not have a material impact on The Company’s financial position, results of operations or financial statement disclosure.   Recent Accounting Standards Not Adopted   In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either operating or financing, with such classifications affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2019, and early adoption is permitted. ASU 2016-02 was recently delayed for emerging growth companies that elected to adopt new accounting standards on the adoption date required for private companies and will be effective for the Company’s annual reporting period in 2022 and interim periods beginning first quarter of 2023. The Company is evaluating the impact ASU 2016-02 will have on its financial statements and associated disclosures.   In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326). This new guidance will change how entities account for credit impairment for trade and other receivables, as well as for certain financial assets and other instruments. The update will replace the current incurred loss model with an expected loss model. Under the incurred loss model, a loss (or allowance) is recognized only when an event has occurred (such as a payment delinquency) that causes the entity to believe that a loss is probable (that is has been “incurred”). Under the expected loss model, a loss (or allowance) is recognized upon initial recognitions of the asset that reflects all future events that leads to a loss being realized, regardless of whether it is probable that the future event will occur. The incurred loss model considers past events and conditions, while the expected loss model includes expectations for the future which have yet to occur. ASU 2018-19 was issued in November 2018 and excludes operating leases from the new guidance. The standard will require entities to record a cumulative-effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. As an Emerging Growth Company, the standard is effective for the Company’s 2022 annual reporting period and interim periods beginning first quarter of 2023. The Company is evaluating the impact of ASU 2016-13 will have on its financial statements and associated disclosures.   On December 18, 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (the ASU), as part as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. The FASB’s amendments primarily impact ASC 740, Income Taxes, and may impact both interim and annual reporting periods. The Company is currently evaluating the effect that the adoption of ASU 2019-12 will have on its consolidated financial statement. The guidance is effective January 1, 2021 with early adoption permitted.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">As of March 31, 2020 and December 31, 2019, the Company had net investment in energy property, as outlined in the table below.   <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> March 31, 2020</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> December 31, 2019</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Solar energy facilities operating</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">35,440,178</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">36,123,412</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Less accumulated depreciation</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(3,076,792</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,663,934</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Net Assets</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">32,362,386</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">33,459,478</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table>   The estimated useful life remaining on the investment in energy property and asset retirement obligation is between 15 and 25 years.   Depreciation expense for the three months ended March 31, 2020 and 2019, was $509,332 and $167,471, respectively   The Company leases various equipment under capital leases. Assets held under capital leases are included in property and equipment as follows:   <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> March 31, 2020</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> December 31, 2019</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Finance lease right of use asset</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,251,269</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,311,255</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Less accumulated depreciation</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(341,965</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(321,821</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Net Assets</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">1,909,304</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">1,989,434</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table></div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">We have acquired equipment through a capital lease obligation for the Sant’Angelo park in Italy. As of March 31, 2020, there was $971,186 remaining on the lease of which $86,101, net of interest, was the short-term portion. The lease commenced in 2011, has a term of 18 years and will expire in September 2029. Interest is calculated on the outstanding principal based on EURIBOR 3 months (EUR3M) plus an agreed margin for the lender. The average interest rate based on previous year is approximately 4.5% per annum. This interest amount may vary due to future changes in EUR3M index.   Capital lease future minimum payments for each of the next five years and thereafter is as follows:   <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> 2020</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">102,992</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> 2021</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">137,322</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> 2022</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">137,322</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> 2023</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">137,322</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> 2024</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">137,322</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Thereafter</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">608,260</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td>  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,260,540</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Less Interest Expense</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(289,355</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td>  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">971,185</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table></div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">The following table reflects the total debt balances of the Company as of March 31, 2020 and December 31, 2019:   <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> March 31, 2020</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> December 31,  2019</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Short term line of credit</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,123</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">35,120</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Promissory notes related parties</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">48,821</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Convertible notes related parties</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">291,540</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">291,540</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Senior secured debt</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,243,800</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,575,794</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Promissory notes</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,191,303</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,478,536</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Convertible promissory notes</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,430,140</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,169,401</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Gross debt</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">37,190,906</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">37,599,212</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Debt discount</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(444,977</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(784,130</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Net debt</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">36,745,929</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">36,815,082</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Less Current Maturities</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(23,107,839</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(22,705,665</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Long Term Debt, net of current maturities</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">13,638,090</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">14,109,418</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table>   Note principal payments next five years and thereafter:   <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> 2020</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> 2021</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> 2022</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> 2023</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> 2024</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> Thereafter</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> Total</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Gross debt</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">23,409,856</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,102,888</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,108,229</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,113,219</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,118,312</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,338,402</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">37,190,906</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Debt discount</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(302,017</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(142,960</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(444,977</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Net debt</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">23,107,839</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">959,928</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">1,108,229</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">1,113,219</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">1,118,312</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">9,338,402</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">36,745,929</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table>   In January 2020, the Company entered into a Securities Purchase Agreement with an accredited investor (the “Lender”), in connection with an investment of $250,000, and pursuant to which the Company issued a convertible promissory note accruing 12% interest per annum with bi-annual interest payments, having a two year term, senior in priority to all obligations of the Company other than the Company’s obligations to an accredited investor and its affiliated investment funds, or a similar replacement thereto, having a call option right for the noteholder (such right commences on the anniversary of the issuance date), a redemption right for the Corporation (provided the Company is listed on a national exchange and its per share value exceeds a $.55 per share, as defined), and convertible at $0.20 per share.   In January of 2020, ALTN HoldCo UG entered into a construction financing loan with DKB Bank in Germany. This relates to the construction of 6 photovoltaic installations in Germany with an interest rate of 1.74% and a term of one year. As of March 31, 2020 there was $483,183 drawn on this loan. The total loan commitment is approximately $3.1M   In February of 2020, the Corporation entered into a Securities Purchase Agreement with another accredited investor (the “Lender”), in connection with an investment of $105,000, and pursuant to which the Company issued a promissory note convertible at 65% of the lowest trading price of the Company's Class A Common Stock for the last 15 trading days prior to conversion, commencing in August 2020, and accruing 10% interest per annum, with a maturity date of February 10, 2021.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">Litigation The Company is not currently involved in or aware of any litigation that could result in a material loss other than the following: On February 11, 2020 Unisun obtained leave from the interim relief judge of the Court of Amsterdam for three prejudgment attachments on the shares of 3 subsidiaries of Alternus, to secure an outstanding amount owed pursuant to an outstanding loan of EUR 1,689,864 plus interest and agreed penalties. Unisun also started proceedings on the merits to claim the amounts due under this loan and the penalties. The court proceedings commenced on September 16, 2020 and we have until October 28, 2020 to submit our statement of defense. On March 24, 2020, the Company entered into a securities purchase agreement with Ultramar Energy Ltd., an accredited foreign investor, pursuant to which the Company expected to receive gross proceeds of $3.0 million, before deducting transaction costs, fees and expenses. On April 7, 2020 the Company entered into a Settlement Agreement with Unisun to resolve and settle these claims.The Company intended to use a portion of the net proceeds from Ultramar Energy to repay this loan to Unisun in the amount of $2.0 million to resolve and settle the claim. However, as of the date of this filing, the proceeds have not been received from Ultramar Energy Ltd. and there is no guarantee that the Company will ever receive the proceeds; therefore the Settlement Agreement has been terminated.   Operating Leases On March 6, 2019, the Company signed a lease for office space located in Dublin, Ireland, having a term of ten years, with a break option at the end of year five. The estimated payments are $54,226 per annum, to be paid quarterly. Also the Company paid a six month security deposit in the sum of $36,820.   As part of the Rilland acquisition, the Company acquired a twenty-five year lease. The annual lease payment is $137,859 for the first fifteen years and $55,969 for years sixteen through twenty five.   The Company’s Romanian operations lease the land for its solar parks. The combined estimated annual cost of $16,042. The leases commenced in 2012 and run for 20 years.   Minimum Future Lease Payments:   <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> Total</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> 2020</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">156,312</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> 2021</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">208,128</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> 2022</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">208,128</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> 2023</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">208,128</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> 2024</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">208,128</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Thereafter</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,275,275</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td>  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">3,264,099</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table></div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">Common Stock:   In the first quarter of 2020, the Corporation issued 135,368 shares of Class A common stock as fees related to third party investment, and 33,250 shares of restricted Class A common stock were issued to a consultant for services rendered. The total value was based on the closing stock price of our common stock on the various dates of issuance, and equal to $29,150.   On March 20, 2020, the Company received a notice of conversion from Growthcap Investments Inc. (“GII”), a related party of the CEO, to convert the entirety of its shares of Series E Convertible Preferred Stock, with a stated value of $0.001 per share, into an aggregate of 50,000,000 shares of the Company’s Class A Common Stock (the “Conversion”). On March 20, 2020, the Company effected the Conversion and issued to GII an aggregate of 50,000,000 shares of Class A Common Stock.   Warrants: As of March 31, 2020, warrants to purchase up to 13,053,235 shares of restricted common stock were issued and outstanding. For the three months ended March 31, 2020, the Company did not issue any warrants.   <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> March 31, 2020</td> <td style="white-space: nowrap;">  </td></tr> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" colspan="2" style="width:9%;">  </td> <td style="white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> Average</td> <td style="white-space: nowrap;">  </td></tr> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> Warrants</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> Exercise Price</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Balance - beginning of period</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,053,235</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.15</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Exercised during the period</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Granted during the period</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Balance - end of period</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">13,053,235</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.15</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Exercisable - end of period</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">13,053,235</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">0.15</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table></div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">The Company has one operating segment and the decision-making group is the senior executive management team. The Company manages the segment by country focusing on gross profit by country.   <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> Revenues</td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> Three Months Ended March, 2020</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> Three Months Ended March, 2019</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Italy</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">297,665</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">160,270</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Romania</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">182,665</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">187,639</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Netherlands</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">197,083</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Germany</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">20,290</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">22,222</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Total</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">697,703</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">370,131</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td>  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Cost of Revenues</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Italy</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">130,684</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,432</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Romania</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">90,831</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">143,576</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Netherlands</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">105,359</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Germany</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">99</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Total</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">326,973</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">157,008</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td>  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Gross Profit</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Italy</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">166,981</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">146,838</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Romania</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">91,834</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44,063</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Netherlands</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">91,724</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Germany</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">20,191</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">22,222</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Total</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">370,730</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">213,123</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table>     <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> Investment In Energy Property and Equipment, Net</td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> March 31, 2020</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> December 31, 2019</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Romania</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,625,777</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,772,109</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Italy</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,489,583</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">17,067,553</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Germany</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,608,323</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,661,516</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Netherlands</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,638,703</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,958,300</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td>  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">32,362,386</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">33,459,478</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table>   </div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">In accordance with ASC 855, Subsequent Events, we have evaluated subsequent events through the date of issuance of these unaudited condensed financial statements. During this period, we had the following materially recognizable subsequent events.   In April of 2020, the Company entered into a Securities Purchase Agreement with an accredited investor in connection with an investment of $53,000, and pursuant to which the Company issued a promissory note convertible at 65% of the lowest trading price of the Company's Class A Common Stock for the last 15 trading days prior to conversion, and accruing 10% interest per annum, with a maturity date of April 6, 2021.   On April 7, 2020 the Company entered into a Settlement Agreement with Unisun whereby the Company agreed to pay Unisun $2,000,000 as full settlement for all the outstanding amounts owed under the loan from Unisun and related to the acquisition of Zonnepark Rilland, other than a potential earn out. On April 16, 2020, the Company received a Notice of Default from Unisun regarding the Settlement Agreement, and on April 23, 2020 Unisun terminated the Settlement Agreement due to nonpayment.Court proceedings on the merits of Unisun’s claim of the amounts due under this loan and the penalties commenced on September 16, 2020, and we have until October 28, 2020 to submit our statement of defense.   On May 25, 2020 the Company filed a Form 15 with the Securities and Exchange Commission in order to deregister its shares.   On May 22, 2020, the Corporation issued 700,000 shares of Class A common stock to two consultants for services rendered. The total value was based on the closing stock price of our common stock on the various dates of issuance, equals $77,000.   On June 12, 2020, Alternus Energy International Limited (“Alternus” or the “Purchaser”), a wholly owned subsidiary of the Company, and Sycamore Capital (Italy) Limited (the “Seller”) entered into a Share Purchase Agreement (the “SPA”). Pursuant to the terms of the SPA, the Seller agreed to sell to Alternus 100% of the share capital of Solar Sicily S.r.l., an Italian SPV that owns the project rights to develop and construct a 102 MW ground-mounted solar photovoltaic (PV) power plant in Sicily, Italy (the “Project”), in exchange for approximately $15.4 million (€14 million), to be paid on closing (the “Purchase Price”).   In July, the Company incorporated 3 new wholly owned subsidiaries, one in the Netherlands, AEN 02 B.V, and two in Italy, PC-Italia-04 Srl, which is wholly owned by AEN 02 BV, and PC-Italia-03 Srl, which is wholly owned by Alternus Energy International Ltd. These companies were incorporated to acquire various special purpose vehicles (SPVs), project rights and other solar energy assets in various locations across Europe.   On August 12, 2020, the Company issued an option to purchase up to 100,000 shares of restricted common stock under the Corporation’s 2019 Stock Incentive Plan, having a three year vesting schedule and exercisable at $0.10 per share with a cashless exercise provision.   On August 12, 2020, the Company guaranteed a 9.15 million RON (equivalent to approximately US$2.0M) promissory note issued by both of its subsidiaries, Power Clouds S.R.L., and F.R.A.N. Energy Investment SRL two Romanian companies to OTP Bank in Romania, which is secured in first position against the Romanian solar parks and customer contracts held, accruing interest annually at a rate of ROBOR 3M + 3.3% and having a term of 10 years.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">The consolidated financial statements as of March 31, 2020 and 2019 and for the three months then ended include the accounts of the Company and the aforementioned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The results of subsidiaries acquired or disposed of during the respective periods are included in the unaudited condensed consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses for the periods presented. The most significant estimates with regard to these statements relate to the assumptions utilized in the calculation of stock and warrant compensation expense, asset retirement obligations and impairment of long-lived assets. Actual results could differ from these estimates.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">The Company derives revenues as single unit from the sale of electricity and the sale of solar renewable energy credits. Energy generation revenue and solar renewable energy credits revenue are recognized as electricity is generated by the solar energy facility and delivered to the customers at which time all performance obligations have been delivered. Revenues are based on actual output and contractual sale prices set forth in long-term contracts.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure. Also see Footnote 2 regarding going concern matters.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">The Company measures its financial instruments at fair value. Accounting principles generally accepted in the United States of America (U.S. GAAP) establishes a framework for measuring fair value and disclosures about fair value measurements.   To increase consistency and comparability in fair value measurements and related disclosures, GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy are described below:   Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1 that are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data.   Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The Company has level 3 asset and liabilities consisting of asset retirement obligations which are not material   The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable, approximate their fair value because of the short maturity of those instruments.   Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences, operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.   As of March 31, 2020 the Company has U.S. federal and state net operating loss carryovers of approximately $4,667,136, which will expire at various dates beginning in 2034 through 2037, if not utilized with exception of loss carryovers generated in 2018 and 2019. As a result of Tax Cuts and Jobs Act, net operating losses generated in 2018 and beyond have indefinite lives, but limited to 80% of taxable income in each year. Additionally, as of March 31, 2020, the Company has U.S. federal capital loss carryovers of approximately $949,875, which will expire at various dates beginning in 2020 through 2022, if not utilized against capital gain income. In accordance with Section 382 of the internal revenue code, deductibility of the Company’s U.S. net operating loss carryovers may be subject to an annual limitation in the event of a change of control as defined under the Section 382 regulations.   In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. As of March 31, 2020 and December 31, 2019 the valuation allowance was $2,512,173.   The Company evaluated the provisions of ASC 740 related to the accounting for uncertainty in income taxes recognized in their financial statements. ASC 740 prescribes a comprehensive model for how a company should recognize, present, and disclose uncertain positions that the company has taken or expects to take in its return. For those benefits to be recognized, a tax position must be more-likely-than- not to be sustained upon examination by taxing authorities. Differences between two positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing-authority for a tax position that was not recognized as a result of applying the provisions of ASC 740.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">The Company accounts for stock-based compensation in accordance with ASC 718. Under the fair value recognition provisions of this statement, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period, which is the vesting period.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">Net income (loss) per common share is computed pursuant to section 260 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. As of March 31, 2020, the Company had 13,053,235 common shares underlying warrants, and 10,137,054 common shares underlying convertible notes associated with debt issuance. As of March 31, 2019, the Company had 13,543,235 common shares underlying warrants, and 1,218,681 common shares underlying convertible notes associated with debt issuance. For both 2020 and 2019, the potentially dilutive shares were excluded since they were anti-dilutive.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">The functional currency of our foreign subsidiaries is typically the applicable local currency which is Romania Lei, Japanese Yen or European Union Euros. The translation from the respective foreign currency to United States Dollars (U.S. Dollar) is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using an average exchange rate during the period. Gains or losses resulting from such translation are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency transactions are included in foreign currency income or loss except for the effect of exchange rates on long-term inter-company transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income.   Transaction gains and losses are recognized in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting date. The Company had an immaterial net foreign exchange loss for the period ended March 31, 2020 and 2019, respectively. The foreign currency exchange gains and losses are included as a component of general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss. For the three month period ended March 31, 2020 and 2019, the increase in accumulated comprehensive loss related to foreign currency translation adjustments was $130,263 and $317,664, respectively.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">We apply the accounting standards for distinguishing liabilities from equity under U.S. GAAP when determining the classification and measurement of our convertible preferred stock. Preferred Stock subject to mandatory redemption is classified as liability instruments and is measured at fair value. Conditionally redeemable Preferred Stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as temporary equity. At all other times, preferred stock is classified as permanent equity.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">The Company follows the guidance in Section 855 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company considers its financial statements issued when they are widely distributed to users, such as through filing them with the Securities and Exchange Commission. No subsequent events required disclosure except for those in Note 11.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">On January 1, 2019, the Company adopted ASU 2016-18. The adoption had an impact on the Company’s beginning of the period and end of the period cash and cash equivalents balance in its statement of cash flows. Restricted cash at the end of March 31, 2020 and December 31, 2019 was related to debt service reserve and maintenance reserves required by third party senior lender. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheet that equals the total of the same amounts reported in the consolidated statement of cash flows:   <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td>  </td> <td>  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> March 31, 2020</td> <td>  </td> <td>  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> December 31, 2019</td> <td>  </td></tr> <tr style="height:15px"> <td>  </td> <td style="width:1%;">  </td> <td colspan="2" style="width:9%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td colspan="2" style="width:9%;">  </td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Cash and cash equivalents </td> <td style="width:1%;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 765,679,</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 1,076,995</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Restricted cash </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 342,729</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 349,434</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Total cash, cash equivalents, and restricted cash </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 1,108,407</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 1,426,429</td> <td style="width:1%;">  </td></tr></table>   In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The guidance in this ASU expands the scope of ASC Topic 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. This amendment is effective for annual and period starting on January 1st, 2019. The ASU No. 2018-07 adoption did not have a material impact on The Company’s financial position, results of operations or financial statement disclosure.</div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN">In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either operating or financing, with such classifications affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2019, and early adoption is permitted. ASU 2016-02 was recently delayed for emerging growth companies that elected to adopt new accounting standards on the adoption date required for private companies and will be effective for the Company’s annual reporting period in 2022 and interim periods beginning first quarter of 2023. The Company is evaluating the impact ASU 2016-02 will have on its financial statements and associated disclosures.    In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326). This new guidance will change how entities account for credit impairment for trade and other receivables, as well as for certain financial assets and other instruments. The update will replace the current incurred loss model with an expected loss model. Under the incurred loss model, a loss (or allowance) is recognized only when an event has occurred (such as a payment delinquency) that causes the entity to believe that a loss is probable (that is has been “incurred”). Under the expected loss model, a loss (or allowance) is recognized upon initial recognitions of the asset that reflects all future events that leads to a loss being realized, regardless of whether it is probable that the future event will occur. The incurred loss model considers past events and conditions, while the expected loss model includes expectations for the future which have yet to occur. ASU 2018-19 was issued in November 2018 and excludes operating leases from the new guidance. The standard will require entities to record a cumulative-effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. As an Emerging Growth Company, the standard is effective for the Company’s 2022 annual reporting period and interim periods beginning first quarter of 2023. The Company is evaluating the impact of ASU 2016-13 will have on its financial statements and associated disclosures.   On December 18, 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (the ASU), as part as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. The FASB’s amendments primarily impact ASC 740, Income Taxes, and may impact both interim and annual reporting periods. The Company is currently evaluating the effect that the adoption of ASU 2019-12 will have on its consolidated financial statement. The guidance is effective January 1, 2021 with early adoption permitted.</div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:20%;vertical-align:bottom;"> Subsidiary</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:25%;vertical-align:top;"> Principal Activity</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:15%;vertical-align:top;"> Date Acquired / Established</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:25%;"> ALTN Ownership</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:15%;vertical-align:top;"> Country of Operation</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Power Clouds SRL</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> March 31, 2015</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 99.5%*</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Romania</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> F.R.A.N. Energy Investment SRL</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> March 31, 2015</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 99.5%*</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Romania</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> AE Europe B.V. </td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Holding Company</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> August 2016</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100%</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Netherlands</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PC-Italia-01 S.R.L.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Sub-Holding</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> June 2015</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCE)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PC-Italia-02 S.p.A.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> August 2016</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCE)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Sant’Angelo Energia S.r.l.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> March 30, 2017</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PC_Italia_02)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PCG_HoldCo GmbH</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Holding Company</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> July 6, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100%</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PCG_GP UG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> General Partner (Management Company)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> August 30, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100%</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PSM 20 UG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> November 14, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCG_HoldCo)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> PSM 40 UG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> December 28, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCG_HoldCo)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> GRK 17.2 GmbH & Co KG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> November 17, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCG_HoldCo)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> GRT 1.1 GmbH & Co KG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> December 21, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCG_HoldCo)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> ALTN HoldCo UG</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> December 14, 2018</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PCG HoldCo)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Germany</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Alternus Energy International Ltd.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> European Operational Centre</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> March 1, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100%</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Ireland</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> CIC Rooftop 2 S.r.l.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> April 23, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;"> 100% (via PC-Italia-02)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> CIC RT Treviso S.r.l.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> April 23, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> 100% (via PC-Italia-02)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV White One S.r.l.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> April 23, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> 100% (via PC-Italia-02)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> CTS Power 2 S.r.l.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> April 23, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> 100% (via PC-Italia-02)</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Italy</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> AEN 01 B.V.</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> June 13, 2019</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> 100%</td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> Netherlands</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> Zonnepark Rilland B.V.</td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> SPV</td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> December 20, 2019</td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> 100%</td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> Netherlands</td></tr></table> </div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> March 31, 2020</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> December 31, 2019</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px"> <td>  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" colspan="2" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" colspan="2" style="width:9%;">  </td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Cash and cash equivalents </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">765,679,</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,076,995</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Restricted cash </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">342,729</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">349,434</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Total cash, cash equivalents, and restricted cash </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">1,108,407</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">1,426,429</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table> </div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> 2020</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">102,992</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> 2021</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">137,322</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> 2022</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">137,322</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> 2023</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">137,322</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> 2024</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">137,322</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Thereafter</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">608,260</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td>  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,260,540</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Less Interest Expense</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(289,355</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td>  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">971,185</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table> </div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> March 31, 2020</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> December 31,  2019</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Short term line of credit</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,123</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">35,120</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Promissory notes related parties</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">48,821</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Convertible notes related parties</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">291,540</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">291,540</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Senior secured debt</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,243,800</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,575,794</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Promissory notes</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,191,303</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,478,536</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Convertible promissory notes</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,430,140</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,169,401</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Gross debt</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">37,190,906</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">37,599,212</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Debt discount</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(444,977</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(784,130</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Net debt</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">36,745,929</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">36,815,082</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Less Current Maturities</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(23,107,839</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(22,705,665</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Long Term Debt, net of current maturities</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">13,638,090</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">14,109,418</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table> </div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td>  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> 2020</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> 2021</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> 2022</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> 2023</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> 2024</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> Thereafter</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td> <td style="white-space: nowrap;">  </td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> Total</td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Gross debt</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">23,409,856</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,102,888</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,108,229</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,113,219</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,118,312</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,338,402</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">37,190,906</td> <td style="width:1%;white-space: nowrap;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Debt discount</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(302,017</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(142,960</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;">  </td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(444,977</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Net debt</td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">23,107,839</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">959,928</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">1,108,229</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">1,113,219</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">1,118,312</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">9,338,402</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td> <td style="width:1%;white-space: nowrap;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:6%;vertical-align:bottom;text-align:right;">36,745,929</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;">  </td></tr></table> </div>

<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> Revenues</td> <td>  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Three Months Ended March, 2020</td> <td>  </td> <td>  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Three Months Ended March, 2019</td> <td>  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Italy</td> <td style="width:1%;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 297,665</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 160,270</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Romania</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 182,665</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 187,639</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Netherlands</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 197,083</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> -</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Germany</td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 20,290</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 22,222</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Total</td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 697,703</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 370,131</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td>  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;">  </td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Cost of Revenues</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;">  </td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Italy</td> <td style="width:1%;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 130,684</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 13,432</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Romania</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 90,831</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 143,576</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Netherlands</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 105,359</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> -</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Germany</td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 99</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> -</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Total</td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 326,973</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 157,008</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td>  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;">  </td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Gross Profit</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;">  </td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Italy</td> <td style="width:1%;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 166,981</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 146,838</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Romania</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 91,834</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 44,063</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Netherlands</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 91,724</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> -</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Germany</td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 20,191</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 22,222</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Total</td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 370,730</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 213,123</td> <td style="width:1%;">  </td></tr></table> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;">   Investment In Energy Property and Equipment, Net</td> <td>  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> March 31, 2020</td> <td>  </td> <td>  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> December 31, 2019</td> <td>  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Romania</td> <td style="width:1%;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 4,625,777</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 4,772,109</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Italy</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 16,489,583</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 17,067,553</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> Germany</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 1,608,323</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="width:9%;vertical-align:bottom;"> 1,661,516</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> Netherlands</td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 9,638,703</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:1%;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 9,958,300</td> <td style="width:1%;">  </td></tr> <tr style="height:15px;background-color:#cceeff"> <td>  </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 32,362,386</td> <td style="width:1%;">  </td> <td style="width:1%;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 33,459,478</td> <td style="width:1%;">  </td></tr></table></div> SPV 2019-12-20

Netherlands SPV 2019-06-13

Netherlands SPV

Germany 2018-12-28 SPV 2019-04-23

Italy SPV 2019-04-23

Italy European Operational Centre 2019-03-01

Ireland SPV 2018-12-14

Germany SPV 2018-12-21

Germany SPV 2018-11-17

Germany SPV 2018-11-14

Germany General Partner (Management Company) 2018-08-30

Germany Holding Company

Germany 2018-07-06 SPV 2017-03-30

Italy SPV

Italy 2016-08-01 Sub-Holding 2015-06-01

Italy Holding Company 2016-08-01

Netherlands SPV 2015-03-31

0.995

Romania SPV 2015-03-31

0.995

Romania On September 11, 2008 the corporation changed its name from Asset Realization, Inc. to World Assurance Group, Inc. On April 24, 2015, the Company changed its name from World Assurance Group, Inc. to Power Clouds Inc. On November 29, 2018, the Company changed its name from Power Clouds Inc. to Alternus Energy Inc. and related stock ticker symbol change from PWCL to ALTN -25266292 -23772002

342729

349434

1108407

1426429

As a result of Tax Cuts and Jobs Act, net operating losses generated in 2018 and beyond have indefinite lives, but limited to 80% of taxable income in each year.

13053235

13543235

10137054

1218681

-130263 -317664

4667136

which will expire at various dates beginning in 2034 through 2037 949875 which will expire at various dates beginning in 2020 through 2022

2512173

35440178 36123412

3076792

2663934

32362386

33459478

2251269 2311255

341965

321821

1909304 1989434

P15Y

P25Y

102992

137322

608260

1260540

-289355

971185

971186

86101

P18Y

0.045

34123

35120

0 48821 291540 291540

19243800

19575794

15191303

15478536

2430140

2169401

37190906 37599212

-444977

-784130

36745929

36815082

-23107839

-22705665

13638090 14109418

23409856

-302017

23107839

1102888

-142960

959928

1108229

1113219

1118312

9338402

37190906

-444977

36745929

0.20

0.12

A redemption right for the Corporation (provided the Company is listed on a national exchange and its per share value exceeds a $.55 per share

25000

P1Y

483183

310000

0.0174

February 10, 2021

0.1

105000

156312

208128

2275275

3264099

54226

P10Y

36820

P6M 16042 P20Y

1689864

P25Y

137859

55969

3000000

2000000

13053235

0.15

0.15 0.15

0.01

50000000

33250

135368

29150

370131

157008

213123

297665

160270

166981

146838

16489583

17067553

130684

13432

182665

187639

91834

44063

4625777

4772109

90831

143576

20290

22222

20191

22222

1608323

1661516

197083

91724

9638703

9958300

105359

2000000

0.1

0.65

P15Y

2021-04-06

53000

The Company guaranteed a 9.15 million RON (equivalent to approximately US$2.0M) promissory note issued by both of its subsidiaries, Power Clouds S.R.L., and F.R.A.N. Energy Investment SRL two Romanian companies to OTP Bank in Romania, which is secured in first position against the Romanian solar parks and customer contracts held, accruing interest annually at a rate of ROBOR 3M + 3.3% and having a term of 10 years.

9150000 15400000 a wholly owned subsidiary of the Company, and Sycamore Capital (Italy) Limited (the “Seller”) entered into a Share Purchase Agreement (the “SPA”). Pursuant to the terms of the SPA, the Seller agreed to sell to Alternus 100% of the share capital of Solar Sicily S.r.l., an Italian SPV that owns the project rights to develop and construct a 102 MW ground-mounted solar photovoltaic (PV) power plant in Sicily, Italy (the “Project”), in exchange for approximately $15.4 million (€14 million), to be paid on closing (the “Purchase Price”). In July, the Company incorporated 3 new wholly owned subsidiaries, one in the Netherlands, AEN 02 B.V, and two in Italy, PC-Italia-04 Srl, which is wholly owned by AEN 02 BV, and PC-Italia-03 Srl

700000

77000

EX-101.SCH 8 altn-20200331.xsd XBRL TAXONOMY EXTENSION SCHEMA 000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink 000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 000004 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS link:presentationLink link:calculationLink link:definitionLink 000005 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY link:presentationLink link:calculationLink link:definitionLink 000006 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 000007 - Disclosure - Organization and Formation link:presentationLink link:calculationLink link:definitionLink 000008 - Disclosure - Basis of Presentation and Going Concern link:presentationLink link:calculationLink link:definitionLink 000009 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 000010 - Disclosure - Investment in Energy Property and Equipment, Net link:presentationLink link:calculationLink link:definitionLink 000011 - Disclosure - Capital Leases link:presentationLink link:calculationLink link:definitionLink 000012 - Disclosure - Convertible and Unconvertible Promissory Notes link:presentationLink link:calculationLink link:definitionLink 000013 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 000014 - Disclosure - Shareholders Equity link:presentationLink link:calculationLink link:definitionLink 000015 - Disclosure - Geographical Information link:presentationLink link:calculationLink link:definitionLink 000016 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 000017 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 000018 - Disclosure - Organization and Formation (Tables) link:presentationLink link:calculationLink link:definitionLink 000019 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 000020 - Disclosure - Investment in Energy Property and Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 000021 - Disclosure - Capital Leases (Tables) link:presentationLink link:calculationLink link:definitionLink 000022 - Disclosure - Convertible and Unconvertible Promissory Notes (Tables) link:presentationLink link:calculationLink link:definitionLink 000023 - Disclosure - Commitments and Contingencies (Tables) link:presentationLink link:calculationLink link:definitionLink 000024 - Disclosure - Shareholders Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 000025 - Disclosure - Geographical Information (Tables) link:presentationLink link:calculationLink link:definitionLink 000026 - Disclosure - Organization and Formation (Details) link:presentationLink link:calculationLink link:definitionLink 000027 - Disclosure - Organization and Formation (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 000028 - Disclosure - Basis of Presentation and Going Concern (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 000029 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 000030 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 000031 - Disclosure - Investment in Energy Property and Equipment Net (Details) link:presentationLink link:calculationLink link:definitionLink 000032 - Disclosure - Investment in Energy Property and Equipment Net (Details 1) link:presentationLink link:calculationLink link:definitionLink 000033 - Disclosure - Investment in Energy Property and Equipment Net (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 000034 - Disclosure - Capital Leases (Details ) link:presentationLink link:calculationLink link:definitionLink 000035 - Disclosure - Capital Leases (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 000036 - Disclosure - Convertible and Unconvertible Promissory Notes (Details) link:presentationLink link:calculationLink link:definitionLink 000037 - Disclosure - Convertible and Unconvertible Promissory Notes (Details 1) link:presentationLink link:calculationLink link:definitionLink 000038 - Disclosure - Convertible and Unconvertible Promissory Notes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 000039 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details) link:presentationLink link:calculationLink link:definitionLink 000040 - Disclosure - COMMITMENTS AND CONTINGUENCIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 000041 - Disclosure - SHAREHOLDER'S EQUITY (Details) link:presentationLink link:calculationLink link:definitionLink 000042 - Disclosure - SHAREHOLDER'S EQUITY (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 000043 - Disclosure - GEOGRAPHICAL INFORMATION (Details) link:presentationLink link:calculationLink link:definitionLink 000044 - Disclosure - SUBSEQUENT EVENTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 9 altn-20200331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Entity Registrant Name Entity Central Index Key Document Type Amendment Flag Current Fiscal Year End Date Entity Small Business Entity Shell Company Entity Emerging Growth Company Entity Current Reporting Status Document Period End Date Entity Filer Category Document Fiscal Period Focus Document Fiscal Year Focus Entity Ex Transition Period Entity Common Stock Shares Outstanding Document Quarterly Report Document Transition Report Entity Interactive Data Current CONDENSED CONSOLIDATED BALANCE SHEETS Statement [Table] Statement [Line Items] Statement Class Of Stock Axis Class A common stock [Member] Class B Common Stock [Member] ASSETS Current Assets Cash and cash equivalents Accounts receivable Other receivable, sale of asset Prepaid expenses and other current assets, short-term portion Taxes recoverable Total Current Assets [Assets, Current] Investment in Energy Property and Equipment, Net [Property, Plant and Equipment, Net] Construction in Process Prepaid expenses and other current assets, long-term portion Goodwill Restricted cash Total Assets [Assets] LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities Convertible and non-convertible promissory notes, current portion Capital lease, current portion Taxes payable Total Current Liabilities [Liabilities, Current] Convertible and non-convertible promissory notes, net of current portion Capital lease, net of current portion Asset retirement obligation Total Liabilities [Liabilities] Commitments and Contingencies Commitments and Contingencies Disclosure [Abstract] Shareholders' equity Preferred Shares, $0.001 par value; 50,000,000 shares authorized, 0 and 5,000,000 issued and outstanding as of March 31, 2020 and December 31, 2019 Additional paid in capital Other comprehensive loss Accumulated deficit Total Shareholders' Equity [Stockholders' Equity Attributable to Parent] Total Liabilities and Shareholders' Equity [Liabilities and Equity] Common Stock Value Class A common stock [Member] Shareholder's Equity Preferred stock, shares par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, shares par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Revenues Cost of revenues [Cost of Revenue] Gross Profit [Gross Profit] Operating Expenses Selling, general and administrative Depreciation and amortization Total Operating Expenses [Operating Expenses] Loss from Operations [Operating Income (Loss)] Other Expense Interest expense [Interest Expense] Total other expense [Interest and Other Income] Loss before provision for income taxes [Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest] Provision for income taxes Net Loss Basic and diluted loss per share Weighted average shares outstanding: Basic and diluted Comprehensive loss: Net loss Current translation adjustment unrealized loss Comprehensive loss UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY Statement Equity Components [Axis] Series D, Preferred Stock [Member] Additional Paid-in Capital [Member] Accumulated Other Comprehensive Income/(Loss) [Member] Accumulated Deficit [Member] Balance, shares [Shares, Issued] Balance, amount Stock Compensation, shares Stock Compensation, amount Amortization of debt discount Unrealized loss on currency translation adjustment Net Loss [Net Income (Loss), Including Portion Attributable to Noncontrolling Interest] Conversion of preferred shares to Class A common shares, shares Conversion of preferred shares to Class A common shares, amount Balance, shares Balance, amount UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Cash Flows from Operating Activities: Net loss Adjustments to reconcile net loss to net cash used in operations Depreciation and amortization Stock compensation costs Amortization of debt discount [Amortization of Debt Discount (Premium)] Changes in assets and liabilities, net of acquisition and disposals: Accounts receivable and other short-term receivables Accounts payable and accrued liabilities [Increase (Decrease) in Accounts Payable and Accrued Liabilities] Energy incentives earned, not yet received Vendor deposits and prepayments Net Cash Used in Operating Activities [Net Cash Provided by (Used in) Operating Activities] Cash Flows from Investing Activities: Cash used for construction in process Net Cash Used In Investing Activities [Net Cash Provided by (Used in) Investing Activities] Cash Flows from Financing Activities: Proceeds from debt, related parties Payments of debt principal, related parties Proceeds from debt, senior debt and promissory notes Payments on debt principal, senior debt and promissory notes Payments on leased assets, principal Net Cash Provided by Financing Activities [Net Cash Provided by (Used in) Financing Activities] Effect of exchange rate on cash Net decrease in cash and cash equivalents [Cash and Cash Equivalents, Period Increase (Decrease)] Cash, cash equivalents, and restricted cash beginning of the period [Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents] Cash, cash equivalents, and restricted cash end of the period Supplemental Cash Flow Disclosure Cash paid for interest Organization and Formation Note 1. Organization and Formation Basis of Presentation and Going Concern 2. Basis of Presentation and Going Concern Summary of Significant Accounting Policies Note 3. Summary of Significant Accounting Policies Investment in Energy Property and Equipment, Net Note 4. Investment in Energy Property and Equipment, Net Capital Leases Note 5. Capital Leases Convertible and Unconvertible Promissory Notes Note 6. Convertible and Unconvertible Promissory Notes Commitments and Contingencies Note 7. Commitments and Contingencies Shareholders Equity Note 8. Shareholder's Equity Geographical Information Note 9. Geographical Information Subsequent Events Note 10. Subsequent Events Basis of consolidation Use of estimates Revenue Recognition Risks and Uncertainties Fair Value of Financial Instruments Income Taxes Stock-Based Compensation Net loss per common share Foreign Currency and Other Comprehensive Loss Preferred Stock Subsequent Events Subsequent Events, Policy [Policy Text Block] Recent Accounting Standards Recent Accounting Standards Not Adopted Schedule of Organization and Formation Schedule of Revenue Recognition Schedule of Investment in Energy Property and Equipment Schedule of capital leases Schedule of Capital Leases Schedule of Convertible and Nonconvertible Promissory Notes Schedule of Note principal payments Schedule of Commitments and Contingencies Schedule of Shareholders' Equity Schedule of Geographical Information Related Party Transactions By Related Party Axis Related Party Transaction Axis Zonnepark Rilland B.V. [Member] EX-101.CAL 10 altn-20200331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.PRE 11 altn-20200331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EX-101.DEF 12 altn-20200331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE XML 13 R1.htm IDEA: XBRL DOCUMENT

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2020	Oct. 05, 2020
Cover [Abstract]
Entity Registrant Name	Alternus Energy Inc.
Entity Central Index Key	0001621499
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		120,520,492
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

XML 14 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 765,679	$ 1,076,995
Accounts receivable	88,502	210,032
Other receivable, sale of asset	29,937	383,819
Prepaid expenses and other current assets, short-term portion	535,102	502,054
Taxes recoverable	528,466	610,919
Total Current Assets	1,947,686	2,783,819
Investment in Energy Property and Equipment, Net	32,362,386	33,459,478
Construction in Process	7,580,763	7,270,194
Prepaid expenses and other current assets, long-term portion	317,931	396,639
Goodwill	1,438,013	1,353,998
Restricted cash	342,729	349,434
Total Assets	43,989,508	45,613,562
Current Liabilities
Accounts payable and accrued liabilities	3,952,511	3,700,796
Convertible and non-convertible promissory notes, current portion	23,107,839	22,705,665
Capital lease, current portion	86,101	87,785
Taxes payable	69,911	61,575
Total Current Liabilities	27,216,362	26,555,821
Convertible and non-convertible promissory notes, net of current portion	13,638,090	14,109,417
Capital lease, net of current portion	885,085	923,948
Asset retirement obligation	144,965	146,215
Total Liabilities	41,884,502	41,735,401
Shareholders' equity
Preferred Shares, $0.001 par value; 50,000,000 shares authorized, 0 and 5,000,000 issued and outstanding as of March 31, 2020 and December 31, 2019	0	5,000
Additional paid in capital	15,426,099	15,442,118
Other comprehensive loss	(772,877)	(642,682)
Accumulated deficit	(12,681,567)	(11,009,458)
Total Shareholders' Equity	2,105,007	3,878,161
Total Liabilities and Shareholders' Equity	43,989,508	45,613,652
Class A common stock [Member]
Shareholders' equity
Total Shareholders' Equity	118,352	68,183
Common Stock Value	118,352	68,183
Class B Common Stock [Member]
Shareholders' equity
Total Shareholders' Equity	15,000	15,000
Common Stock Value	$ 15,000	$ 15,000

XML 15 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Shareholder's Equity
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	5,000,000
Preferred stock, shares outstanding	0	5,000,000
Class B Common Stock [Member]
Shareholder's Equity
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	0	15,000,000
Common stock, shares outstanding	0	15,000,000
Class A common stock [Member]
Shareholder's Equity
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	450,000,000	435,000,000
Common stock, shares issued	118,351,219	68,182,602
Common stock, shares outstanding	118,351,219	68,182,602

XML 16 R4.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenues	$ 697,703	$ 370,131
Cost of revenues	(326,973)	(157,008)
Gross Profit	370,730	213,123
Operating Expenses
Selling, general and administrative	868,798	542,557
Depreciation and amortization	509,332	167,471
Total Operating Expenses	1,378,130	710,028
Loss from Operations	(1,007,400)	(496,905)
Other Expense
Interest expense	(664,641)	(887,374)
Total other expense	(664,641)	(887,374)
Loss before provision for income taxes	(1,672,041)	(1,384,279)
Provision for income taxes	0	0
Net Loss	$ (1,672,041)	$ (1,384,279)
Basic and diluted loss per share	$ (0.02)	$ (0.01)
Weighted average shares outstanding:
Basic and diluted	71,679,845	114,384,791
Comprehensive loss:
Net loss	$ (1,672,041)	$ (1,384,279)
Current translation adjustment unrealized loss	(130,263)	(317,664)
Comprehensive loss	$ (1,802,304)	$ (1,701,943)

XML 17 R5.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY - USD ($)	Total	Series D, Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income/(Loss) [Member]	Accumulated Deficit [Member]	Class B Common Stock [Member]	Class A common stock [Member]
Balance, shares at Dec. 31, 2018							110,726,726
Balance, amount at Dec. 31, 2018	$ 5,034,364	$ 0	$ 13,164,601	$ (260,424)	$ (7,980,540)	$ 0	$ 110,727
Stock Compensation, shares							21,915,876
Stock Compensation, amount	1,417,864	0	1,395,948	0	0	0	$ 21,916
Amortization of debt discount	123,804	0	123,804	0	0	0	0
Unrealized loss on currency translation adjustment	(317,644)	0	0	(317,644)	0	0	0
Net Loss	(1,384,279)	0	0	0	(1,384,279)	$ 0	$ 0
Balance, shares at Mar. 31, 2019						30,000,000	369,345,040
Balance, amount at Mar. 31, 2019	9,084,123	$ 0	45,536,551	(2,123,822)	(34,727,953)	$ 30,000	$ 369,347
Balance, shares at Dec. 31, 2019		5,000,000				15,000,000	68,182,601
Balance, amount at Dec. 31, 2019	3,878,161	$ 5,000	15,442,118	(642,614)	(11,009,458)	$ 15,000	$ 68,183
Stock Compensation, shares							168,618
Stock Compensation, amount	29,150	0	28,981	0	0	0	$ 169
Unrealized loss on currency translation adjustment	(130,263)	0	0	(130,263)	0	0	0
Net Loss	(1,672,109)	$ 0	0	0	(1,672,109)	0	$ 0
Conversion of preferred shares to Class A common shares, shares		(5,000,000)					50,000,000
Conversion of preferred shares to Class A common shares, amount	0	$ (5,000)	(45,000)	0	0	$ 0	$ 50,000
Balance, shares at Mar. 31, 2020						15,000,000	118,351,219
Balance, amount at Mar. 31, 2020	$ 2,105,007	$ 0	$ 15,426,099	$ (772,877)	$ (12,681,567)	$ 15,000	$ 118,352

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

XML 18 R6.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (1,672,041)	$ (1,384,279)	$ (1,384,279)
Adjustments to reconcile net loss to net cash used in operations
Depreciation and amortization	509,332	167,471	167,470
Stock compensation costs	29,150		161,686
Amortization of debt discount	0		77,415
Changes in assets and liabilities, net of acquisition and disposals:
Accounts receivable and other short-term receivables	536,017		(20,635)
Accounts payable and accrued liabilities	240,266		674,486
Energy incentives earned, not yet received	0		(52,675)
Vendor deposits and prepayments	40,777		243,136
Net Cash Used in Operating Activities	(316,567)		(133,396)
Cash Flows from Investing Activities:
Cash used for construction in process	(518,108)		(726,267)
Net Cash Used In Investing Activities	(518,108)		(726,267)
Cash Flows from Financing Activities:
Proceeds from debt, related parties	0		16,350	$ 0
Payments of debt principal, related parties	(48,191)		0
Proceeds from debt, senior debt and promissory notes	829,947		826,772
Payments on debt principal, senior debt and promissory notes	(224,586)		(723,575)
Payments on leased assets, principal	(21,190)		0
Net Cash Provided by Financing Activities	535,980		119,547
Effect of exchange rate on cash	(19,327)		(60,016)
Net decrease in cash and cash equivalents	(318,022)		(680,100)
Cash, cash equivalents, and restricted cash beginning of the period	1,426,429		1,026,533	1,026,533
Cash, cash equivalents, and restricted cash end of the period	1,108,407	$ 1,426,429	346,433	$ 1,426,429
Supplemental Cash Flow Disclosure
Cash paid for interest	$ 142,818		$ 152,929

XML 19 R7.htm IDEA: XBRL DOCUMENT

Organization and Formation

3 Months Ended

Mar. 31, 2020

Organization and Formation

Note 1. Organization and Formation

AE Europe B.V. (formerly Power Clouds Europe B.V.)

PC-Italia-01 S.R.L. (Formerly Power Clouds Wind Italia S.R.L.)

PC-Italia-02 S.p.A. (Formerly PC-Italia-02 S.R.L.)

PCG_HoldCo GmbH & PCG_GP UG

Alternus Energy International Limited

In March of 2019, the Company incorporated a new wholly owned subsidiary in Ireland, Alternus Energy International Limited. This company was incorporated to establish our European operations center.

AEN 01 B.V.

In summary, Alternus Energy is a holding company that operates through the following twenty operating subsidiaries as of March 31, 2020:

Subsidiary	Principal Activity	Date Acquired / Established	ALTN Ownership	Country of Operation
Power Clouds SRL	SPV	March 31, 2015	99.5%*	Romania
F.R.A.N. Energy Investment SRL	SPV	March 31, 2015	99.5%*	Romania
AE Europe B.V.	Holding Company	August 2016	100%	Netherlands
PC-Italia-01 S.R.L.	Sub-Holding	June 2015	100% (via PCE)	Italy
PC-Italia-02 S.p.A.	SPV	August 2016	100% (via PCE)	Italy
Sant’Angelo Energia S.r.l.	SPV	March 30, 2017	100% (via PC_Italia_02)	Italy
PCG_HoldCo GmbH	Holding Company	July 6, 2018	100%	Germany
PCG_GP UG	General Partner (Management Company)	August 30, 2018	100%	Germany
PSM 20 UG	SPV	November 14, 2018	100% (via PCG_HoldCo)	Germany
PSM 40 UG	SPV	December 28, 2018	100% (via PCG_HoldCo)	Germany
GRK 17.2 GmbH & Co KG	SPV	November 17, 2018	100% (via PCG_HoldCo)	Germany
GRT 1.1 GmbH & Co KG	SPV	December 21, 2018	100% (via PCG_HoldCo)	Germany
ALTN HoldCo UG	SPV	December 14, 2018	100% (via PCG HoldCo)	Germany
Alternus Energy International Ltd.	European Operational Centre	March 1, 2019	100%	Ireland
CIC Rooftop 2 S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
CIC RT Treviso S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
SPV White One S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
CTS Power 2 S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
AEN 01 B.V.	SPV	June 13, 2019	100%	Netherlands
Zonnepark Rilland B.V.	SPV	December 20, 2019	100%	Netherlands

Summary:

*Non-controlling interest is not material.

XML 20 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Going Concern	3 Months Ended
Basis of Presentation and Going Concern	Mar. 31, 2020
Basis of Presentation and Going Concern
2. Basis of Presentation and Going Concern	The unaudited condensed consolidated financial statements include the consolidated balance sheet, consolidated statements of operations, changes in shareholders’ equity and cash flows of the Company and have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) from records maintained by the Company. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s 2019 annual auditedconsolidated financial statements and accompanying notes filed on Form 10-K. The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary, in management’s opinion, to state fairly the Company’s financial position and results of operations for the reported periods.The results of operations for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the operating results for the full fiscal year for any future period. Going Concern Our unaudited condensed consolidated financial statements as of March 31, 2020 and 2019 identify the existence of certain conditions that raise substantial doubt about our ability to continue as a going concern for twelve months from the issuance of this report. The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had net loss of ($1,672,109) and ($1,384,279) for the periods ended March 31, 2020 and 2019, respectively. The Company had accumulated shareholders’ equity of $2,107,392 and $3,878,161 as of March 31, 2020 and December 31, 2019, respectively, and a working capital deficit of $25,266,292 and $23,772,002 as of March 31, 2020 and December 31, 2019, respectively. At March 31, 2020, the Company had $765,679 of cash on hand. Our operating revenues are insufficient to fund our operations and our assets already are pledged to secure our indebtedness to various third party secured creditor, respectively. The unavailability of additional financing could require us to delay, scale back or terminate our acquisition efforts as well as our own business activities, which would have a material adverse effect on the Company and its viability and prospects. The terms of our indebtedness, including the covenants and the dates on which principal and interest payments on our indebtedness are due, increases the risk that we will be unable to continue as a going concern. To continue as a going concern over the next twelve months from the date these financial statements are issued, we must make payments on our debt as they come due and comply with the covenants in the agreements governing our indebtedness or, if we fail to do so, to (i) negotiate and obtain waivers of or forbearances with respect to any defaults that occur with respect to our indebtedness, (ii) amend, replace, refinance or restructure any or all of the agreements governing our indebtedness, and/or (iii) otherwise raise additional capital. However, we cannot provide any assurances that we will be successful in accomplishing any of these plans. The recent outbreak of the corona virus, also known as "COVID-19", has spread across the globe and is impacting worldwide economic activity. Conditions surrounding the corona virus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the virus. The outbreak and the related mitigation measures may have an adverse impact on global economic conditions as well as on the Company's business activities. The extent to which the corona virus may impact the Company's business activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions, business disruptions, and the effectiveness of actions taken in the United States and other countries to contain and treat the disease. These events are highly uncertain and as such, the Company cannot determine their financial impact at this time.

XML 21 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Summary of Significant Accounting Policies

Note 3. Summary of Significant Accounting Policies

Basis of consolidation

Use of estimates

Revenue Recognition

Risks and Uncertainties

Fair Value of Financial Instruments

Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2 Pricing inputs other than quoted prices in active markets included in Level 1 that are either directly or indirectly observable as of the reporting date.

Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data.

Income Taxes

Stock-Based Compensation

Net income (loss) per common share

Foreign Currency and Other Comprehensive Loss

Preferred Stock

Subsequent Events

Recent Accounting Standards

	March 31, 2020		December 31, 2019

Cash and cash equivalents	$	765,679,	$	1,076,995
Restricted cash		342,729		349,434
Total cash, cash equivalents, and restricted cash	$	1,108,407	$	1,426,429

Recent Accounting Standards Not Adopted

XML 22 R10.htm IDEA: XBRL DOCUMENT

Investment in Energy Property and Equipment, Net

3 Months Ended

Mar. 31, 2020

Investment in Energy Property and Equipment, Net

Note 4. Investment in Energy Property and Equipment, Net

As of March 31, 2020 and December 31, 2019, the Company had net investment in energy property, as outlined in the table below.

	March 31, 2020			December 31, 2019
Solar energy facilities operating	$	35,440,178		$	36,123,412
Less accumulated depreciation		(3,076,792	)		(2,663,934	)
Net Assets	$	32,362,386		$	33,459,478

The estimated useful life remaining on the investment in energy property and asset retirement obligation is between 15 and 25 years.

Depreciation expense for the three months ended March 31, 2020 and 2019, was $509,332 and $167,471, respectively

The Company leases various equipment under capital leases. Assets held under capital leases are included in property and equipment as follows:

	March 31, 2020			December 31, 2019
Finance lease right of use asset	$	2,251,269		$	2,311,255
Less accumulated depreciation		(341,965	)		(321,821	)
Net Assets	$	1,909,304		$	1,989,434

XML 23 R11.htm IDEA: XBRL DOCUMENT

Capital Leases

3 Months Ended

Mar. 31, 2020

Capital Leases

Note 5. Capital Leases

Capital lease future minimum payments for each of the next five years and thereafter is as follows:

2020		102,992
2021		137,322
2022		137,322
2023		137,322
2024		137,322
Thereafter		608,260
		1,260,540
Less Interest Expense		(289,355	)
	$	971,185

XML 24 R12.htm IDEA: XBRL DOCUMENT

Convertible and Unconvertible Promissory Notes

3 Months Ended

Mar. 31, 2020

Convertible and Unconvertible Promissory Notes

Note 6. Convertible and Unconvertible Promissory Notes

The following table reflects the total debt balances of the Company as of March 31, 2020 and December 31, 2019:

	March 31, 2020			December 31, 2019
Short term line of credit	$	34,123		$	35,120
Promissory notes related parties		-			48,821
Convertible notes related parties		291,540			291,540
Senior secured debt		19,243,800			19,575,794
Promissory notes		15,191,303			15,478,536
Convertible promissory notes		2,430,140			2,169,401
Gross debt		37,190,906			37,599,212
Debt discount		(444,977	)		(784,130	)
Net debt		36,745,929			36,815,082
Less Current Maturities		(23,107,839	)		(22,705,665	)
Long Term Debt, net of current maturities	$	13,638,090		$	14,109,418

Note principal payments next five years and thereafter:

	2020			2021			2022		2023		2024		Thereafter		Total
Gross debt	$	23,409,856		$	1,102,888		$	1,108,229	$	1,113,219	$	1,118,312	$	9,338,402	$	37,190,906
Debt discount		(302,017	)		(142,960	)		-		-		-		-		(444,977	)
Net debt	$	23,107,839		$	959,928		$	1,108,229	$	1,113,219	$	1,118,312	$	9,338,402	$	36,745,929

XML 25 R13.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Note 7. Commitments and Contingencies

Litigation

Operating Leases

As part of the Rilland acquisition, the Company acquired a twenty-five year lease. The annual lease payment is $137,859 for the first fifteen years and $55,969 for years sixteen through twenty five.

The Company’s Romanian operations lease the land for its solar parks. The combined estimated annual cost of $16,042. The leases commenced in 2012 and run for 20 years.

Minimum Future Lease Payments:

	Total
2020	$	156,312
2021		208,128
2022		208,128
2023		208,128
2024		208,128
Thereafter		2,275,275
	$	3,264,099

XML 26 R14.htm IDEA: XBRL DOCUMENT

Shareholders Equity

3 Months Ended

Mar. 31, 2020

Shareholders Equity

Note 8. Shareholder's Equity

Common Stock:

Warrants:

	March 31, 2020
			Average
	Warrants		Exercise Price
Balance - beginning of period		13,053,235	$	0.15
Exercised during the period		-		-
Granted during the period		-		-
Balance - end of period		13,053,235	$	0.15
Exercisable - end of period		13,053,235	$	0.15

XML 27 R15.htm IDEA: XBRL DOCUMENT

Geographical Information

3 Months Ended

Mar. 31, 2020

Geographical Information

Note 9. Geographical Information

The Company has one operating segment and the decision-making group is the senior executive management team. The Company manages the segment by country focusing on gross profit by country.

Revenues	Three Months Ended March, 2020		Three Months Ended March, 2019
Italy	$	297,665	$	160,270
Romania		182,665		187,639
Netherlands		197,083		-
Germany		20,290		22,222
Total	$	697,703	$	370,131

Cost of Revenues
Italy	$	130,684	$	13,432
Romania		90,831		143,576
Netherlands		105,359		-
Germany		99		-
Total	$	326,973	$	157,008

Gross Profit
Italy	$	166,981	$	146,838
Romania		91,834		44,063
Netherlands		91,724		-
Germany		20,191		22,222
Total	$	370,730	$	213,123

Investment In Energy Property and Equipment, Net	March 31, 2020		December 31, 2019
Romania	$	4,625,777	$	4,772,109
Italy		16,489,583		17,067,553
Germany		1,608,323		1,661,516
Netherlands		9,638,703		9,958,300
	$	32,362,386	$	33,459,478

XML 28 R16.htm IDEA: XBRL DOCUMENT

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events
Note 10. Subsequent Events	In accordance with ASC 855, Subsequent Events, we have evaluated subsequent events through the date of issuance of these unaudited condensed financial statements. During this period, we had the following materially recognizable subsequent events. In April of 2020, the Company entered into a Securities Purchase Agreement with an accredited investor in connection with an investment of $53,000, and pursuant to which the Company issued a promissory note convertible at 65% of the lowest trading price of the Company's Class A Common Stock for the last 15 trading days prior to conversion, and accruing 10% interest per annum, with a maturity date of April 6, 2021. On April 7, 2020 the Company entered into a Settlement Agreement with Unisun whereby the Company agreed to pay Unisun $2,000,000 as full settlement for all the outstanding amounts owed under the loan from Unisun and related to the acquisition of Zonnepark Rilland, other than a potential earn out. On April 16, 2020, the Company received a Notice of Default from Unisun regarding the Settlement Agreement, and on April 23, 2020 Unisun terminated the Settlement Agreement due to nonpayment.Court proceedings on the merits of Unisun’s claim of the amounts due under this loan and the penalties commenced on September 16, 2020, and we have until October 28, 2020 to submit our statement of defense. On May 25, 2020 the Company filed a Form 15 with the Securities and Exchange Commission in order to deregister its shares. On May 22, 2020, the Corporation issued 700,000 shares of Class A common stock to two consultants for services rendered. The total value was based on the closing stock price of our common stock on the various dates of issuance, equals $77,000. On June 12, 2020, Alternus Energy International Limited (“Alternus” or the “Purchaser”), a wholly owned subsidiary of the Company, and Sycamore Capital (Italy) Limited (the “Seller”) entered into a Share Purchase Agreement (the “SPA”). Pursuant to the terms of the SPA, the Seller agreed to sell to Alternus 100% of the share capital of Solar Sicily S.r.l., an Italian SPV that owns the project rights to develop and construct a 102 MW ground-mounted solar photovoltaic (PV) power plant in Sicily, Italy (the “Project”), in exchange for approximately $15.4 million (€14 million), to be paid on closing (the “Purchase Price”). In July, the Company incorporated 3 new wholly owned subsidiaries, one in the Netherlands, AEN 02 B.V, and two in Italy, PC-Italia-04 Srl, which is wholly owned by AEN 02 BV, and PC-Italia-03 Srl, which is wholly owned by Alternus Energy International Ltd. These companies were incorporated to acquire various special purpose vehicles (SPVs), project rights and other solar energy assets in various locations across Europe. On August 12, 2020, the Company issued an option to purchase up to 100,000 shares of restricted common stock under the Corporation’s 2019 Stock Incentive Plan, having a three year vesting schedule and exercisable at $0.10 per share with a cashless exercise provision. On August 12, 2020, the Company guaranteed a 9.15 million RON (equivalent to approximately US$2.0M) promissory note issued by both of its subsidiaries, Power Clouds S.R.L., and F.R.A.N. Energy Investment SRL two Romanian companies to OTP Bank in Romania, which is secured in first position against the Romanian solar parks and customer contracts held, accruing interest annually at a rate of ROBOR 3M + 3.3% and having a term of 10 years.

XML 29 R17.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2020

Summary of Significant Accounting Policies

Basis of consolidation

Use of estimates

Revenue Recognition

Risks and Uncertainties

Fair Value of Financial Instruments

Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2 Pricing inputs other than quoted prices in active markets included in Level 1 that are either directly or indirectly observable as of the reporting date.

Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data.

Income Taxes

Stock-Based Compensation

Net loss per common share

Foreign Currency and Other Comprehensive Loss

Preferred Stock

Subsequent Events

Recent Accounting Standards

	March 31, 2020		December 31, 2019

Cash and cash equivalents	$	765,679,	$	1,076,995
Restricted cash		342,729		349,434
Total cash, cash equivalents, and restricted cash	$	1,108,407	$	1,426,429

Recent Accounting Standards Not Adopted

XML 30 R18.htm IDEA: XBRL DOCUMENT

Organization and Formation (Tables)

3 Months Ended

Mar. 31, 2020

Organization and Formation

Schedule of Organization and Formation

Subsidiary	Principal Activity	Date Acquired / Established	ALTN Ownership	Country of Operation
Power Clouds SRL	SPV	March 31, 2015	99.5%*	Romania
F.R.A.N. Energy Investment SRL	SPV	March 31, 2015	99.5%*	Romania
AE Europe B.V.	Holding Company	August 2016	100%	Netherlands
PC-Italia-01 S.R.L.	Sub-Holding	June 2015	100% (via PCE)	Italy
PC-Italia-02 S.p.A.	SPV	August 2016	100% (via PCE)	Italy
Sant’Angelo Energia S.r.l.	SPV	March 30, 2017	100% (via PC_Italia_02)	Italy
PCG_HoldCo GmbH	Holding Company	July 6, 2018	100%	Germany
PCG_GP UG	General Partner (Management Company)	August 30, 2018	100%	Germany
PSM 20 UG	SPV	November 14, 2018	100% (via PCG_HoldCo)	Germany
PSM 40 UG	SPV	December 28, 2018	100% (via PCG_HoldCo)	Germany
GRK 17.2 GmbH & Co KG	SPV	November 17, 2018	100% (via PCG_HoldCo)	Germany
GRT 1.1 GmbH & Co KG	SPV	December 21, 2018	100% (via PCG_HoldCo)	Germany
ALTN HoldCo UG	SPV	December 14, 2018	100% (via PCG HoldCo)	Germany
Alternus Energy International Ltd.	European Operational Centre	March 1, 2019	100%	Ireland
CIC Rooftop 2 S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
CIC RT Treviso S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
SPV White One S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
CTS Power 2 S.r.l.	SPV	April 23, 2019	100% (via PC-Italia-02)	Italy
AEN 01 B.V.	SPV	June 13, 2019	100%	Netherlands
Zonnepark Rilland B.V.	SPV	December 20, 2019	100%	Netherlands

XML 31 R19.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Significant Accounting Policies

Schedule of Revenue Recognition

	March 31, 2020		December 31, 2019

Cash and cash equivalents	$	765,679,	$	1,076,995
Restricted cash		342,729		349,434
Total cash, cash equivalents, and restricted cash	$	1,108,407	$	1,426,429

XML 32 R20.htm IDEA: XBRL DOCUMENT

Investment in Energy Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2020

Investment in Energy Property and Equipment, Net

Schedule of Investment in Energy Property and Equipment

	March 31, 2020			December 31, 2019
Solar energy facilities operating	$	35,440,178		$	36,123,412
Less accumulated depreciation		(3,076,792	)		(2,663,934	)
Net Assets	$	32,362,386		$	33,459,478

Schedule of capital leases

	March 31, 2020			December 31, 2019
Finance lease right of use asset	$	2,251,269		$	2,311,255
Less accumulated depreciation		(341,965	)		(321,821	)
Net Assets	$	1,909,304		$	1,989,434

XML 33 R21.htm IDEA: XBRL DOCUMENT

Capital Leases (Tables)

3 Months Ended

Mar. 31, 2020

Capital Leases

Schedule of Capital Leases

2020		102,992
2021		137,322
2022		137,322
2023		137,322
2024		137,322
Thereafter		608,260
		1,260,540
Less Interest Expense		(289,355	)
	$	971,185

XML 34 R22.htm IDEA: XBRL DOCUMENT

Convertible and Unconvertible Promissory Notes (Tables)

3 Months Ended

Mar. 31, 2020

Convertible and Unconvertible Promissory Notes

Schedule of Convertible and Nonconvertible Promissory Notes

	March 31, 2020			December 31, 2019
Short term line of credit	$	34,123		$	35,120
Promissory notes related parties		-			48,821
Convertible notes related parties		291,540			291,540
Senior secured debt		19,243,800			19,575,794
Promissory notes		15,191,303			15,478,536
Convertible promissory notes		2,430,140			2,169,401
Gross debt		37,190,906			37,599,212
Debt discount		(444,977	)		(784,130	)
Net debt		36,745,929			36,815,082
Less Current Maturities		(23,107,839	)		(22,705,665	)
Long Term Debt, net of current maturities	$	13,638,090		$	14,109,418

Schedule of Note principal payments

	2020			2021			2022		2023		2024		Thereafter		Total
Gross debt	$	23,409,856		$	1,102,888		$	1,108,229	$	1,113,219	$	1,118,312	$	9,338,402	$	37,190,906
Debt discount		(302,017	)		(142,960	)		-		-		-		-		(444,977	)
Net debt	$	23,107,839		$	959,928		$	1,108,229	$	1,113,219	$	1,118,312	$	9,338,402	$	36,745,929

XML 35 R23.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments and Contingencies

	Total
2020	$	156,312
2021		208,128
2022		208,128
2023		208,128
2024		208,128
Thereafter		2,275,275
	$	3,264,099

XML 36 R24.htm IDEA: XBRL DOCUMENT

Shareholders Equity (Tables)

3 Months Ended

Mar. 31, 2020

Shareholders Equity

Schedule of Shareholders' Equity

	March 31, 2020
			Average
	Warrants		Exercise Price
Balance - beginning of period		13,053,235	$	0.15
Exercised during the period		-		-
Granted during the period		-		-
Balance - end of period		13,053,235	$	0.15
Exercisable - end of period		13,053,235	$	0.15

XML 37 R25.htm IDEA: XBRL DOCUMENT

Geographical Information (Tables)

3 Months Ended

Mar. 31, 2020

Geographical Information

Schedule of Geographical Information

Revenues	Three Months Ended March, 2020		Three Months Ended March, 2019
Italy	$	297,665	$	160,270
Romania		182,665		187,639
Netherlands		197,083		-
Germany		20,290		22,222
Total	$	697,703	$	370,131

Cost of Revenues
Italy	$	130,684	$	13,432
Romania		90,831		143,576
Netherlands		105,359		-
Germany		99		-
Total	$	326,973	$	157,008

Gross Profit
Italy	$	166,981	$	146,838
Romania		91,834		44,063
Netherlands		91,724		-
Germany		20,191		22,222
Total	$	370,730	$	213,123

Investment In Energy Property and Equipment, Net	March 31, 2020		December 31, 2019
Romania	$	4,625,777	$	4,772,109
Italy		16,489,583		17,067,553
Germany		1,608,323		1,661,516
Netherlands		9,638,703		9,958,300
	$	32,362,386	$	33,459,478

XML 38 R26.htm IDEA: XBRL DOCUMENT

Organization and Formation (Details)	3 Months Ended
Organization and Formation (Details)	Mar. 31, 2020
AE Europe BV [Member]
Principal Activity	Holding Company
Date Acquired/Established	Aug. 01, 2016
ALTN Ownership	100.00%
County of Operation	Netherlands
Zonnepark Rilland B.V. [Member]
Principal Activity	SPV
Date Acquired/Established	Dec. 20, 2019
ALTN Ownership	100.00%
County of Operation	Netherlands
AEN 01 B.V. [Member]
Principal Activity	SPV
Date Acquired/Established	Jun. 13, 2019
ALTN Ownership	100.00%
County of Operation	Netherlands
PSM 40 UG [Member]
Principal Activity	SPV
ALTN Ownership	100.00%
County of Operation	Germany
Date Acquired/Established	Dec. 28, 2018
CTS Power 2 S.r.l. [Member]
Principal Activity	SPV
Date Acquired/Established	Apr. 23, 2019
ALTN Ownership	100.00%
County of Operation	Italy
SPV White One S.r.l.[Member]
Principal Activity	SPV
Date Acquired/Established	Apr. 23, 2019
ALTN Ownership	100.00%
County of Operation	Italy
CIC RT Treviso S.r.l. [Member]
Principal Activity	SPV
Date Acquired/Established	Apr. 23, 2019
ALTN Ownership	100.00%
County of Operation	Italy
CIC Rooftop 2 S.r.l [Member]
Principal Activity	SPV
Date Acquired/Established	Apr. 23, 2019
ALTN Ownership	100.00%
County of Operation	Italy
Alternus Energy International Limited [Member]
Principal Activity	European Operational Centre
Date Acquired/Established	Mar. 01, 2019
ALTN Ownership	100.00%
County of Operation	Ireland
ALTN HoldCo UG [Member]
Principal Activity	SPV
Date Acquired/Established	Dec. 14, 2018
ALTN Ownership	100.00%
County of Operation	Germany
GRT 1.1 GmbH & Co KG [Member]
Principal Activity	SPV
Date Acquired/Established	Dec. 21, 2018
ALTN Ownership	100.00%
County of Operation	Germany
GRK 17.2 GmbH & Co KG [Member]
Principal Activity	SPV
Date Acquired/Established	Nov. 17, 2018
ALTN Ownership	100.00%
County of Operation	Germany
PSM 20 UG [Member]
Principal Activity	SPV
Date Acquired/Established	Nov. 14, 2018
ALTN Ownership	100.00%
County of Operation	Germany
PCG_GP UG [Member]
Principal Activity	General Partner (Management Company)
Date Acquired/Established	Aug. 30, 2018
ALTN Ownership	100.00%
County of Operation	Germany
PCG_HoldCo GmbH [Member]
Principal Activity	Holding Company
ALTN Ownership	100.00%
County of Operation	Germany
Date Acquired/Established	Jul. 06, 2018
Sant Angelo Energia SRL [Member]
Principal Activity	SPV
Date Acquired/Established	Mar. 30, 2017
ALTN Ownership	100.00%
County of Operation	Italy
PC-Italia-02 S.p.A. [Member]
Principal Activity	SPV
ALTN Ownership	100.00%
County of Operation	Italy
Date Acquired/Established	Aug. 01, 2016
PC-Italia-01 S.R.L. [Member]
Principal Activity	Sub-Holding
Date Acquired/Established	Jun. 01, 2015
ALTN Ownership	100.00%
County of Operation	Italy
F.R.A.N. Energy Investment SRL [Member]
Principal Activity	SPV
Date Acquired/Established	Mar. 31, 2015
ALTN Ownership	99.50%
County of Operation	Romania
Power Clouds SRL [Member]
Principal Activity	SPV
Date Acquired/Established	Mar. 31, 2015
ALTN Ownership	99.50%
County of Operation	Romania

XML 39 R27.htm IDEA: XBRL DOCUMENT

Organization and Formation (Details Narrative)	3 Months Ended
Organization and Formation (Details Narrative)	Mar. 31, 2020
Description of incorporation name changes	On September 11, 2008 the corporation changed its name from Asset Realization, Inc. to World Assurance Group, Inc. On April 24, 2015, the Company changed its name from World Assurance Group, Inc. to Power Clouds Inc. On November 29, 2018, the Company changed its name from Power Clouds Inc. to Alternus Energy Inc. and related stock ticker symbol change from PWCL to ALTN
ALTN HoldCo UG [Member]
County of Operation	Germany
ALTN Ownership	100.00%
Date Acquired/Established	Dec. 14, 2018
Principal Activity	SPV

XML 40 R28.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Going Concern (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Basis of Presentation and Going Concern
Net loss	$ (1,672,041)	$ (1,384,279)	$ (1,384,279)
Shareholder's equity	2,105,007	3,878,161	$ 9,084,123	$ 5,034,364
Working capital deficit	(25,266,292)	(23,772,002)
Cash and cash equivalents	$ 765,679	$ 1,076,995

- Definition

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

+ References + Details

XML 41 R29.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies (Details)
Cash and cash equivalents	$ 765,679	$ 1,076,995
Restricted cash	342,729	349,434
Total cash, cash equvalents, and restricted cash	$ 1,108,407	$ 1,426,429

XML 42 R30.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Summary of Significant Accounting Policies
Operating loss carryforwards, limitations on use	As a result of Tax Cuts and Jobs Act, net operating losses generated in 2018 and beyond have indefinite lives, but limited to 80% of taxable income in each year.
Warrants	13,053,235		13,543,235
Convertible shares	10,137,054		1,218,681
Accumulated comprehensive gain (loss)	$ (130,263)	$ (317,664)
U.S. federal and state net operating loss carryovers	$ 4,667,136
U.S. federal and state net operating loss carryovers expiration date	which will expire at various dates beginning in 2034 through 2037
U.S. federal capital loss carryovers	$ 949,875
U.S. federal capital loss carryovers expiration date	which will expire at various dates beginning in 2020 through 2022
Valuation allowance	$ 2,512,173		$ 2,512,173

XML 43 R31.htm IDEA: XBRL DOCUMENT

Investment in Energy Property and Equipment Net (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Investment in Energy Property and Equipment, Net
Solar energy facilities operating	$ 35,440,178	$ 36,123,412
Less accumulated depreciation and amortization	(3,076,792)	(2,663,934)
Net assets	$ 32,362,386	$ 33,459,478

XML 44 R32.htm IDEA: XBRL DOCUMENT

Investment in Energy Property and Equipment Net (Details 1) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Investment in Energy Property and Equipment, Net
Capitalized costs relating to PV plants	$ 2,251,269	$ 2,311,255
Less accumulated amortization	(341,965)	(321,821)
Net assets	$ 1,909,304	$ 1,989,434

XML 45 R33.htm IDEA: XBRL DOCUMENT

Investment in Energy Property and Equipment Net (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Depreciation expense	$ 509,332	$ 167,471	$ 167,470
Minimum [Member]
Estimate useful life of energy property and intangible asset	15 years
Maximum [Member]
Estimate useful life of energy property and intangible asset	25 years

XML 46 R34.htm IDEA: XBRL DOCUMENT

Capital Leases (Details ) - Capital Leases [Member]	Mar. 31, 2020 USD ($)
2020	$ 102,992
2021	137,322
2022	137,322
2023	137,322
2024	137,322
Thereafter	608,260
Total	1,260,540
Less interest expense	(289,355)
Net lease payable	$ 971,185

XML 47 R35.htm IDEA: XBRL DOCUMENT

Capital Leases (Details Narrative)	3 Months Ended
Capital Leases (Details Narrative)	Mar. 31, 2020 USD ($)
Capital Leases
Capital lease obligation	$ 971,186
Remaining of the lease	$ 86,101
Term expected (in years)	18 years
Average interest rate	4.50%

XML 48 R36.htm IDEA: XBRL DOCUMENT

Convertible and Unconvertible Promissory Notes (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Convertible and Unconvertible Promissory Notes
Short term line of credit	$ 34,123	$ 35,120
Promissory notes related parties	0	48,821
Convertible notes related parties	291,540	291,540
Senior secured debt	19,243,800	19,575,794
Promissory notes	15,191,303	15,478,536
Convertible promissory notes	2,430,140	2,169,401
Gross debt	37,190,906	37,599,212
Debt discount	(444,977)	(784,130)
Net debt	36,745,929	36,815,082
Less current maturities	(23,107,839)	(22,705,665)
Long Term Debt, net of current maturities	$ 13,638,090	$ 14,109,418

XML 49 R37.htm IDEA: XBRL DOCUMENT

Convertible and Unconvertible Promissory Notes (Details 1)	Mar. 31, 2020 USD ($)
2020 [Member]
Gross debt	$ 23,409,856
Debt discount	(302,017)
Net debt	23,107,839
2021 [Member]
Gross debt	1,102,888
Debt discount	(142,960)
Net debt	959,928
2022 [Member]
Gross debt	1,108,229
Debt discount	0
Net debt	1,108,229
2023 [Member]
Gross debt	1,113,219
Debt discount	0
Net debt	1,113,219
2024 [Member]
Gross debt	1,118,312
Debt discount	0
Net debt	1,118,312
Thereafter [Member]
Gross debt	9,338,402
Debt discount	0
Net debt	9,338,402
Total [Member]
Gross debt	37,190,906
Debt discount	(444,977)
Net debt	$ 36,745,929

XML 50 R38.htm IDEA: XBRL DOCUMENT

Convertible and Unconvertible Promissory Notes (Details Narrative)	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares
Convertible Promissory Note [Member] \| Two Accredited Investors [Member] \| January 2020 [Member]
Debt conversion per share \| $ / shares	$ 0.20
Interest rate	12.00%
Debt Conversion description	A redemption right for the Corporation (provided the Company is listed on a national exchange and its per share value exceeds a $.55 per share
Original issue discount	$ 25,000
Convertible Promissory Note [Member] \| ALTN Hold Co UG[Member] \| January 2020 [Member]
Interest rate	1.74%
Term of loan	1 year
Loan	$ 483,183
Total loan	$ 310,000
Promissory Note [Member] \| Lender [Member] \| February 2020 [Member] \| Securities Purchase Agreement [Member]
Interest rate	10.00%
Maturity date descriptions	February 10, 2021
Total investment	$ 105,000

XML 51 R39.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details) - Operating Leases [Member]	Mar. 31, 2020 USD ($)
2020	$ 156,312
2021	208,128
2022	208,128
2023	208,128
2024	208,128
Thereafter	2,275,275
Operating Leases, Future Minimum Payments Due	$ 3,264,099

XML 52 R40.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGUENCIES (Details Narrative) - USD ($)		3 Months Ended
	Mar. 06, 2019	Mar. 31, 2020
Estimated payments (Quarterly)	$ 54,226
Term of lease	10 years
Security deposit	$ 36,820
Term of security deposit	6 months
Combined estimated annual cost (2020)	$ 16,042
Term of lease commencement	20 years
Outstanding loan		$ 1,689,864
Zonepark Rilland [Member]
Term of lease		25 years
Annual lease payment (First fifteen years)		$ 137,859
Annual lease payment (Years sixteen through twenty five)		55,969
Ultramar Energy Ltd [Member]
Proceeds from private placement		3,000,000
Repayment of loans		$ 2,000,000

XML 53 R41.htm IDEA: XBRL DOCUMENT

SHAREHOLDER'S EQUITY (Details) - Warrant [Member]	3 Months Ended
SHAREHOLDER'S EQUITY (Details) - Warrant [Member]	Mar. 31, 2020 $ / shares shares
Average Exercise Price
Warrants, Balance, January 1, 2019 \| shares	13,053,235
Warrants, Expired during the period \| shares
Warrants, Granted during the period \| shares
Warrants, end of period \| shares	13,053,235
Warrants, Exercisable end of period \| shares	13,053,235
Weighted average exercise price, Balance, January 1, 2019 \| $ / shares	$ 0.15
Weighted average exercise price, Expired during the period \| $ / shares	0
Weighted average exercise price, Granted during the period \| $ / shares	0
Weighted average exercise price, end of period \| $ / shares	0.15
Weighted average exercise price, Exercisable end of period \| $ / shares	$ 0.15

XML 54 R42.htm IDEA: XBRL DOCUMENT

SHAREHOLDER'S EQUITY (Details Narrative) - $ / shares	1 Months Ended	3 Months Ended
SHAREHOLDER'S EQUITY (Details Narrative) - $ / shares	Mar. 20, 2020	Mar. 31, 2020	Dec. 31, 2019
Warrants issued		13,053,235	13,543,235
Growthcap Investments Inc. [Member] \| Series E Convertible Preferred Stock [Member]
Price per share	$ 0.01
Aggeregate Shares of common stock	50,000,000
Convertible preferred stock, exchange shares	50,000,000
Consultants [Member] \| Class A common stock [Member] \| Third Party [Member]
Restricted stock shares issued		33,250
Common stock, shares issued as fees		135,368
Common stock available for issuance		29,150

XML 55 R43.htm IDEA: XBRL DOCUMENT

GEOGRAPHICAL INFORMATION (Details) - USD ($)	3 Months Ended		12 Months Ended
GEOGRAPHICAL INFORMATION (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2019
Revenues	$ 697,703	$ 370,131	$ 370,131
Cost of Revenue	326,973	157,008	157,008
Total Gross Profit	370,730	213,123	213,123
Investment In Energy Property and Equipment, Net	32,362,386	33,459,478	33,459,478
Italy [Member] \| Subsequent [Member]
Revenues	297,665		160,270
Cost of Revenue	130,684		13,432
Total Gross Profit	166,981		146,838
Investment In Energy Property and Equipment, Net	16,489,583	17,067,553	17,067,553
Romania [Member]
Revenues	182,665		187,639
Cost of Revenue	90,831		143,576
Total Gross Profit	91,834		44,063
Investment In Energy Property and Equipment, Net	4,625,777	4,772,109	4,772,109
Germany [Member]
Revenues	20,290		22,222
Cost of Revenue	99		0
Total Gross Profit	20,191		22,222
Investment In Energy Property and Equipment, Net	1,608,323	1,661,516	1,661,516
Netherlands [Member]
Revenues	197,083		0
Cost of Revenue	105,359		0
Total Gross Profit	91,724		0
Investment In Energy Property and Equipment, Net	$ 9,638,703	$ 9,958,300	$ 9,958,300

XML 56 R44.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Narrative) - USD ($)			1 Months Ended			3 Months Ended		12 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Jun. 12, 2020	Apr. 06, 2020	Aug. 12, 2020	May 22, 2020	Apr. 07, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Owed amounts						$ 0	$ 16,350	$ 0
Class A common stock [Member]
Common stock shares issued						118,351,219		68,182,602
Subsequent Event [Member]
Accuring interest rate		10.00%
Subsequent Event [Member] \| Class A common stock [Member] \| Two Consultants [Member]
Common stock shares issued				700,000
Closing stock price				$ 77,000
Subsequent Event [Member] \| F.R.A.N. Energy Investment SRL [Member]
Promissory note description			The Company guaranteed a 9.15 million RON (equivalent to approximately US$2.0M) promissory note issued by both of its subsidiaries, Power Clouds S.R.L., and F.R.A.N. Energy Investment SRL two Romanian companies to OTP Bank in Romania, which is secured in first position against the Romanian solar parks and customer contracts held, accruing interest annually at a rate of ROBOR 3M + 3.3% and having a term of 10 years.
Promissory note issued			$ 9,150,000
Subsequent Event [Member] \| Securities Purchase Agreement [Member] \| Investor [Member]
Accuring interest rate		65.00%
Prior to conversion		15 years
Maturity date		Apr. 06, 2021
Purchase agreement		$ 53,000
Subsequent [Member] \| Italy [Member]
Purchase price	$ 15,400,000
Share purchase agreement, description	a wholly owned subsidiary of the Company, and Sycamore Capital (Italy) Limited (the “Seller”) entered into a Share Purchase Agreement (the “SPA”). Pursuant to the terms of the SPA, the Seller agreed to sell to Alternus 100% of the share capital of Solar Sicily S.r.l., an Italian SPV that owns the project rights to develop and construct a 102 MW ground-mounted solar photovoltaic (PV) power plant in Sicily, Italy (the “Project”), in exchange for approximately $15.4 million (€14 million), to be paid on closing (the “Purchase Price”). In July, the Company incorporated 3 new wholly owned subsidiaries, one in the Netherlands, AEN 02 B.V, and two in Italy, PC-Italia-04 Srl, which is wholly owned by AEN 02 BV, and PC-Italia-03 Srl
Zonnepark Rilland [Member] \| Subsequent Event [Member] \| Settlement Agreement [Member]
Owed amounts					$ 2,000,000

EXCEL 57 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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�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end XML 58 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 59 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 60 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.2 html 136 314 1 false 62 0 false 4 false false R1.htm 000001 - Document - Cover Sheet http://alternus.com/role/Cover Cover Cover 1 false false R2.htm 000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS Sheet http://alternus.com/role/CondensedConsolidatedBalanceSheets CONDENSED CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://alternus.com/role/CondensedConsolidatedBalanceSheetsParenthetical CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 3 false false R4.htm 000004 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Sheet http://alternus.com/role/UnauditedCondensedConsolidatedStatementsOfOperationsAndComprehensiveLoss UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Statements 4 false false R5.htm 000005 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY Sheet http://alternus.com/role/UnauditedCondensedConsolidatedStatementOfChangesInShareholdersEquity UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY Statements 5 false false R6.htm 000006 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://alternus.com/role/UnauditedCondensedConsolidatedStatementsOfCashFlows UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Statements 6 false false R7.htm 000007 - Disclosure - Organization and Formation Sheet http://alternus.com/role/OrganizationAndFormation Organization and Formation Notes 7 false false R8.htm 000008 - Disclosure - Basis of Presentation and Going Concern Sheet http://alternus.com/role/BasisOfPresentationAndGoingConcern Basis of Presentation and Going Concern Notes 8 false false R9.htm 000009 - Disclosure - Summary of Significant Accounting Policies Sheet http://alternus.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 9 false false R10.htm 000010 - Disclosure - Investment in Energy Property and Equipment, Net Sheet http://alternus.com/role/InvestmentInEnergyPropertyAndEquipmentNet Investment in Energy Property and Equipment, Net Notes 10 false false R11.htm 000011 - Disclosure - Capital Leases Sheet http://alternus.com/role/CapitalLeases Capital Leases Notes 11 false false R12.htm 000012 - Disclosure - Convertible and Unconvertible Promissory Notes Notes http://alternus.com/role/ConvertibleAndUnconvertiblePromissoryNotes Convertible and Unconvertible Promissory Notes Notes 12 false false R13.htm 000013 - Disclosure - Commitments and Contingencies Sheet http://alternus.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 13 false false R14.htm 000014 - Disclosure - Shareholders Equity Sheet http://alternus.com/role/ShareholdersEquity Shareholders Equity Notes 14 false false R15.htm 000015 - Disclosure - Geographical Information Sheet http://alternus.com/role/GeographicalInformation Geographical Information Notes 15 false false R16.htm 000016 - Disclosure - Subsequent Events Sheet http://alternus.com/role/SubsequentEvents Subsequent Events Notes 16 false false R17.htm 000017 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://alternus.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://alternus.com/role/SummaryOfSignificantAccountingPolicies 17 false false R18.htm 000018 - Disclosure - Organization and Formation (Tables) Sheet http://alternus.com/role/OrganizationAndFormationTables Organization and Formation (Tables) Tables http://alternus.com/role/OrganizationAndFormation 18 false false R19.htm 000019 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://alternus.com/role/SummaryOfSignificantAccountingPoliciesTables Summary of Significant Accounting Policies (Tables) Tables http://alternus.com/role/SummaryOfSignificantAccountingPolicies 19 false false R20.htm 000020 - Disclosure - Investment in Energy Property and Equipment (Tables) Sheet http://alternus.com/role/InvestmentInEnergyPropertyAndEquipmentTables Investment in Energy Property and Equipment (Tables) Tables http://alternus.com/role/InvestmentInEnergyPropertyAndEquipmentNet 20 false false R21.htm 000021 - Disclosure - Capital Leases (Tables) Sheet http://alternus.com/role/CapitalLeasesTables Capital Leases (Tables) Tables http://alternus.com/role/CapitalLeases 21 false false R22.htm 000022 - Disclosure - Convertible and Unconvertible Promissory Notes (Tables) Notes http://alternus.com/role/ConvertibleAndUnconvertiblePromissoryNotesTables Convertible and Unconvertible Promissory Notes (Tables) Tables http://alternus.com/role/ConvertibleAndUnconvertiblePromissoryNotes 22 false false R23.htm 000023 - Disclosure - Commitments and Contingencies (Tables) Sheet http://alternus.com/role/CommitmentsAndContingenciesTables Commitments and Contingencies (Tables) Tables http://alternus.com/role/CommitmentsAndContingencies 23 false false R24.htm 000024 - Disclosure - Shareholders Equity (Tables) Sheet http://alternus.com/role/ShareholdersEquityTables Shareholders Equity (Tables) Tables http://alternus.com/role/ShareholdersEquity 24 false false R25.htm 000025 - Disclosure - Geographical Information (Tables) Sheet http://alternus.com/role/GeographicalInformationTables Geographical Information (Tables) Tables http://alternus.com/role/GeographicalInformation 25 false false R26.htm 000026 - Disclosure - Organization and Formation (Details) Sheet http://alternus.com/role/OrganizationAndFormationDetails Organization and Formation (Details) Details http://alternus.com/role/OrganizationAndFormationTables 26 false false R27.htm 000027 - Disclosure - Organization and Formation (Details Narrative) Sheet http://alternus.com/role/OrganizationAndFormationDetailsNarrative Organization and Formation (Details Narrative) Details http://alternus.com/role/OrganizationAndFormationTables 27 false false R28.htm 000028 - Disclosure - Basis of Presentation and Going Concern (Details Narrative) Sheet http://alternus.com/role/BasisOfPresentationAndGoingConcernDetailsNarrative Basis of Presentation and Going Concern (Details Narrative) Details http://alternus.com/role/BasisOfPresentationAndGoingConcern 28 false false R29.htm 000029 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://alternus.com/role/SummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details http://alternus.com/role/SummaryOfSignificantAccountingPoliciesTables 29 false false R30.htm 000030 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) Sheet http://alternus.com/role/SummaryOfSignificantAccountingPoliciesDetailsNarrative Summary of Significant Accounting Policies (Details Narrative) Details http://alternus.com/role/SummaryOfSignificantAccountingPoliciesTables 30 false false R31.htm 000031 - Disclosure - Investment in Energy Property and Equipment Net (Details) Sheet http://alternus.com/role/InvestmentInEnergyPropertyAndEquipmentNetDetails Investment in Energy Property and Equipment Net (Details) Details http://alternus.com/role/InvestmentInEnergyPropertyAndEquipmentTables 31 false false R32.htm 000032 - Disclosure - Investment in Energy Property and Equipment Net (Details 1) Sheet http://alternus.com/role/InvestmentInEnergyPropertyAndEquipmentNetDetails1 Investment in Energy Property and Equipment Net (Details 1) Details http://alternus.com/role/InvestmentInEnergyPropertyAndEquipmentTables 32 false false R33.htm 000033 - Disclosure - Investment in Energy Property and Equipment Net (Details Narrative) Sheet http://alternus.com/role/InvestmentInEnergyPropertyAndEquipmentNetDetailsNarrative Investment in Energy Property and Equipment Net (Details Narrative) Details http://alternus.com/role/InvestmentInEnergyPropertyAndEquipmentTables 33 false false R34.htm 000034 - Disclosure - Capital Leases (Details ) Sheet http://alternus.com/role/CapitalLeasesDetails Capital Leases (Details ) Details http://alternus.com/role/CapitalLeasesTables 34 false false R35.htm 000035 - Disclosure - Capital Leases (Details Narrative) Sheet http://alternus.com/role/CapitalLeasesDetailsNarrative Capital Leases (Details Narrative) Details http://alternus.com/role/CapitalLeasesTables 35 false false R36.htm 000036 - Disclosure - Convertible and Unconvertible Promissory Notes (Details) Notes http://alternus.com/role/ConvertibleAndUnconvertiblePromissoryNotesDetails Convertible and Unconvertible Promissory Notes (Details) Details http://alternus.com/role/ConvertibleAndUnconvertiblePromissoryNotesTables 36 false false R37.htm 000037 - Disclosure - Convertible and Unconvertible Promissory Notes (Details 1) Notes http://alternus.com/role/ConvertibleAndUnconvertiblePromissoryNotesDetails1 Convertible and Unconvertible Promissory Notes (Details 1) Details http://alternus.com/role/ConvertibleAndUnconvertiblePromissoryNotesTables 37 false false R38.htm 000038 - Disclosure - Convertible and Unconvertible Promissory Notes (Details Narrative) Notes http://alternus.com/role/ConvertibleAndUnconvertiblePromissoryNotesDetailsNarrative Convertible and Unconvertible Promissory Notes (Details Narrative) Details http://alternus.com/role/ConvertibleAndUnconvertiblePromissoryNotesTables 38 false false R39.htm 000039 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details) Sheet http://alternus.com/role/CommitmentsAndContingenciesDetails COMMITMENTS AND CONTINGENCIES (Details) Details 39 false false R40.htm 000040 - Disclosure - COMMITMENTS AND CONTINGUENCIES (Details Narrative) Sheet http://alternus.com/role/CommitmentsAndContinguenciesDetailsNarrative COMMITMENTS AND CONTINGUENCIES (Details Narrative) Details 40 false false R41.htm 000041 - Disclosure - SHAREHOLDER'S EQUITY (Details) Sheet http://alternus.com/role/ShareholdersEquityDetails SHAREHOLDER'S EQUITY (Details) Details 41 false false R42.htm 000042 - Disclosure - SHAREHOLDER'S EQUITY (Details Narrative) Sheet http://alternus.com/role/ShareholdersEquityDetailsNarrative SHAREHOLDER'S EQUITY (Details Narrative) Details 42 false false R43.htm 000043 - Disclosure - GEOGRAPHICAL INFORMATION (Details) Sheet http://alternus.com/role/GeographicalInformationDetails GEOGRAPHICAL INFORMATION (Details) Details 43 false false R44.htm 000044 - Disclosure - SUBSEQUENT EVENTS (Details Narrative) Sheet http://alternus.com/role/SubsequentEventsDetailsNarrative SUBSEQUENT EVENTS (Details Narrative) Details 44 false false All Reports Book All Reports altn-20200331.xml altn-20200331.xsd altn-20200331_cal.xml altn-20200331_def.xml altn-20200331_lab.xml altn-20200331_pre.xml http://fasb.org/us-gaap/2019-01-31 http://xbrl.sec.gov/dei/2019-01-31 http://fasb.org/srt/2019-01-31 true true ZIP 62 0001477932-20-005834-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001477932-20-005834-xbrl.zip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end