Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 19, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Trading Symbol | cbak | |
Entity Registrant Name | CBAK Energy Technology, Inc. | |
Entity Central Index Key | 1,117,171 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 26,647,478 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
Condensed consolidated balance
Condensed consolidated balance sheets - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 514,742 | $ 1,644,535 |
Pledged deposits | 12,983,732 | 9,104,178 |
Trade accounts and bills receivable, net | 31,778,437 | 57,518,612 |
Inventories | 10,690,968 | 9,832,405 |
Prepayments and other receivables | 7,545,633 | 6,971,810 |
Prepaid land use rights, current portion | 169,762 | 172,700 |
Total current assets | 63,683,274 | 85,244,240 |
Property, plant and equipment, net | 37,965,789 | 34,965,510 |
Construction in progress | 26,366,506 | 25,029,290 |
Prepaid land use rights, non-current | 7,653,427 | 7,872,235 |
Intangible assets, net | 18,365 | 20,049 |
Total assets | 135,687,361 | 153,131,324 |
Current liabilities | ||
Current maturities of long-term bank loans | 4,532,681 | 0 |
Other short-term loans | 16,505,211 | 14,636,450 |
Trade accounts and bills payable | 57,032,311 | 65,616,543 |
Accrued expenses and other payables | 13,007,228 | 14,208,947 |
Payables to former subsidiaries, net | 15,721,206 | 22,302,721 |
Deferred government grants, current | 149,417 | 152,003 |
Total current liabilities | 106,948,054 | 116,916,664 |
Long-term bank loans, net of current maturities | 18,024,960 | 19,489,702 |
Deferred government grants, non-current | 4,557,254 | 4,712,128 |
Product warranty provision | 2,265,167 | 2,279,831 |
Long term tax payable | 7,409,044 | 7,537,273 |
Total liabilities | 139,204,479 | 150,935,598 |
Commitments and contingencies | 0 | 0 |
Shareholders' equity (deficit) | ||
Common stock $0.001 par value; 500,000,000 authorized ; 26,367,523 issued and 26,223,317 outstanding as of December 31, 2017, 26,401,022 issued and 26,256,816 outstanding as of June 30, 2018 | 26,402 | 26,368 |
Donated shares | 14,101,689 | 14,101,689 |
Additional paid-in capital | 155,865,835 | 155,711,014 |
Statutory reserves | 1,230,511 | 1,230,511 |
Accumulated deficit | (169,476,741) | (163,466,713) |
Accumulated other comprehensive loss | (1,200,623) | (1,340,533) |
Stockholders' Equity before Treasury stock | 547,073 | 6,262,336 |
Less: Treasury shares | (4,066,610) | (4,066,610) |
Total shareholders' equity (deficit) | (3,519,537) | 2,195,726 |
Non-controlling interests | 2,419 | 0 |
Total equity (deficit) | (3,517,118) | 2,195,726 |
Total liabilities and shareholders' equity (deficit) | $ 135,687,361 | $ 153,131,324 |
Condensed consolidated balance3
Condensed consolidated balance sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 26,401,022 | 26,367,523 |
Common Stock, Shares, Outstanding | 26,256,816 | 26,223,317 |
Condensed consolidated statemen
Condensed consolidated statements of operations and comprehensive income (loss) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net revenues | $ 6,050,302 | $ 6,339,259 | $ 9,363,099 | $ 10,055,403 |
Cost of revenues | (7,099,375) | (7,830,396) | (10,759,318) | (11,963,717) |
Gross profit (loss) | (1,049,073) | (1,491,137) | (1,396,219) | (1,908,314) |
Operating expenses: | ||||
Research and development expenses | (547,443) | (533,171) | (1,364,533) | (963,515) |
Sales and marketing expenses | (408,942) | (449,757) | (613,528) | (684,637) |
General and administrative expenses | (1,284,319) | (1,158,255) | (2,328,960) | (2,142,731) |
Total operating expenses | (2,240,704) | (2,141,183) | (4,307,021) | (3,790,883) |
Operating loss | (3,289,777) | (3,632,320) | (5,703,240) | (5,699,197) |
Finance expenses, net | (136,076) | (93,035) | (306,165) | (95,763) |
Other expenses, net | (19,835) | (28,025) | (4,116) | (26,636) |
Loss before income tax | (3,445,688) | (3,753,380) | (6,013,521) | (5,821,596) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss | (3,445,688) | (3,753,380) | (6,013,521) | (5,821,596) |
Less: Net loss attributable to non-controlling interest | 3,493 | 0 | 3,493 | 0 |
Net loss attributable to CBAK Energy Technology, Inc. | (3,442,195) | (3,753,380) | (6,010,028) | (5,821,596) |
Net loss | (3,445,688) | (3,753,380) | (6,013,521) | (5,821,596) |
Other comprehensive income | ||||
- Foreign currency translation adjustment | 4,069 | 357,690 | 139,777 | 338,044 |
Comprehensive loss | (3,441,619) | (3,395,690) | (5,873,744) | (5,483,552) |
Less: Comprehensive loss attributable to non-controlling interest | 3,626 | 0 | 3,626 | 0 |
Comprehensive loss attributable to CBAK Energy Technology, Inc. | $ (3,437,993) | $ (3,395,690) | $ (5,870,118) | $ (5,483,552) |
Loss per share | ||||
- Basic and diluted | $ (0.13) | $ (0.18) | $ (0.23) | $ (0.29) |
Weighted average number of shares of common stock: | ||||
- Basic and diluted | 26,557,617 | 20,402,083 | 26,530,419 | 20,059,236 |
Condensed consolidated stateme5
Condensed consolidated statements of changes in shareholders equity (deficit) - USD ($) | Common stock issued [Member] | Donated shares [Member] | Additional paid-in capital [Member] | Statutory reserves [Member] | Accumulated deficit [Member] | Accumulated other comprehensive loss [Member] | Non-Controlling Interest [Member] | Treasury shares [Member] | Total |
Beginning Balance at Dec. 31, 2016 | $ 19,745 | $ 14,101,689 | $ 145,353,067 | $ 1,230,511 | $ (141,999,372) | $ (1,961,461) | $ (4,066,610) | $ 12,677,569 | |
Beginning Balance (Shares) at Dec. 31, 2016 | 19,744,675 | (144,206) | |||||||
Net loss | (5,821,596) | (5,821,596) | |||||||
Common stock issued to investors | $ 6,403 | 9,598,874 | 9,605,277 | ||||||
Common stock issued to investors (Shares) | 6,403,518 | ||||||||
Share-based compensation for employee and director stock awards | 491,247 | 491,247 | |||||||
Common stock issued to employees and directors for stock awards | $ 112 | (112) | |||||||
Common stock issued to employees and directors for stock awards (Shares) | 111,499 | ||||||||
Foreign currency translation adjustment | 338,044 | 338,044 | |||||||
Ending Balance at Jun. 30, 2017 | $ 26,260 | 14,101,689 | 155,443,076 | 1,230,511 | (147,820,968) | (1,623,417) | $ (4,066,610) | 17,290,541 | |
Ending Balance (Shares) at Jun. 30, 2017 | 26,259,692 | (144,206) | |||||||
Beginning Balance at Dec. 31, 2017 | $ 26,368 | 14,101,689 | 155,711,014 | 1,230,511 | (163,466,713) | (1,340,533) | $ (4,066,610) | 2,195,726 | |
Beginning Balance (Shares) at Dec. 31, 2017 | 26,367,523 | (144,206) | |||||||
Capital contribution from non-controlling interests of a subsidiary | $ 6,045 | 6,045 | |||||||
Net loss | (6,010,028) | (3,493) | (6,013,521) | ||||||
Share-based compensation for employee and director stock awards | 154,855 | 154,855 | |||||||
Common stock issued to employees and directors for stock awards | $ 34 | (34) | |||||||
Common stock issued to employees and directors for stock awards (Shares) | 33,499 | ||||||||
Foreign currency translation adjustment | 139,910 | (133) | 139,777 | ||||||
Ending Balance at Jun. 30, 2018 | $ 26,402 | $ 14,101,689 | $ 155,865,835 | $ 1,230,511 | $ (169,476,741) | $ (1,200,623) | $ 2,419 | $ (4,066,610) | $ (3,517,118) |
Ending Balance (Shares) at Jun. 30, 2018 | 26,401,022 | (144,206) |
Condensed Consolidated stateme6
Condensed Consolidated statements of cash flows - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (6,013,521) | $ (5,821,596) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 1,122,341 | 631,781 |
Provision for doubtful debts | (14,690) | 380,808 |
Write-down of inventories | 1,199 | 998,403 |
Share-based compensation | 154,855 | 491,247 |
Exchange gain | (113,812) | (63,014) |
Changes in operating assets and liabilities: | ||
Trade accounts and bills receivable | 25,756,828 | (7,898,896) |
Inventories | (1,067,131) | (252,756) |
Prepayments and other receivables | (364,489) | (34,144) |
Trade accounts and bills payable | (8,118,997) | 3,093,339 |
Accrued expenses and other payables | (191,226) | 969,912 |
Income taxes payable | 0 | (608,922) |
Trade receivable from and payables to former subsidiaries | (6,460,523) | 4,629,774 |
Net cash (used in) provided by operating activities | 4,690,834 | (3,484,064) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment and construction in progress | (7,492,193) | (6,808,832) |
Net cash used in investing activities | (7,492,193) | (6,808,832) |
Cash flows from financing activities | ||
Advances from investors | 0 | 2,036,275 |
Proceeds from bank borrowings | 23,450,876 | 0 |
Repayment of bank borrowings | (19,916,752) | 0 |
Borrowings from unrelated parties | 0 | 4,363,446 |
Repayment of borrowings to unrelated parties | 0 | (4,746,539) |
Borrowings from related parties | 10,619,650 | 1,873,373 |
Repayment of borrowings from related parties | (8,419,793) | (1,047,227) |
Proceeds from issuance of common stock | 0 | 9,605,277 |
Net cash provided by financing activities | 5,733,981 | 12,084,605 |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (182,861) | 116,793 |
Net increase in cash and cash equivalents, and restricted cash | 2,749,761 | 1,908,502 |
Cash and cash equivalents, and restricted cash at the beginning of period | 10,748,713 | 4,686,857 |
Cash and cash equivalents, and restricted cash at the end of period | 13,498,474 | 6,595,359 |
Non-cash transactions: | ||
Transfer of construction in progress to property, plant and equipment | 4,412,939 | 1,880,081 |
Cash paid during the period for: | ||
Income taxes | 0 | 608,922 |
Interest, net of amounts capitalized | $ 354,603 | $ 0 |
Principal Activities, Basis of
Principal Activities, Basis of Presentation and Organization | 6 Months Ended |
Jun. 30, 2018 | |
Principal Activities, Basis of Presentation and Organization [Text Block] | 1. Principal Activities, Basis of Presentation and Organization Principal Activities CBAK Energy Technology, Inc. (“CBAK” or the “Company”) is a corporation formed in the State of Nevada on October 4, 1999 as Medina Copy, Inc. The Company changed its name to Medina Coffee, Inc. on October 6, 1999 and subsequently changed its name to China BAK Battery, Inc. on February 14, 2005. CBAK and its subsidiaries (hereinafter, collectively referred to as the “Company”) are principally engaged in the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion (known as “Li-ion” or “Li-ion cell”) high power rechargeable batteries. Prior to the disposal of BAK International Limited (“BAK International”) and its subsidiaries (see below), the batteries produced by the Company were for use in cellular telephones, as well as various other portable electronic applications, including high-power handset telephones, laptop computers, power tools, digital cameras, video camcorders, MP3 players, electric bicycles, hybrid/electric vehicles, and general industrial applications. After the disposal of BAK International and its subsidiaries on June 30, 2014, the Company will focus on the manufacture, commercialization and distribution of high power lithium ion rechargeable batteries for use in cordless power tools, light electric vehicles, hybrid electric vehicles, electric cars, electric busses, uninterruptable power supplies and other high power applications. The shares of the Company traded in the over-the-counter market through the Over-the-Counter Bulletin Board from 2005 until May 31, 2006, when the Company obtained approval to list its common stock on The NASDAQ Global Market, and trading commenced that same date under the symbol “CBAK”. On January 10, 2017, the Company filed Articles of Merger with the Secretary of State of Nevada to effectuate a merger between the Company and the Company’s newly formed, wholly owned subsidiary, CBAK Merger Sub, Inc. (the “Merger Sub”). According to the Articles of Merger, effective January 16, 2017, the Merger Sub merged with and into the Company with the Company being the surviving entity (the “Merger”). As permitted by Chapter 92A.180 of Nevada Revised Statutes, the sole purpose of the Merger was to effect a change of the Company's name. Effective January 16, 2017, the name of the Company was changed to CBAK Energy Technology, Inc. The trading symbol of the Company's common stock remains as “CBAK”. On January 16, 2017, the Board of Directors of the Company approved a change in the Company’s fiscal year end from September 30 to December 31. Basis of Presentation and Organization On November 6, 2004, BAK International, a non-operating holding company that had substantially the same shareholders as Shenzhen BAK Battery Co., Ltd (“Shenzhen BAK”), entered into a share swap transaction with the shareholders of Shenzhen BAK for the purpose of the subsequent reverse acquisition of the Company. The share swap transaction between BAK International and the shareholders of Shenzhen BAK was accounted for as a reverse acquisition of Shenzhen BAK with no adjustment to the historical basis of the assets and liabilities of Shenzhen BAK. On January 20, 2005, the Company completed a share swap transaction with the shareholders of BAK International. The share swap transaction, also referred to as the “reverse acquisition” of the Company, was consummated under Nevada law pursuant to the terms of a Securities Exchange Agreement entered by and among CBAK, BAK International and the shareholders of BAK International on January 20, 2005. The share swap transaction has been accounted for as a capital-raising transaction of the Company whereby the historical financial statements and operations of Shenzhen BAK are consolidated using historical carrying amounts. Also on January 20, 2005, immediately prior to consummating the share swap transaction, BAK International executed a private placement of its common stock with unrelated investors whereby it issued an aggregate of 1,720,087 shares of common stock for gross proceeds of $17,000,000. In conjunction with this financing, Mr. Xiangqian Li, the Chairman and Chief Executive Officer of the Company (“Mr. Li”), agreed to place 435,910 shares of the Company's common stock owned by him into an escrow account pursuant to an Escrow Agreement dated January 20, 2005 (the “Escrow Agreement”). Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target. Under accounting principles generally accepted in the United States of America (“US GAAP”), escrow agreements such as the one established by Mr. Li generally constitute compensation if, following attainment of a performance threshold, shares are returned to a company officer. The Company determined that without consideration of the compensation charge, the performance thresholds for the year ended September 30, 2005 would be achieved. However, after consideration of a related compensation charge, the Company determined that such thresholds would not have been achieved. The Company also determined that, even without consideration of a compensation charge, the performance thresholds for the year ended September 30, 2006 would not be achieved. While the 217,955 escrow shares relating to the 2005 performance threshold were previously released to Mr. Li, Mr. Li executed a further undertaking on August 21, 2006 to return those shares to the escrow agent for the distribution to the relevant investors. However, such shares were not returned to the escrow agent, but, pursuant to a Delivery of Make Good Shares, Settlement and Release Agreement between the Company, BAK International and Mr. Li entered into on October 22, 2007 (the “Li Settlement Agreement”), such shares were ultimately delivered to the Company as described below. Because the Company failed to satisfy the performance threshold for the fiscal year ended September 30, 2006, the remaining 217,955 escrow shares relating to the fiscal year 2006 performance threshold were released to the relevant investors. As Mr. Li has not retained any of the shares placed into escrow, and as the investors party to the Escrow Agreement are only shareholders of the Company and do not have and are not expected to have any other relationship to the Company, the Company has not recorded a compensation charge for the years ended September 30, 2005 and 2006. At the time the escrow shares relating to the 2006 performance threshold were transferred to the investors in fiscal year 2007, the Company should have recognized a credit to donated shares and a debit to additional paid-in capital, both of which are elements of shareholders’ equity. This entry is not material because total ordinary shares issued and outstanding, total shareholders’ equity and total assets do not change; nor is there any impact on income or earnings per share. Therefore, previously filed consolidated financial statements for the fiscal year ended September 30, 2007 will not be restated. This share transfer has been reflected in these financial statements by reclassifying the balances of certain items as of October 1, 2007. The balances of donated shares and additional paid-in capital as of October 1, 2007 were credited and debited by $7,955,358 respectively, as set out in the consolidated statements of changes in shareholders’ equity. In November 2007, Mr. Li delivered the 217,955 shares related to the 2005 performance threshold to BAK International pursuant to the Li Settlement Agreement; BAK International in turn delivered the shares to the Company. Such shares (other than those issued to investors pursuant to the 2008 Settlement Agreements, as described below) are now held by the Company. Upon receipt of these shares, the Company and BAK International released all claims and causes of action against Mr. Li regarding the shares, and Mr. Li released all claims and causes of action against the Company and BAK International regarding the shares. Under the terms of the Li Settlement Agreement, the Company commenced negotiations with the investors who participated in the Company’s January 2005 private placement in order to achieve a complete settlement of BAK International’s obligations (and the Company’s obligations to the extent it has any) under the applicable agreements with such investors. Beginning on March 13, 2008, the Company entered into settlement agreements (the “2008 Settlement Agreements”) with certain investors in the January 2005 private placement. Since the other investors have never submitted any claims regarding this matter, the Company did not reach any settlement with them. Pursuant to the 2008 Settlement Agreements, the Company and the settling investors have agreed, without any admission of liability, to a settlement and mutual release from all claims relating to the January 2005 private placement, including all claims relating to the escrow shares related to the 2005 performance threshold that had been placed into escrow by Mr. Li, as well as all claims, including claims for liquidated damages relating to registration rights granted in connection with the January 2005 private placement. Under the 2008 Settlement Agreement, the Company has made settlement payments to each of the settling investors of the number of shares of the Company’s common stock equivalent to 50% of the number of the escrow shares related to the 2005 performance threshold these investors had claimed; aggregate settlement payments as of June 30, 2015amounted to 73,749 shares. Share payments to date have been made in reliance upon the exemptions from registration provided by Section 4(2) and/or other applicable provisions of the Securities Act of 1933, as amended. In accordance with the 2008 Settlement Agreements, the Company filed a registration statement covering the resale of such shares which was declared effective by the SEC on June 26, 2008. Pursuant to the Li Settlement Agreement, the 2008 Settlement Agreements and upon the release of the 217,955 escrow shares relating to the fiscal year 2006 performance threshold to the relevant investors, neither Mr. Li or the Company have any obligations to the investors who participated in the Company’s January 2005 private placement relating to the escrow shares. As of June 30, 2018, the Company had not received any claim from the other investors who have not been covered by the “2008 Settlement Agreements” in the January 2005 private placement. As the Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and the Company also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the “2008 Settlement Agreements” with us in fiscal year 2008, pursuant to “Li Settlement Agreement” and “2008 Settlement Agreements”, neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company’s January 2005 private placement relating to the escrow shares. On August 14, 2013, Dalian BAK Trading Co., Ltd was established as a wholly owned subsidiary of China BAK Asia Holding Limited (“BAK Asia”) with a registered capital of $500,000 (Note 19(i)). Pursuant to CBAK Trading’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 14, 2015. On March 7, 2017, the name of Dalian BAK Trading Co., Ltd was changed to Dalian CBAK Trading Co., Ltd (“CBAK Trading”). Up to the date of this report, the Company has contributed $100,000 to CBAK Trading in cash. On December 27, 2013, Dalian BAK Power Battery Co., Ltd was established as a wholly owned subsidiary of BAK Asia with a registered capital of $30,000,000 (Note 19(i)). Pursuant to CBAK Power’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 27, 2015. On March 7, 2017, the name of Dalian BAK Power Battery Co., Ltd was changed to Dalian CBAK Power Battery Co., Ltd (“CBAK Power”). Up to the date of this report, the Company has contributed $29,999,978 to CBAK Power through injection of a series of patents and cash. On May 4, 2018, CBAK New Energy (Suzhou) Co., Ltd (“CBAK Suzhou”) was established as a 90% owned subsidiary of CBAK Power with a registered capital of RMB10,000,000 (approximately $1.5 million). The remaining 10% equity interest were were held by certain employees of CBAK Suzhou. Pursuant to CBAK Suzhou’s articles of association and relevant PRC regulations, CBAK Power was required to contribute the capital to CBAK Suzhou on or before December 31, 2019. Up to the date of this report, the Company has contributed RMB3.3 million (approximately $0.5 million), and the other shareholders have contributed RMB40,000 ($6,045), to CBAK Suzhou through injection of a series of cash. The Company’s condensed consolidated financial statements have been prepared under US GAAP. These condensed consolidated financial statements are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed consolidated financial statements, which are of a normal and recurring nature, have been included. The results reported in the condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The following (a) condensed consolidated balance sheet as of December 31, 2017, which was derived from the Company’s audited financial statements, and (b) the unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to those rules and regulations, though the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying footnotes of the Company for the year ended December 31, 2017. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. This basis of accounting differs in certain material respects from that used for the preparation of the books of account of the Company’s principal subsidiaries, which are prepared in accordance with the accounting principles and the relevant financial regulations applicable to enterprises with limited liability established in the PRC or Hong Kong. The accompanying consolidated financial statements reflect necessary adjustments not recorded in the books of account of the Company's subsidiaries to present them in conformity with US GAAP. After the disposal of BAK International Limited and its subsidiaries, namely Shenzhen BAK, Shenzhen BAK Power Battery Co., Ltd (formerly BAK Battery (Shenzhen) Co., Ltd.) (“BAK Battery”), BAK International (Tianjin) Ltd. (“BAK Tianjin”), Tianjin Chenhao Technological Development Limited (a subsidiary of BAK Tianjin established on May 8, 2014,“Tianjin Chenhao”), BAK Battery Canada Ltd. (“BAK Canada”), BAK Europe GmbH (“BAK Europe”) and BAK Telecom India Private Limited (“BAK India”), effective on June 30, 2014, and as of June 30, 2018, the Company’s subsidiaries consisted of: i) China BAK Asia Holdings Limited (“BAK Asia”), a wholly owned limited liability company incorporated in Hong Kong on July 9, 2013; ii) Dalian CBAK Trading Co., Ltd. (“CBAK Trading”), a wholly owned limited company established on August 14, 2013 in the PRC; iii) Dalian CBAK Power Battery Co., Ltd. (“CBAK Power”), a wholly owned limited liability company established on December 27, 2013 in the PRC; and iv) CBAK New Energy (Suzhou) Co., Ltd. (“CBAK Suzhou”), a 90% owned limited liability company established on May 4, 2018 in the PRC. The Company continued its business and continued to generate revenues from sale of batteries via subcontracting the production to BAK Tianjin, a former subsidiary before the completion of construction and operation of its facility in Dalian. BAK Tianjin had become a supplier of the Company until September 2016 when BAK Tianjin ceased production, and the Company does not have any significant benefits or liability from the operating results of BAK Tianjin except the normal risk with any major supplier. As of the date of this report, Mr. Xiangqian Li is no longer a director of BAK International and BAK Tianjin. He remained as a director of Shenzhen BAK and BAK Battery. On and effective March 1, 2016, Mr. Xiangqian Li resigned as Chairman, director, Chief Executive Officer, President and Secretary of the Company. On the same date, the Board of Directors of the Company appointed Mr. Yunfei Li as Chairman, Chief Executive Officer, President and Secretary of the Company. On March 4, 2016, Mr. Xiangqian Li transferred 3,000,000 shares to Mr. Yunfei Li for a price of $2.4 per share. After the share transfer, Mr. Yunfei Li held 3,000,000 shares or 17.3% and Mr. Xiangqian Li held 760,557 shares at 4.4% of the Company’s outstanding stock, respectively. As of June 30, 2018, Mr. Yunfei Li held 3,806,018 shares or 14.51% of the Company’s outstanding stock, and Mr. Xiangqian Li held none of the Company’s outstanding stock. The Company had a working capital deficiency, accumulated deficit from recurring net losses and short-term debt obligations as of December 31, 2017 and June 30, 2018. These factors raise substantial doubts about the Company’s ability to continue as a going concern. In June and July 2015, the Company received advances of approximately $9.8 million from potential investors. On September 29, 2015, the Company entered into a Debt Conversion Agreement with these investors. Pursuant to the terms of the Debt Conversion Agreement, each of the creditors agreed to convert existing loan principal of $9,847,644 into an aggregate 4,376,731 shares of common stock of the Company (“the Shares”) at a conversion price of $2.25 per share. Upon receipt of the Shares on October 16, 2015, the creditors released the Company from all claims, demands and other obligations relating to the Debts. As such, no interest was recognized by the Company on the advances from investors pursuant to the supplemental agreements with investors and the Debt Conversion Agreement. In June 2016, the Company received further advances in the aggregate of $2.9 million from Mr. Jiping Zhou and Mr. Dawei Li. These advances were unsecured, non-interest bearing and repayable on demand. On July 8, 2018, the Company received further advances of $2.6 million from Mr. Jiping Zhou. On July 28, 2016, the Company entered into securities purchase agreements with Mr. Jiping Zhou and Mr. Dawei Li to issue and sell an aggregate of 2,206,640 shares of common stock of the Company, at $2.5 per share, for an aggregate consideration of approximately $5.52 million. On August 17, 2016, the Company issued these shares to the investors. On February 17, 2017, the Company signed investment agreements with eight investors (including Mr. Yunfei Li, the Company’s CEO, and seven of the Company’s existing shareholders) whereby the investors agreed to subscribe new shares of the Company totaling $10 million. Pursuant to the investment agreements, in January 2017 the 8 investors paid the Company a total of $2.06 million as down payments. Mr. Yunfei Li agrees to subscribe new shares of the Company totaled $1,120,000 and made down payment of $225,784 in January 2017. On April 1, April 21, April 26 and May 10, 2017, the Company received $1,999,910, $3,499,888, $1,119,982 and $2,985,497 from these investors, respectively. On May 31, 2017, the Company entered into a securities purchase agreement with the eight investors, pursuant to which the Company agreed to issue an aggregate of 6,403,518 shares of common stock to these investors, at a purchase price of $1.50 per share, for an aggregate price of $9.6 million, among which 746,018 shares issued to Mr. Yunfei Li. On June 22, 2017, the Company issued the shares to the investors. As of June 30, 2018, the Company had aggregate interest-bearing bank loans of approximately $22.6 million, due in 2019 to 2021, in addition to approximately $102.1 million of other current liabilities. As of June 30, 2018, the Company had unutilized committed banking facilities of $14.4 million. The Company is currently expanding its product lines and manufacturing capacity in its Dalian plant, which requires more funding to finance the expansion. The Company plans to raise additional funds through banks borrowings and equity financing in the future to meet its daily cash demands, if required. However, there can be no assurance that the Company will be successful in obtaining further financing. The Company expects that it will be able to secure more potential orders from the new energy market, especially from the electric car market. The Company believes that with the booming future market demand in high power lithium ion products, it can continue as a going concern and return to profitability. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company’s ability to continue as a going concern. Revenue Recognition In May 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all existing revenue recognition requirements, including most industry specific guidance. This new standard requires a company to recognize revenues when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. The FASB subsequently issued the following amendments to ASU No. 2014-09 that have the same effective date and transition date: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations; ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing; ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients; and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The Company adopted these amendments with ASU 2014-09 (collectively, the new revenue standards). The new revenue standards became effective for the Company on January 1, 2018, and were adopted using the modified retrospective method. The adoption of the new revenue standards as of January 1, 2018 did not change the Company’s revenue recognition as the majority of its revenues continue to be recognized when the customer takes control of its product. As the Company did not identify any accounting changes that impacted the amount of reported revenues with respect to its product revenues, no adjustment to retained earnings was required upon adoption. Under the new revenue standards, the Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the five step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation. Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, typically upon delivery to the customer. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that it would have recognized is one year or less or the amount is immaterial. Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers. Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the categories: discounts and returns. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable as the amount is payable to the Company’s customer. Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 clarifies the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. This ASU is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2017, on a retrospective transition method to each period presented. The Company has adopted the guidance retrospectively to each period presented. The adoption does not have any material effect on the presentation of its unaudited consolidated statements of cash flows. In October 2016, the FASB issued ASU No. 2016-16–Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This ASU improves the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2018, which did not have a material impact on its financial statements or disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, and interim period within those fiscal years. The Company has adopted the guidance retrospectively to each period presented. The adoption of this standard does not have a material impact on our consolidated financial statements, but resulted in restricted cash being included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The standard should be applied prospectively on or after the effective date. The Company adopted this guidance for the reporting period beginning January 1, 2018, which did not have a material impact on its financial statements or disclosures. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company currently intends to adopt this guidance for the fiscal year beginning January 1, 2020, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently have any recorded goodwill. In May 2017, the FASB issued ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting,” which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in ASC 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. For all entities, the ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The Company adopted this guidance for the reporting period beginning January 1, 2018, which did not have a material impact on its financial statements or disclosures. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption. |
Pledged deposits
Pledged deposits | 6 Months Ended |
Jun. 30, 2018 | |
Pledged deposits [Text Block] | 2. Pledged deposits Pledged deposits as of December 31, 2017 and June 30, 2018 consisted of the following: December 31, June 30, 2017 2018 Pledged deposits with bank for: Bills payable $ 123,116 $ 4,155,461 Letters of credit 7,685,213 7,554,468 Others* 1,295,849 1,273,803 $ 9,104,178 $ 12,983,732 * On July 7, 2016, Shenzhen Huijie Purification System Engineering Co., Ltd (“Shenzhen Huijie”), one of the Company’s contractors, filed a lawsuit against CBAK Power in the Peoples’ Court of Zhuanghe City, Dalian for the failure to pay pursuant to the terms of the contract and entrusted part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,273,803 (RMB8,430,792), including construction costs of $1.0 million (RMB6.3 million), interest of $30,934 (RMB0.2 million) and compensation of $0.3 million (RMB1.9 million), which we already accrued for as of September 30, 2016. On September 7, 2016, upon the request of Shenzhen Huijie, the Court froze CBAK Power’s bank deposits totaling $1,273,803 (RMB8,430,792) for a period of one year. Further on September 1, 2017, upon the request of Shenzhen Huijie, the Court froze the bank deposits for another one year until August 31, 2018. |
Trade Accounts and Bills Receiv
Trade Accounts and Bills Receivable, net | 6 Months Ended |
Jun. 30, 2018 | |
Trade Accounts and Bills Receivable, net [Text Block] | 3. Trade Accounts and Bills Receivable, net Trade accounts and bills receivable as of December 31, 2017 and June 30, 2018 consisted of the following: December 31, June 30, 2017 2018 Trade accounts receivable $ 42,095,211 $ 29,538,119 Less: Allowance for doubtful accounts (3,700,922 ) (3,623,830 ) 38,394,289 25,914,289 Bills receivable 19,124,323 5,864,148 $ 57,518,612 $ 31,778,437 An analysis of the allowance for doubtful accounts is as follows: December 31, June 30, 2017 2018 Balance at beginning of period $ 2,761,144 $ 3,700,922 Provision for the period 839,917 198,619 Reversal - recoveries by cash (114,542 ) (213,309 ) Charged (credited) to consolidated statements of operations and comprehensive (loss) income 725,375 (14,690 ) Foreign exchange adjustment 214,403 (62,402 ) Balance at end of period $ 3,700,922 $ 3,623,830 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2018 | |
Inventories [Text Block] | 4. Inventories Inventories as of December 31, 2017 and June 30, 2018 consisted of the following: December 31, June 30, 2017 2018 Raw materials $ 1,814,704 $ 1,826,433 Work in progress 2,188,193 1,634,652 Finished goods 5,829,508 7,229,883 $ 9,832,405 $ 10,690,968 During the three months ended June 30, 2017 and 2018, write-downs of obsolete inventories to lower of cost or market of $848,247 and $nil, respectively, were charged to cost of revenues. During the six months ended June 30, 2017 and 2018, write-downs of obsolete inventories to lower of cost or market of $998,403 and $1,999, respectively, were charged to cost of revenues. |
Prepayments and Other Receivabl
Prepayments and Other Receivables | 6 Months Ended |
Jun. 30, 2018 | |
Prepayments and Other Receivables [Text Block] | 5. Prepayments and Other Receivables Prepayments and other receivables as of December 31, 2017 and June 30, 2018 consisted of the following: December 31, June 30, 2017 2018 Value added tax recoverable $ 5,963,506 $ 6,185,637 Prepayments to suppliers 706,488 722,526 Deposits 25,922 60,049 Staff advances 59,942 90,365 Prepaid operating expenses 185,690 494,056 Others 37,262 - 6,978,810 7,552,633 Less: Allowance for doubtful accounts (7,000 ) (7,000 ) $ 6,971,810 $ 7,545,633 |
Payables to Former Subsidiaries
Payables to Former Subsidiaries | 6 Months Ended |
Jun. 30, 2018 | |
Payables to Former Subsidiaries [Text Block] | 6. Payables to Former Subsidiaries Payable to former subsidiaries as of December 31, 2017 and June 30, 2018 consisted of the following: December 31, June 30, 2017 2018 BAK Tianjin $ 282,682 $ 241,691 BAK Shenzhen 22,020,039 15,479,515 $ 22,302,721 $ 15,721,206 Balance as of December 31, 2017 and June 30, 2018 consisted of payables for purchase of inventories from BAK Tianjin and Shenzhen BAK. From time to time, the Company purchased products from these former subsidiaries that they did not produce to meet the needs of its customers. |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment, net [Text Block] | 7. Property, Plant and Equipment, net Property, plant and equipment as of December 31, 2017 and June 30, 2018 consisted of the following: December 31, June 30, 2017 2018 Buildings $ 24,979,022 $ 24,554,063 Machinery and equipment 13,977,734 18,358,651 Office equipment 184,014 199,888 Motor vehicles 206,190 228,172 39,346,960 43,340,774 Impairment (1,010,216 ) (993,029 ) Accumulated depreciation (3,371,234 ) (4,381,956 ) Carrying amount $ 34,965,510 $ 37,965,789 During the three months ended June 30, 2017 and 2018, the Company incurred depreciation expense of $328,823 and $578,156, respectively During the six months ended June 30, 2017 and 2018, the Company incurred depreciation expense of $620,695 and $1,110,369, respectively The Company has not yet obtained the property ownership certificates of the buildings in its Dalian manufacturing facilities with a carrying amount of $23,670,773 and $22,924,970 as of December 31, 2017 and June 30, 2018, respectively. The Company built its facilities on the land for which it had already obtained the related land use right. The Company has submitted applications to the Chinese government for the ownership certificates on the completed buildings located on these lands. However, the application process takes longer than the Company expected and it has not obtained the certificates as of the date of this report. However, since the Company has obtained the land use right in relation to the land, the management believe the Company has legal title to the buildings thereon albeit the lack of ownership certificates. During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s property, plant and equipment. The impairment charge, if any, represented the excess of carrying amounts of the Company’s property, plant and equipment over the estimated discounted cash flows expected to be generated by the Company’s production facilities. The Company believes that there was no impairment during the three and six months ended June 30, 2017 and 2018. |
Construction in Progress
Construction in Progress | 6 Months Ended |
Jun. 30, 2018 | |
Construction in Progress [Text Block] | 8. Construction in Progress Construction in progress as of December 31, 2017 and June 30, 2018 consisted of the following: December 31, June 30, 2017 2018 Construction in progress $ 24,288,889 $ 22,039,835 Prepayment for acquisition of property, plant and equipment 740,401 4,326,671 Carrying amount $ 25,029,290 $ 26,366,506 Construction in progress as of December 31, 2017 and June 30, 2018 was mainly comprised of capital expenditures for the construction of the facilities and production lines of CBAK Power. For the three months ended June 30, 2017 and 2018, the Company capitalized interest of $344,552 and $357,779, respectively, to the cost of construction in progress. For the six months ended June 30, 2017 and 2018, the Company capitalized interest of $703,512 and $716,708, respectively, to the cost of construction in progress. |
Prepaid Land Use Rights, net
Prepaid Land Use Rights, net | 6 Months Ended |
Jun. 30, 2018 | |
Prepaid Land Use Rights, net [Text Block] | 9. Prepaid Land Use Rights, net Prepaid land use rights as of December 31, 2017 and June 30, 2018 consisted of the followings: December 31, June 30, 2017 2018 Prepaid land use rights $ 8,634,993 $ 8,488,089 Accumulated amortization (590,058 ) (664,900 ) $ 8,044,935 $ 7,823,189 Less: Classified as current assets (172,700 ) (169,762 ) $ 7,872,235 $ 7,653,427 Pursuant to a land use rights acquisition agreement dated August 10, 2014, the Company acquired the rights to use a piece of land with an area of 153,832 m 2 Amortization expenses of the prepaid land use rights were $40,934 and $44,068 for the three months ended June 30, 2017 and 2018 and $81,712 and $88,242 for the six months ended June 30, 2017 and 2018, respectively. |
Intangible Assets, net
Intangible Assets, net | 6 Months Ended |
Jun. 30, 2018 | |
Intangible Assets, net [Text Block] | 10. Intangible Assets, net Intangible assets as of December 31, 2017 and June 30, 2018 consisted of the followings: December 31, June 30, 2017 2018 Computer software at cost $ 27,340 $ 26,875 Accumulated amortization (7,291 ) (8,510 ) $ 20,049 $ 18,365 Amortization expenses were $647 and $698 for the three months ended June 30, 2017 and 2018 and $1,293 and $1,397 for the six months ended June 30, 2017 and 2018, respectively. |
Trade Accounts and Bills Payabl
Trade Accounts and Bills Payable | 6 Months Ended |
Jun. 30, 2018 | |
Trade Accounts and Bills Payable [Text Block] | 11. Trade Accounts and Bills Payable Trade accounts and bills payable as of December 31, 2017 and June 30, 2018 consisted of the followings: December 31, June 30, 2017 2018 Trade accounts payable $ 29,805,350 $ 27,907,368 Bills payable - Bank acceptance bills (Note 1) 34,025,080 24,887,205 - Commercial acceptance bills 1,786,113 4,237,738 $ 65,616,543 $ 57,032,311 All the bills payable are of trading nature and will mature within six months to one year from the issue date. The bank acceptance bills were pledged by: (i) the Company’s bank deposits (Note 2);and (ii) $19,047,471 and $5,864,148 of the Company’s bills receivable as of December 31, 2017 and June 30, 2018, respectively (Note 3). |
Loans
Loans | 6 Months Ended |
Jun. 30, 2018 | |
Loans [Text Block] | 12. Loans Bank loans: Bank borrowings as of December 31, 2017 and June 30, 2018 consisted of the followings December 31, June 30, 2017 2018 Current maturities of long-term bank loans $ - $ 4,532,681 Long-term bank borrowings 19,489,702 18,024,960 $ 19,489,702 $ 22,557,641 On June 14, 2016, the Company renewed its banking facilities from Bank of Dandong for loans with a maximum amount of RMB130 million (approximately $19.6 million), including three-year long-term loans and three-year revolving bank acceptance and letters of credit bills for the period from June 13, 2016 to June 12, 2019. The banking facilities were guaranteed by Mr. Yunfei Li (“Mr. Li”), the Company’s CEO, and Ms. Qinghui Yuan, Mr. Li’s wife, Mr. Xianqian Li, the Company’s former CEO, Ms. Xiaoqiu Yu, the wife of the Company’s former CEO, Shenzhen BAK Battery Co., Ltd., the Company’s former subsidiary (“Shenzhen BAK”). Under the banking facilities, the Company borrowed various three-year term bank loans that totaled RMB126.8 million (approximately $19.2 million), bearing fixed interest at 7.2% per annum. The Company also borrowed various bank acceptance of RMB3.2 million (approximately $0.5 million) under the facilities. The Company repaid the loan and bank acceptance bills on June 12, 2018. In the second quarter of 2018, the Company obtained another banking facilities from Bank of Dandong with bank acceptance bills of RMB5.0 million (approximately $0.8 million) for a term until October 17, 2018. As of June 30, 2018, the Company has borrowed a series of bank acceptance bills totaled RMB5.0 million (approximately $0.8 million) and pledged by $0.8 million bank deposit. On July 6, 2016, the Company obtained banking facilities from Bank of Dalian for loans with a maximum amount of RMB10 million (approximately $1.5 million) and bank acceptance bills of RMB40 million (approximately $6.4 million) to July 5, 2017. The banking facilities were guaranteed by Mr. Li, the Company’s CEO, and Ms. Qinghui Yuan, Mr. Li’s wife, and Shenzhen BAK. Under the banking facilities, on July 6, 2016 the Company borrowed one year short-term loan of RMB10 million (approximately $1.5 million), bearing a fixed interest rate at 6.525% per annum. The Company also borrowed revolving bank acceptance totaled $6.4 million, and bank deposit of 50% was required to secure against these bank acceptance bills. The Company repaid the loan and bank acceptance bills in July and August 2017. On November 9, 2017, the Company obtained banking facilities from China Everbright Bank Dalian Branch with a maximum amount of RMB100 million (approximately $15.1 million) with the term expiring on November 7, 2018. The banking facilities were secured by the 100% equity in CBAK Power held by BAK Asia. As of June 30, 2018, the Company borrowed a net letter of credit of RMB98.4 million (approximately $14.9 million) to November 5, 2018. Under the facilities, bank deposits of approximately 50% were required to secure against this letter of credit. The Company discounted this letter of credit of even date to China Everbright Bank at a rate of 4.505%. On June 4, 2018, the Company obtained banking facilities from China Everbright Bank Dalian Branch with a maximum amount of RMB200 million (approximately $30.2 million) with the term from June 12, 2018 to June 10, 2021, bearing interest at 130% of benchmark rate of the People’s Bank of China (“PBOC”) for three-year long-term loans, at current rate 6.175% per annum. Under the facilities, the Company borrowed RMB126.0 million (approximately $19.0 million) and RMB23.3 million (approximately $3.5 million) on June 12 and June 20, 2018, respectively. The loans are repayable in six installments of RMB1.0 million ($0.12 million) on December 10, 2018, RMB29.0 million ($4.4 million) on June 10, 2019, RMB1.0 million ($0.12 million) on December 10, 2019, RMB89.0 million ($13.4 million) on June 10, 2020, RMB1.0 million ($0.12 million) on December 10, 2020 and RMB28.3 million ($4.34 million) on June 10, 2021. The facilities were secured by the Company’s land use rights, buildings, construction in progress, machinery and equipment. On August 2, 2017, the Company obtained one-year term facilities from China Merchants Bank with a maximum amount of RMB100 million (approximately $15.1 million) including revolving loans, trade finance, notes discount, and acceptance of commercial bills etc. Any amount drawn under the facilities requires security in the form of cash or banking acceptance bills receivable of at least the same amount. Under the facilities, as of June 30, 2018, the Company borrowed a series of bank acceptance bills from China Merchants Bank totaled RMB55.2 million (approximately $8.3 million) and pledged $5.9 million bills receivables and $2.4 million bank deposits. During the second quarter of 2018, the Company also obtained banking facilities from Industrial Bank Co., Ltd. Dalian Branch with bank acceptance bills of RMB6.2 million (approximately $0.9 million) for a term until December 21, 2018. As of June 30, 2018, the Company borrowed RMB6.2 million (approximately $0.9 million) bank acceptance bills and pledged RMB6.2 million (approximately $0.9 million) bank deposits. The facilities were also secured by the Company’s assets with the following carrying amounts: December 31, June 30, 2017 2018 Pledged deposits (note 2) $ 7,808,329 $ 11,709,929 Prepaid land use rights (note 9) 8,044,935 7,823,189 Buildings 18,391,993 17,126,825 Machinery and equipment 2,374,748 6,858,285 Bills receivable (note 3) 19,047,471 5,864,148 $ 55,667,476 $ 49,382,376 As of June 30, 2018, the Company had unutilized committed banking facilities of $14.4 million. During the three months ended June 30, 2017 and 2018, interest of $344,552 and $566,242, respectively, was incurred on the Company's bank borrowings. During the six months ended June 30, 2017 and 2018, interest of 703,512 and $1,096,698, respectively, was incurred on the Company's bank borrowings. Other Short-term Loans Other short-term loans as of December 31, 2017 and June 30, 2018 consisted of the following: December 31, June 30, Note 2017 2018 Advance from related parties – Tianjin BAK New Energy Research Institute Co., Ltd (“Tianjin New Energy”) (a) $ 11,493,437 $ 13,293,097 – Mr. Xiangqian Li, the Company’s Former CEO (b) 100,000 100,000 – Mr. Yunfei Li (c) - 120,871 – Shareholders (d) 2,151,860 2,115,251 13,745,297 15,629,219 Advances from unrelated third party – Mr. Wenwu Yu (e) 155,215 152,575 – Mr. Mingzhe Li (e) 44,269 43,515 – Ms. Longqian Peng (e) 691,669 679,902 891,153 875,992 $ 14,636,450 $ 16,505,211 (a) The Company received advances from Tianjin New Energy, a related company under the control of Mr. Xiangqian Li, the Company’s former CEO, which was unsecured, non-interest bearing and repayable on demand. On November 1, 2016, Mr. Xiangqian Li ceased to be a shareholder but remained as a general manager of Tianjin New Energy. (b) Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand. (c) Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand. (d) The refundable deposits paid by certain shareholders in relation to share purchase (note 1) were unsecured, non-interest bearing and repayable on demand. (e) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand. |
Accrued Expenses and Other Paya
Accrued Expenses and Other Payables | 6 Months Ended |
Jun. 30, 2018 | |
Accrued Expenses and Other Payables [Text Block] | 13. Accrued Expenses and Other Payables Accrued expenses and other payables as of December 31, 2017 and June 30, 2018 consisted of the following: December 31, June 30, 2017 2018 Construction costs payable $ 1,405,651 $ 1,210,575 Equipment purchase payable 8,241,844 7,492,216 Liquidated damages (note a) 1,210,119 1,210,119 Accrued staff costs 1,804,546 2,061,859 Compensation costs (note 20(ii)) 116,989 114,999 Customer deposits 270,923 45,323 Other payables and accruals 1,158,875 872,137 $ 14,208,947 $ 13,007,228 (a) On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10-K for the year ended September 30, 2006 (the “2006 Form 10-K”). After the filing of the 2006 Form 10-K, the Company’s previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of December 31, 2017 and June 30, 2018, no liquidated damages relating to both events have been paid. On November 9, 2007, the Company completed a private placement for the gross proceeds to the Company of $13,650,000 by selling 3,500,000 shares of common stock at the price of $3.90 per share. Roth Capital Partners, LLC acted as the Company’s exclusive financial advisor and placement agent in connection with the private placement and received a cash fee of $819,000. The Company may have become liable for liquidated damages to certain shareholders whose shares were included in a resale registration statement on Form S-3 that the Company filed pursuant to a registration rights agreement that the Company entered into with such shareholders in November 2007. Under the registration rights agreement, among other things, if a registration statement filed pursuant thereto was not declared effective by the SEC by the 100th calendar day after the closing of the Company’s private placement on November 9, 2007, or the “Effectiveness Deadline”, then the Company would be liable to pay partial liquidated damages to each such investor of (a) 1.5% of the aggregate purchase price paid by such investor for the shares it purchased on the one month anniversary of the Effectiveness Deadline; (b) an additional 1.5% of the aggregate purchase price paid by such investor every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until the earliest of the effectiveness of the registration statement, the ten-month anniversary of the Effectiveness Deadline and the time that the Company is no longer required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations; and (c) 0.5% of the aggregate purchase price paid by such investor for the shares it purchased in the Company’s November 2007 private placement on each of the following dates: the ten-month anniversary of the Effectiveness Deadline and every thirtieth day thereafter (prorated for periods totaling less than thirty days), until the earlier of the effectiveness of the registration statement and the time that the Company no longer is required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations. Such liquidated damages would bear interest at the rate of 1% per month (prorated for partial months) until paid in full. On December 21, 2007, pursuant to the registration rights agreement, the Company filed a registration statement on Form S-3, which was declared effective by the SEC on May 7, 2008. As a result, the Company estimated liquidated damages amounting to $561,174 for the November 2007 registration rights agreement. As of December 31, 2017 and June 30, 2018, the Company had settled the liquidated damages with all the investors and the remaining provision of approximately $159,000 was included in other payables and accruals. |
Deferred Government Grants
Deferred Government Grants | 6 Months Ended |
Jun. 30, 2018 | |
Deferred Government Grants [Text Block] | 14. Deferred Government Grants Deferred government grants as of December 31, 2017 and June 30, 2018 consist of the following: December 31, June 30, 2017 2018 Total government grants $ 4,864,131 $ 4,706,671 Less: Current portion (152,003 ) (149,417 ) Non-current portion $ 4,712,128 $ 4,557,254 In September 2013, the Management Committee of Dalian Economic Zone Management Committee (the “Management Committee”) provided a subsidy of RMB150 million to finance the costs incurred in moving our facilities to Dalian, including the loss of sales while the new facilities were being constructed. For the year ended September 30, 2015, the Company recognized $23,103,427 as income after offset of the related removal expenditures of $1,004,027. No such income or offset was recognized in the three and six months ended June 30, 2017 and 2018. On October 17, 2014, the Company received a subsidy of RMB46,150,000 pursuant to an agreement with the Management Committee dated July 2, 2013 for costs of land use rights and to be used to construct the new manufacturing site in Dalian. Part of the facilities had been completed and was operated in July 2015 and the Company has initiated amortization on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon. The Company offset government grants of $36,029 and $38,787 for the three months ended June 30, 2017 and 2018 and $71,919 and $77,667 for the six months ended June 30, 2017 and 2018, respectively, against depreciation expenses of the Dalian facilities. |
Product Warranty Provision
Product Warranty Provision | 6 Months Ended |
Jun. 30, 2018 | |
Product Warranty Provision [Text Block] | 15. Product Warranty Provision The Company maintains a policy of providing after sales support for certain of its new EV and LEV battery products introduced since October 1, 2015 by way of a warranty program. The limited cover covers a period of six to twelve months for battery cells, a period of twelve to twenty seven months for battery modules for light electric vehicles (LEV) such as electric bicycles, and a period of three years to eight years (or 120,000 or 200,000 km if reached sooner) for battery modules for electric vehicles (EV). The Company accrues an estimate of its exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability at least annually and adjusts the amounts as necessary. |
Income Taxes, Deferred Tax Asse
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Text Block] | 16. Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (a) Income taxes in the condensed consolidated statements of comprehensive loss (income) The Company’s provision for income taxes expenses consisted of: Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 PRC income tax: Current $ - $ - $ - $ - Deferred - - - - $ - $ - $ - $ - United States Tax The U.S. Tax Reform also includes provisions for a new tax on GILTI effective for tax years of foreign corporations beginning after December 31, 2017. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of controlled foreign corporations (“CFCs”), subject to the possible use of foreign tax credits and a deduction equal to 50 percent to offset the income tax liability, subject to some limitations. The Company’s management is still evaluating the effect of the U.S. Tax Reform on CBAK. Management may update its judgment of that effect based on its continuing evaluation and on future regulations or guidance issued by the U.S. Department of the Treasury, and specific actions the Company may take in the future. To the extent that portions of CBAK’s U.S. taxable income, such as Subpart F income or GILTI, are determined to be from sources outside of the U.S., subject to certain limitations, Sohu.com Inc. may be able to claim foreign tax credits to offset its U.S. income tax liabilities. If dividends that CBAK receives from its subsidiaries are determined to be from sources outside of the U.S., subject to certain limitations, CBAK will generally not be required to pay U.S. corporate income tax on those dividends. Any liabilities for U.S. corporate income tax will be accrued in the Company’s consolidated statements of comprehensive income and estimated tax payments will be made when required by U.S. law. No provision for income taxes in the United States or elsewhere has been made as CBAK had no taxable income for the three and six months ended June 30, 2017 and 2018. Hong Kong Tax PRC Tax A reconciliation of the provision for income taxes determined at the statutory income tax rate to the Company's income taxes is as follows: Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 Loss before income taxes $ (3,753,380 ) $ (3,445,688 ) $ (5,821,596 ) $ (6,013,521 ) United States federal corporate income tax rate 35% 21% 35% 21% Income tax credit computed at United States statutory corporate income tax rate (1,313,683 ) (723,594 ) (2,037,559 ) (1,262,839 ) Reconciling items: Rate differential for PRC earnings 344,337 (129,077 ) 505,764 (215,856 ) Non-deductible expenses 25,245 30,964 95,768 97,050 Share based payments 83,565 14,969 171,936 32,519 Valuation allowance on deferred tax assets 860,536 806,738 1,264,091 1,349,126 Income tax expenses $ - $ - $ - $ - (a) Deferred tax assets and deferred tax liabilities The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities As of December 31, 2017 and June 30, 2018 are presented below: December 31, June 30, 2017 2018 Deferred tax assets Trade accounts receivable $ 1,098,183 $ 939,319 Inventories 1,772,444 1,661,809 Property, plant and equipment 781,227 882,078 Provision for product warranty 569,958 566,292 Net operating loss carried forward 25,892,299 27,449,376 Valuation allowance (30,114,111 ) (31,498,874 ) Deferred tax assets, non-current $ - $ - Deferred tax liabilities, non-current $ - $ - As of December 31, 2017 and June 30, 2018, the Company’s U.S. entity had net operating loss carry forwards of $103,580,741, of which $102,293 available to reduce future taxable income which will expire in various years through 2035 and $103,478,448 available to offset capital gains recognized in the succeeding 5 tax years and the Company’s PRC subsidiaries had net operating loss carry forwards of $16,561,373 and $22,789,682, respectively, which will expire in various years through 2022. Management believes it is more likely than not that the Company will not realize these potential tax benefits as these operations will not generate any operating profits in the foreseeable future. As a result, a valuation allowance was provided against the full amount of the potential tax benefits. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. The impact of an uncertain income tax positions on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The significant uncertain tax position arose from the subsidies granted by the local government for the Company’s PRC subsidiary, which may be modified or challenged by the central government or the tax authority. A reconciliation of January 1, 2018 through June 30, 2018 amount of unrecognized tax benefits excluding interest and penalties (“Gross UTB”) is as follows: Gross UTB Surcharge Net UTB Balance as of January 1, 2018 $ 7,537,273 $ - $ 7,537,273 Decrease in unrecognized tax benefits taken in current period (128,229 ) - (128,229 ) Balance as of June 30, 2018 $ 7,409,044 $ - $ 7,409,044 As of December 31, 2017 and June 30, 2018, the Company had not accrued any interest and penalties related to unrecognized tax benefits. |
Share-based Compensation
Share-based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Share-based Compensation [Text Block] | 17. Share-based Compensation Restricted Shares Restricted shares granted on June 30, 2015 On June 12, 2015, the Board of Director approved the CBAK Energy Technology, Inc. 2015 Equity Incentive Plan (the “2015 Plan”) for Employees, Directors and Consultants of the Company and its Affiliates. The maximum aggregate number of Shares that may be issued under the Plan is ten million (10,000,000) Shares. On June 30, 2015, pursuant to the 2015 Plan, the Compensation Committee of the Company’s Board of Directors granted an aggregate of 690,000 restricted shares of the Company’s common stock, par value $0.001, to certain employees, officers and directors of the Company with a fair value of $3.24 per share on June 30, 2015. In accordance with the vesting schedule of the grant, the restricted shares will vest in twelve equal quarterly installments on the last day of each fiscal quarter beginning on June 30, 2015 (i.e. last vesting period: quarter ended March 31, 2018). The Company recognizes the share-based compensation expenses on a graded-vesting method. The Company recorded non-cash share-based compensation expense of $76,151 and $175,985 for three and six months ended June 30, 2017, in respect of the restricted shares granted on June 30, 2015, respectively. The Company recorded non-cash share-based compensation expense of $nil and $17,160 for three and six months ended June, 2018, in respect of the restricted shares granted on June 30, 2015, respectively. As of June 30, 2018, non-vested restricted shares granted on June 30, 2015 are as follows: Non-vested shares as of January 1, 2018 55,000 Granted - Vested (55,000 ) Forfeited - Non-vested shares as of June 30, 2018 - As of June 30, 2018, there was no unrecognized stock-based compensation associated with the above restricted shares. As of June 30, 2018, 247,501 vested shares were to be issued. Restricted shares granted on April 19, 2016 On April 19, 2016, pursuant to the Company’s 2015 Equity Incentive Plan, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) granted an aggregate of 500,000 restricted shares of the Company’s common stock, par value $0.001 (the “Restricted Shares”), to certain employees, officers and directors of the Company, of which 220,000 restricted shares were granted to the Company’s executive officers and directors. There are three types of vesting schedules. First, if the number of restricted shares granted is below 3,000, the shares will vest annually in 2 equal installments over a two year period with the first vesting on June 30, 2017. Second, if the number of restricted shares granted is larger than or equal to 3,000 and is below 10,000, the shares will vest annually in 3 equal installments over a three year period with the first vesting on June 30, 2017. Third, if the number of restricted shares granted is above or equal to 10,000, the shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on December 31, 2016. The fair value of these restricted shares was $2.68 per share on April 19, 2016. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method. The Company recorded non-cash share-based compensation expense of $162,608 and $315,262 for the three and six months ended June 30, 2017, in respect of the restricted shares granted on April 19, 2016, respectively. The Company recorded non-cash share-based compensation expense of $71,281 and $137,694 for the three and six months ended June 30, 2018, in respect of the restricted shares granted on April 19, 2016, respectively. As of June 30, 2018, non-vested restricted shares granted on April 19, 2016 are as follows: Non-vested shares as of January 1, 2018 255,500 Granted - Vested (104,332 ) Forfeited (7,506 ) Non-vested shares as of June 30, 2018 143,662 As of June 30, 2018, there was unrecognized stock-based compensation of $102,997 associated with the above restricted shares. As of June 30, 2018, 156,499 vested shares were to be issued. As the Company itself is an investment holding company which is not expected to generate operating profits to realize the tax benefits arising from its net operating loss carried forward, no income tax benefits were recognized for such stock-based compensation cost under the stock option plan for the three and six months ended June 30, 2017 and 2018. |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Loss Per Share [Text Block] | 18. Loss Per Share The following is the calculation of loss per share: Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 Net loss $ (3,753,380 ) $ (3,445,688 ) $ (5,821,596 ) $ (6,013,521 ) Less: Net loss attributable to non-controlling interests - 3,493 - 3,493 Net loss attributable to shareholders of CBAK Energy Technology, Inc (3,753,380 ) (3,442,195 ) (5,821,596 ) (6,010,028 ) Weighted average shares used in basic and diluted computation (note) 20,402,083 26,557,617 20,059,236 26,530,419 Loss per share $ (0.18 ) $ (0.13 ) $ (0.29 ) $ (0.23 ) Note: Including 218,834 vested restricted shares granted pursuant to the 2015 Plan that were not yet issued for the three and six months ended June 30, 2017 and 404,000 vested restricted shares granted pursuant to the 2015 Plan that were not yet issued for the three and six months ended June 30, 2018. For the three and six months ended June 30, 2017 and 2018, 479,666 and 143,662 unvested restricted shares were anti-dilutive and excluded from shares used in the diluted computation. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value of Financial Instruments [Text Block] | 19. Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement and Disclosures • Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. • Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, pledged deposits, trade accounts and bills receivable and payable, other receivables, balances with former subsidiaries, other short-term loans, short-term and long-term bank loans and other payables approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies [Text Block] | 20. Commitments and Contingencies (i) Capital Commitments As of December 31, 2017 and June 30, 2018, the Company had the following contracted capital commitments: December 31, June 30, 2017 2018 For construction of buildings $ 2,053,489 $ 2,917,535 For purchases of equipment - 6,965,824 Capital injection to CBAK Suzhou and CBAK Trading Note 400,000 1,457,625 $ 2,453,489 $ 11,340,984 Note: Initially, BAK Asia was required to pay the remaining capital within two years, of the date of issuance of the subsidiary’s business license according to PRC registration capital management rules. According to the revised PRC Companies Law which became effective on March 2014, the time requirement of the registered capital contribution has been abolished. As such, BAK Asia has its discretion to consider the timing of the registered capital contributions. On April and May 2017, Dalian BAK Power received $9,495,974 injected from BAK Asia. CBAK Power is required to pay the remaining capital of CBAK Suzhou on or before December 31, 2019 (Note 1). (ii) Litigation From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise, in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these, or other matters, may arise from time to time that may harm our business. Other than the legal proceeding set forth below, the Company is currently not aware of any such legal proceedings or claims that the Company believe will have an adverse effect on our business, financial condition or operating results. On July 7, 2016, Shenzhen Huijie Purification System Engineering Co., Ltd (“Shenzhen Huijie”), one of the Company’s contractors, filed a lawsuit against CBAK Power in the Peoples’ Court of Zhuanghe City, Dalian, for the failure to pay pursuant to the terms of the contract and entrusted part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,273,803 (RMB8,430,792), including construction costs of $1.0 million (RMB6.3 million, which the Company already accrued for at June 30, 2016), interest of $30,934 (RMB0.2 million) and compensation of $0.3 million (RMB1.9 million). On September 7, 2016, upon the request of Shenzhen Huijie for property preservation, the Court of Zhuanghe froze CBAK Power’s bank deposits totaling $1,273,803 (RMB8,430,792) for a period of one year. Further on September 1, 2017, upon the request of Shenzhen Huijie, the Court of Zhuanghe froze the bank deposits for another one year until August 31, 2018. On June 30, 2017, according to the trial of first instance, the Court of Zhuanghe ruled that CBAK Power should pay the remaining contract amount of RMB6,135,860 (approximately $0.9 million) claimed by Shenzhen Huijie as well as other expenses incurred including deferred interest, discounted charge on bills payable, litigation fee and property preservation fee totaled $0.1 million, the Company has accrued for these amounts as of June 30, 2018. On July 24, 2017, CBAK Power filed an appellate petition to the Intermediate Peoples’ Court of Dalian (“Court of Dalian”) challenging the lower court’s judgement rendered on June 30, 2017. On November 17, 2017, the Court of Dalian rescind the original judgement and remand the case to the Court of Zhuanghe for retrial. In late February 2018, CBAK Power received a notice from Court of Zhuanghe that Shenzhen Huijie filed another lawsuit against CBAK Power for the failure to perform pursuant to the terms of a fire-control contract. The plaintiff sought a total amount of RMB244,942 ($37,008), including construction costs of RMB238,735($36,070) and interest of RMB6,207 ($938), the Company has accrued for these amounts as of June 30, 2018. In May 2017, CBAK Power filed a lawsuit in the Court of Zhuanghe against Pingxiang Anyuan Tourism Bus Manufacturing Co., Ltd., (“Anyuan Bus”) one of CBAK Power’s customers, for failure to pay pursuant to the terms of the sales contract. CBAK Power sought a total amount of RMB18,279,858, including goods amount of RMB17,428,000 ($2,777,238) and interest of RMB851,858 ($128,707). On December 19, 2017, the Court of Zhuanghe determined that Anyuan Bus should pay the goods amount of RMB17,428,000 and the interest until the goods amount was paid off, and a litigation fee of RMB131,480. The trial went into effect in February 2018 and is currently in the execution phase. As of December 31, 2017 and June 30, 2018, the Company had made a full provision against the receivable from Anyuan Bus of RMB17,428,000 ($2,633,185). |
Concentrations and Credit Risk
Concentrations and Credit Risk | 6 Months Ended |
Jun. 30, 2018 | |
Concentrations and Credit Risk [Text Block] | 21. Concentrations and Credit Risk (a) Concentrations The Company had the following customers that individually comprised 10% or more of net revenue for the three months ended June 30, 2017 and 2018 as follows: Three months ended June 30, 2017 2018 Customer A $ 5,536,377 87.33% $ * * Customer B * * 2,540,634 41.99% Customer C * * 1,469,592 24.29% * Comprised less than 10% of net revenue for the respective period. The Company had the following customers that individually comprised 10% or more of net revenue for the six months ended June 30, 2017 and 2018 as follows: Six months ended June 30, 2017 2018 Customer A $ 8,647,056 85.99% $ * * Customer B * * 3,702,680 39.55% Customer C * * 1,474,860 15.75% * Comprised less than 10% of net revenue for the respective period. The Company had the following customers that individually comprised 10% or more of accounts receivable As of December 31, 2017 and June 30, 2018 as follows: December 31, 2017 June 30, 2018 Customer A $ 23,835,201 62.08% $ 14,191,574 54.76% Customer B * * 3,485,960 13.45% Customer C 4,664,285 12.15% Customer D 4,855,518 12.65% 3,669,960 14.16% * Comprised less than 10% of account receivable for the respective period. For the three and six months ended June 30, 2017 and 2018, the Company recorded the following transactions: Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 Purchase of inventories from Shenzhen BAK $ 1,916,928 $ 111,548 $ 4,279,372 $ 111,548 Zhengzhou BAK Battery Co., Ltd* 9,074 2,116,111 21,531 2,116,111 Sales of finished goods to BAK Tianjin 16,154 17,457 42,700 27,537 Shenzhen BAK - - 60,797 - Zhengzhou BAK Battery Co., Ltd* - - 13,648 - *Mr. Xiangqian Li, the former CEO, is a director of this company. As of June 30, 2018 and December 31, 2017, payable to Zhengzhou BAK Battery Co., Ltd were $2,381,546 and nil, respectively, was included in trade accounts and bills payable. (b) Credit Risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and pledged deposits. As of December 31, 2017 and June 30, 2018, substantially all of the Company’s cash and cash equivalents were held by major financial institutions located in the PRC, which management believes are of high credit quality. For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses. Historically, such losses have been within management’s expectations. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Information [Text Block] | 23. Segment Information The Company used to engage in one business segment, the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion rechargeable batteries for use in a wide array of applications. The Company manufactured five types of Li-ion rechargeable batteries: aluminum-case cell, battery pack, cylindrical cell, lithium polymer cell and high-power lithium battery cell. The Company’s products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices. After the disposal of BAK International and its subsidiaries (see Note 1), the Company focused on producing high-power lithium battery cells. Net revenues for the three and six months ended June 30, 2017 and 2018 were as follows: Net revenues by product: Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 High power lithium batteries used in: Electric vehicles $ 5,806,971 $ 1,753,521 $ 9,064,743 $ 1,818,883 Light electric vehicles 61,663 18,612 203,023 20,120 Uninterruptable supplies 470,625 4,278,169 787,637 7,524,096 Total $ 6,339,259 $ 6,050,302 $ 10,055,403 $ 9,363,099 Net revenues by geographic area: Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 Mainland China $ 6,039,679 5,676,814 $ 9,447,002 8,500,389 Europe 49,253 - 170,721 104,231 PRC Taiwan 134,562 98,701 219,373 99,025 Israel 114,817 122,997 217,359 506,769 USA - 93,032 - 93,032 Others 948 58,758 948 59,653 Total $ 6,339,259 $ 6,050,302 $ 10,055,403 $ 9,363,099 Substantially all of the Company’s long-lived assets are located in the PRC. |
Pledged deposits (Tables)
Pledged deposits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF PLEDGED DEPOSITS [Table Text Block] | December 31, June 30, 2017 2018 Pledged deposits with bank for: Bills payable $ 123,116 $ 4,155,461 Letters of credit 7,685,213 7,554,468 Others* 1,295,849 1,273,803 $ 9,104,178 $ 12,983,732 |
Trade Accounts and Bills Rece30
Trade Accounts and Bills Receivable, net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF TRADE ACCOUNTS RECEIVABLE [Table Text Block] | December 31, June 30, 2017 2018 Trade accounts receivable $ 42,095,211 $ 29,538,119 Less: Allowance for doubtful accounts (3,700,922 ) (3,623,830 ) 38,394,289 25,914,289 Bills receivable 19,124,323 5,864,148 $ 57,518,612 $ 31,778,437 |
SCHEDULE OF ANALYSIS OF THE ALLOWANCE FOR DOUBTFUL ACCOUNTS [Table Text Block] | December 31, June 30, 2017 2018 Balance at beginning of period $ 2,761,144 $ 3,700,922 Provision for the period 839,917 198,619 Reversal - recoveries by cash (114,542 ) (213,309 ) Charged (credited) to consolidated statements of operations and comprehensive (loss) income 725,375 (14,690 ) Foreign exchange adjustment 214,403 (62,402 ) Balance at end of period $ 3,700,922 $ 3,623,830 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF INVENTORIES [Table Text Block] | December 31, June 30, 2017 2018 Raw materials $ 1,814,704 $ 1,826,433 Work in progress 2,188,193 1,634,652 Finished goods 5,829,508 7,229,883 $ 9,832,405 $ 10,690,968 |
Prepayments and Other Receiva32
Prepayments and Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF PREPAYMENTS AND OTHER RECEIVABLES [Table Text Block] | December 31, June 30, 2017 2018 Value added tax recoverable $ 5,963,506 $ 6,185,637 Prepayments to suppliers 706,488 722,526 Deposits 25,922 60,049 Staff advances 59,942 90,365 Prepaid operating expenses 185,690 494,056 Others 37,262 - 6,978,810 7,552,633 Less: Allowance for doubtful accounts (7,000 ) (7,000 ) $ 6,971,810 $ 7,545,633 |
Payables to Former Subsidiari33
Payables to Former Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Trade Payable To a Former Subsidiary [Table Text Block] | December 31, June 30, 2017 2018 BAK Tianjin $ 282,682 $ 241,691 BAK Shenzhen 22,020,039 15,479,515 $ 22,302,721 $ 15,721,206 |
Property, Plant and Equipment34
Property, Plant and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT [Table Text Block] | December 31, June 30, 2017 2018 Buildings $ 24,979,022 $ 24,554,063 Machinery and equipment 13,977,734 18,358,651 Office equipment 184,014 199,888 Motor vehicles 206,190 228,172 39,346,960 43,340,774 Impairment (1,010,216 ) (993,029 ) Accumulated depreciation (3,371,234 ) (4,381,956 ) Carrying amount $ 34,965,510 $ 37,965,789 |
Construction in Progress (Table
Construction in Progress (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Construction in Progress [Table Text Block] | December 31, June 30, 2017 2018 Construction in progress $ 24,288,889 $ 22,039,835 Prepayment for acquisition of property, plant and equipment 740,401 4,326,671 Carrying amount $ 25,029,290 $ 26,366,506 |
Prepaid Land Use Rights, net (T
Prepaid Land Use Rights, net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF PREPAID LAND USE RIGHTS [Table Text Block] | December 31, June 30, 2017 2018 Prepaid land use rights $ 8,634,993 $ 8,488,089 Accumulated amortization (590,058 ) (664,900 ) $ 8,044,935 $ 7,823,189 Less: Classified as current assets (172,700 ) (169,762 ) $ 7,872,235 $ 7,653,427 |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF INTANGIBLE ASSETS [Table Text Block] | December 31, June 30, 2017 2018 Computer software at cost $ 27,340 $ 26,875 Accumulated amortization (7,291 ) (8,510 ) $ 20,049 $ 18,365 |
Trade Accounts and Bills Paya38
Trade Accounts and Bills Payable (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Other Short-term Loan [Table Text Block] | December 31, June 30, 2017 2018 Trade accounts payable $ 29,805,350 $ 27,907,368 Bills payable - Bank acceptance bills (Note 1) 34,025,080 24,887,205 - Commercial acceptance bills 1,786,113 4,237,738 $ 65,616,543 $ 57,032,311 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF DEBT [Table Text Block] | December 31, June 30, 2017 2018 Current maturities of long-term bank loans $ - $ 4,532,681 Long-term bank borrowings 19,489,702 18,024,960 $ 19,489,702 $ 22,557,641 |
SCHEDULE OF FACILITIES SECURED BY THE COMPANY'S ASSETS [Table Text Block] | December 31, June 30, 2017 2018 Pledged deposits (note 2) $ 7,808,329 $ 11,709,929 Prepaid land use rights (note 9) 8,044,935 7,823,189 Buildings 18,391,993 17,126,825 Machinery and equipment 2,374,748 6,858,285 Bills receivable (note 3) 19,047,471 5,864,148 $ 55,667,476 $ 49,382,376 |
SCHEDULE OF ADVANCE FROM RELATED PARTIES [Table Text Block] | December 31, June 30, Note 2017 2018 Advance from related parties – Tianjin BAK New Energy Research Institute Co., Ltd (“Tianjin New Energy”) (a) $ 11,493,437 $ 13,293,097 – Mr. Xiangqian Li, the Company’s Former CEO (b) 100,000 100,000 – Mr. Yunfei Li (c) - 120,871 – Shareholders (d) 2,151,860 2,115,251 13,745,297 15,629,219 Advances from unrelated third party – Mr. Wenwu Yu (e) 155,215 152,575 – Mr. Mingzhe Li (e) 44,269 43,515 – Ms. Longqian Peng (e) 691,669 679,902 891,153 875,992 $ 14,636,450 $ 16,505,211 |
Accrued Expenses and Other Pa40
Accrued Expenses and Other Payables (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES [Table Text Block] | December 31, June 30, 2017 2018 Construction costs payable $ 1,405,651 $ 1,210,575 Equipment purchase payable 8,241,844 7,492,216 Liquidated damages (note a) 1,210,119 1,210,119 Accrued staff costs 1,804,546 2,061,859 Compensation costs (note 20(ii)) 116,989 114,999 Customer deposits 270,923 45,323 Other payables and accruals 1,158,875 872,137 $ 14,208,947 $ 13,007,228 |
Deferred Government Grants (Tab
Deferred Government Grants (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Deferred Government Grants [Table Text Block] | December 31, June 30, 2017 2018 Total government grants $ 4,864,131 $ 4,706,671 Less: Current portion (152,003 ) (149,417 ) Non-current portion $ 4,712,128 $ 4,557,254 |
Income Taxes, Deferred Tax As42
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF INCOME TAXES [Table Text Block] | Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 PRC income tax: Current $ - $ - $ - $ - Deferred - - - - $ - $ - $ - $ - |
SCHEDULE OF INCOME TAX RECONCILIATION [Table Text Block] | Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 Loss before income taxes $ (3,753,380 ) $ (3,445,688 ) $ (5,821,596 ) $ (6,013,521 ) United States federal corporate income tax rate 35% 21% 35% 21% Income tax credit computed at United States statutory corporate income tax rate (1,313,683 ) (723,594 ) (2,037,559 ) (1,262,839 ) Reconciling items: Rate differential for PRC earnings 344,337 (129,077 ) 505,764 (215,856 ) Non-deductible expenses 25,245 30,964 95,768 97,050 Share based payments 83,565 14,969 171,936 32,519 Valuation allowance on deferred tax assets 860,536 806,738 1,264,091 1,349,126 Income tax expenses $ - $ - $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES [Table Text Block] | December 31, June 30, 2017 2018 Deferred tax assets Trade accounts receivable $ 1,098,183 $ 939,319 Inventories 1,772,444 1,661,809 Property, plant and equipment 781,227 882,078 Provision for product warranty 569,958 566,292 Net operating loss carried forward 25,892,299 27,449,376 Valuation allowance (30,114,111 ) (31,498,874 ) Deferred tax assets, non-current $ - $ - Deferred tax liabilities, non-current $ - $ - |
Schedule of Unrecognized Tax Benefits [Table Text Block] | Gross UTB Surcharge Net UTB Balance as of January 1, 2018 $ 7,537,273 $ - $ 7,537,273 Decrease in unrecognized tax benefits taken in current period (128,229 ) - (128,229 ) Balance as of June 30, 2018 $ 7,409,044 $ - $ 7,409,044 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Restricted shares granted on June 30, 2015 [Member] | |
SCHEDULE OF NON-VESTED RESTRICTED SHARES [Table Text Block] | Non-vested shares as of January 1, 2018 55,000 Granted - Vested (55,000 ) Forfeited - Non-vested shares as of June 30, 2018 - |
Restricted shares granted on April 19, 2016 [Member] | |
SCHEDULE OF NON-VESTED RESTRICTED SHARES [Table Text Block] | Non-vested shares as of January 1, 2018 255,500 Granted - Vested (104,332 ) Forfeited (7,506 ) Non-vested shares as of June 30, 2018 143,662 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 Net loss $ (3,753,380 ) $ (3,445,688 ) $ (5,821,596 ) $ (6,013,521 ) Less: Net loss attributable to non-controlling interests - 3,493 - 3,493 Net loss attributable to shareholders of CBAK Energy Technology, Inc (3,753,380 ) (3,442,195 ) (5,821,596 ) (6,010,028 ) Weighted average shares used in basic and diluted computation (note) 20,402,083 26,557,617 20,059,236 26,530,419 Loss per share $ (0.18 ) $ (0.13 ) $ (0.29 ) $ (0.23 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF CAPITAL COMMITMENTS [Table Text Block] | December 31, June 30, 2017 2018 For construction of buildings $ 2,053,489 $ 2,917,535 For purchases of equipment - 6,965,824 Capital injection to CBAK Suzhou and CBAK Trading Note 400,000 1,457,625 $ 2,453,489 $ 11,340,984 |
Concentrations and Credit Risk
Concentrations and Credit Risk (Tables) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
SCHEDULE OF REVENUE BY MAJOR CUSTOMERS BY REPORTING SEGMENTS [Table Text Block] | Three months ended June 30, 2017 2018 Customer A $ 5,536,377 87.33% $ * * Customer B * * 2,540,634 41.99% Customer C * * 1,469,592 24.29% | Six months ended June 30, 2017 2018 Customer A $ 8,647,056 85.99% $ * * Customer B * * 3,702,680 39.55% Customer C * * 1,474,860 15.75% |
SCHEDULE OF ACCOUNTS RECEIVABLE BY MAJOR CUSTOMER [Table Text Block] | December 31, 2017 June 30, 2018 Customer A $ 23,835,201 62.08% $ 14,191,574 54.76% Customer B * * 3,485,960 13.45% Customer C 4,664,285 12.15% Customer D 4,855,518 12.65% 3,669,960 14.16% | |
SCHEDULE OF TRANSACTIONS WITH THE FORMER SUBSIDIARIES [Table Text Block] | Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 Purchase of inventories from Shenzhen BAK $ 1,916,928 $ 111,548 $ 4,279,372 $ 111,548 Zhengzhou BAK Battery Co., Ltd* 9,074 2,116,111 21,531 2,116,111 Sales of finished goods to BAK Tianjin 16,154 17,457 42,700 27,537 Shenzhen BAK - - 60,797 - Zhengzhou BAK Battery Co., Ltd* - - 13,648 - |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
SCHEDULE OF NET REVENUES FROM MANUFACTURE OF BATTERIES BY PRODUCTS [Table Text Block] | Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 High power lithium batteries used in: Electric vehicles $ 5,806,971 $ 1,753,521 $ 9,064,743 $ 1,818,883 Light electric vehicles 61,663 18,612 203,023 20,120 Uninterruptable supplies 470,625 4,278,169 787,637 7,524,096 Total $ 6,339,259 $ 6,050,302 $ 10,055,403 $ 9,363,099 |
SCHEDULE OF NET REVENUES FROM MANUFACTURE OF BATTERIES BY GEOGRAPHICAL AREAS [Table Text Block] | Three months ended June 30, Six months ended June 30, 2017 2018 2017 2018 Mainland China $ 6,039,679 5,676,814 $ 9,447,002 8,500,389 Europe 49,253 - 170,721 104,231 PRC Taiwan 134,562 98,701 219,373 99,025 Israel 114,817 122,997 217,359 506,769 USA - 93,032 - 93,032 Others 948 58,758 948 59,653 Total $ 6,339,259 $ 6,050,302 $ 10,055,403 $ 9,363,099 |
Principal Activities, Basis o48
Principal Activities, Basis of Presentation and Organization (Narrative) (Details) - 6 months ended Jun. 30, 2018 | USD ($)$ / sharesshares | CNY (¥)shares |
Principal Activities, Basis Of Presentation And Organization 1 | shares | 1,720,087 | 1,720,087 |
Principal Activities, Basis Of Presentation And Organization 2 | $ 17,000,000 | |
Principal Activities, Basis Of Presentation And Organization 3 | shares | 435,910 | 435,910 |
Principal Activities, Basis Of Presentation And Organization 4 | 50.00% | 50.00% |
Principal Activities, Basis Of Presentation And Organization 5 | $ 12,000,000 | |
Principal Activities, Basis Of Presentation And Organization 6 | 50.00% | 50.00% |
Principal Activities, Basis Of Presentation And Organization 7 | $ 27,000,000 | |
Principal Activities, Basis Of Presentation And Organization 8 | shares | 435,910 | 435,910 |
Principal Activities, Basis Of Presentation And Organization 9 | 50.00% | 50.00% |
Principal Activities, Basis Of Presentation And Organization 10 | 50.00% | 50.00% |
Principal Activities, Basis Of Presentation And Organization 11 | shares | 217,955 | 217,955 |
Principal Activities, Basis Of Presentation And Organization 12 | shares | 217,955 | 217,955 |
Principal Activities, Basis Of Presentation And Organization 13 | $ 7,955,358 | |
Principal Activities, Basis Of Presentation And Organization 14 | shares | 217,955 | 217,955 |
Principal Activities, Basis Of Presentation And Organization 15 | 50.00% | 50.00% |
Principal Activities, Basis Of Presentation And Organization 16 | shares | 73,749 | 73,749 |
Principal Activities, Basis Of Presentation And Organization 17 | shares | 217,955 | 217,955 |
Principal Activities, Basis Of Presentation And Organization 18 | shares | 217,955 | 217,955 |
Principal Activities, Basis Of Presentation And Organization 19 | shares | 73,749 | 73,749 |
Principal Activities, Basis Of Presentation And Organization 20 | $ 500,000 | |
Principal Activities, Basis Of Presentation And Organization 21 | 100,000 | |
Principal Activities, Basis Of Presentation And Organization 22 | 30,000,000 | |
Principal Activities, Basis Of Presentation And Organization 23 | $ 29,999,978 | |
Principal Activities, Basis Of Presentation And Organization 24 | 90.00% | 90.00% |
Principal Activities, Basis Of Presentation And Organization 25 | ¥ | ¥ 10,000,000 | |
Principal Activities, Basis Of Presentation And Organization 26 | $ 1,500,000 | |
Principal Activities, Basis Of Presentation And Organization 27 | 10.00% | 10.00% |
Principal Activities, Basis Of Presentation And Organization 28 | ¥ | ¥ 3,300,000 | |
Principal Activities, Basis Of Presentation And Organization 29 | $ 500,000 | |
Principal Activities, Basis Of Presentation And Organization 30 | ¥ | ¥ 40,000 | |
Principal Activities, Basis Of Presentation And Organization 31 | $ 6,045 | |
Principal Activities, Basis Of Presentation And Organization 31 | 90.00% | 90.00% |
Principal Activities, Basis Of Presentation And Organization 32 | shares | 3,000,000 | 3,000,000 |
Principal Activities, Basis Of Presentation And Organization 33 | $ / shares | $ 2.4 | |
Principal Activities, Basis Of Presentation And Organization 34 | shares | 3,000,000 | 3,000,000 |
Principal Activities, Basis Of Presentation And Organization 35 | 17.30% | 17.30% |
Principal Activities, Basis Of Presentation And Organization 36 | shares | 760,557 | 760,557 |
Principal Activities, Basis Of Presentation And Organization 37 | 4.40% | 4.40% |
Principal Activities, Basis Of Presentation And Organization 38 | shares | 3,806,018 | 3,806,018 |
Principal Activities, Basis Of Presentation And Organization 39 | 14.51% | 14.51% |
Principal Activities, Basis Of Presentation And Organization 40 | $ 9,800,000 | |
Principal Activities, Basis Of Presentation And Organization 41 | $ 9,847,644 | |
Principal Activities, Basis Of Presentation And Organization 42 | shares | 4,376,731 | 4,376,731 |
Principal Activities, Basis Of Presentation And Organization 43 | $ / shares | $ 2.25 | |
Principal Activities, Basis Of Presentation And Organization 44 | $ 2,900,000 | |
Principal Activities, Basis Of Presentation And Organization 45 | $ 2,600,000 | |
Principal Activities, Basis Of Presentation And Organization 46 | shares | 2,206,640 | 2,206,640 |
Principal Activities, Basis Of Presentation And Organization 47 | $ / shares | $ 2.5 | |
Principal Activities, Basis Of Presentation And Organization 48 | $ 5,520,000 | |
Principal Activities, Basis Of Presentation And Organization 49 | $ 10,000,000 | |
Principal Activities, Basis Of Presentation And Organization 50 | 8 | 8 |
Principal Activities, Basis Of Presentation And Organization 51 | $ 2,060,000 | |
Principal Activities, Basis Of Presentation And Organization 52 | 1,120,000 | |
Principal Activities, Basis Of Presentation And Organization 53 | 225,784 | |
Principal Activities, Basis Of Presentation And Organization 54 | 1,999,910 | |
Principal Activities, Basis Of Presentation And Organization 55 | 3,499,888 | |
Principal Activities, Basis Of Presentation And Organization 56 | 1,119,982 | |
Principal Activities, Basis Of Presentation And Organization 57 | $ 2,985,497 | |
Principal Activities, Basis Of Presentation And Organization 58 | shares | 6,403,518 | 6,403,518 |
Principal Activities, Basis Of Presentation And Organization 59 | $ / shares | $ 1.50 | |
Principal Activities, Basis Of Presentation And Organization 60 | $ 9,600,000 | |
Principal Activities, Basis Of Presentation And Organization 61 | shares | 746,018 | 746,018 |
Principal Activities, Basis Of Presentation And Organization 62 | $ 22,600,000 | |
Principal Activities, Basis Of Presentation And Organization 63 | 102,100,000 | |
Principal Activities, Basis Of Presentation And Organization 64 | $ 14,400,000 |
Pledged deposits (Narrative) (D
Pledged deposits (Narrative) (Details) - 6 months ended Jun. 30, 2018 | USD ($) | CNY (¥) |
Pledged Deposits 1 | $ | $ 1,273,803 | |
Pledged Deposits 2 | ¥ | ¥ 8,430,792 | |
Pledged Deposits 3 | $ | 1,000,000 | |
Pledged Deposits 4 | ¥ | 6,300,000 | |
Pledged Deposits 5 | $ | 30,934 | |
Pledged Deposits 6 | ¥ | 200,000 | |
Pledged Deposits 7 | $ | 300,000 | |
Pledged Deposits 8 | ¥ | 1,900,000 | |
Pledged Deposits 9 | $ | $ 1,273,803 | |
Pledged Deposits 10 | ¥ | ¥ 8,430,792 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Inventories 1 | $ 848,247 |
Inventories 2 | 0 |
Inventories 3 | 998,403 |
Inventories 4 | $ 1,999 |
Property, Plant and Equipment51
Property, Plant and Equipment, net (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Property, Plant And Equipment, Net 1 | $ 328,823 |
Property, Plant And Equipment, Net 2 | 578,156 |
Property, Plant And Equipment, Net 3 | 620,695 |
Property, Plant And Equipment, Net 4 | 1,110,369 |
Property, Plant And Equipment, Net 5 | 23,670,773 |
Property, Plant And Equipment, Net 6 | $ 22,924,970 |
Construction in Progress (Narra
Construction in Progress (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Construction In Progress 1 | $ 344,552 |
Construction In Progress 2 | 357,779 |
Construction In Progress 3 | 703,512 |
Construction In Progress 4 | $ 716,708 |
Prepaid Land Use Rights, net (N
Prepaid Land Use Rights, net (Narrative) (Details) - 6 months ended Jun. 30, 2018 ¥ in Millions | USD ($)yr | CNY (¥)yr |
Prepaid Land Use Rights, Net 1 | 153,832 | 153,832 |
Prepaid Land Use Rights, Net 2 | yr | 50 | 50 |
Prepaid Land Use Rights, Net 3 | $ 8,018,312 | |
Prepaid Land Use Rights, Net 4 | ¥ | ¥ 53.1 | |
Prepaid Land Use Rights, Net 5 | 469,777 | |
Prepaid Land Use Rights, Net 6 | ¥ | ¥ 3.1 | |
Prepaid Land Use Rights, Net 7 | 40,934 | |
Prepaid Land Use Rights, Net 8 | 44,068 | |
Prepaid Land Use Rights, Net 9 | 81,712 | |
Prepaid Land Use Rights, Net 10 | $ 88,242 |
Intangible Assets, net (Narrati
Intangible Assets, net (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Intangible Assets, Net 1 | $ 647 |
Intangible Assets, Net 2 | 698 |
Intangible Assets, Net 3 | 1,293 |
Intangible Assets, Net 4 | $ 1,397 |
Trade Accounts and Bills Paya55
Trade Accounts and Bills Payable (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Trade Accounts And Bills Payable 1 | $ 19,047,471 |
Trade Accounts And Bills Payable 2 | $ 5,864,148 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) ¥ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($) | Jun. 30, 2018CNY (¥) | |
Loans 1 | ¥ | ¥ 130,000 | |
Loans 2 | $ 19,600,000 | |
Loans 3 | ¥ | ¥ 126,800 | |
Loans 4 | $ 19,200,000 | |
Loans 5 | 7.20% | 7.20% |
Loans 6 | ¥ | ¥ 3,200 | |
Loans 7 | $ 500,000 | |
Loans 8 | ¥ | 5,000 | |
Loans 9 | 800,000 | |
Loans 10 | ¥ | 5,000 | |
Loans 11 | 800,000 | |
Loans 12 | 800,000 | |
Loans 13 | ¥ | 10,000 | |
Loans 14 | 1,500,000 | |
Loans 15 | ¥ | 40,000 | |
Loans 16 | 6,400,000 | |
Loans 17 | ¥ | ¥ 10,000 | |
Loans 18 | $ 1,500,000 | |
Loans 19 | 6.525% | 6.525% |
Loans 20 | $ 6,400,000 | |
Loans 21 | 50.00% | 50.00% |
Loans 22 | ¥ | ¥ 100,000 | |
Loans 23 | $ 15,100,000 | |
Loans 24 | 100.00% | 100.00% |
Loans 25 | ¥ | ¥ 98,400 | |
Loans 26 | $ 14,900,000 | |
Loans 27 | 50.00% | 50.00% |
Loans 28 | 4.505% | 4.505% |
Loans 29 | ¥ | ¥ 200,000 | |
Loans 30 | $ 30,200,000 | |
Loans 31 | 130.00% | 130.00% |
Loans 32 | 6.175% | 6.175% |
Loans 33 | ¥ | ¥ 126,000 | |
Loans 34 | $ 19,000,000 | |
Loans 35 | ¥ | 23,300 | |
Loans 36 | 3,500,000 | |
Loans 37 | ¥ | 1,000 | |
Loans 38 | 120,000 | |
Loans 39 | ¥ | 29,000 | |
Loans 40 | 4,400,000 | |
Loans 41 | ¥ | 1,000 | |
Loans 42 | 120,000 | |
Loans 43 | ¥ | 89,000 | |
Loans 44 | 13,400,000 | |
Loans 45 | ¥ | 1,000 | |
Loans 46 | 120,000 | |
Loans 47 | ¥ | 28,300 | |
Loans 48 | 4,340,000 | |
Loans 49 | ¥ | 100,000 | |
Loans 50 | 15,100,000 | |
Loans 51 | ¥ | 55,200 | |
Loans 52 | 8,300,000 | |
Loans 53 | 5,900,000 | |
Loans 54 | 2,400,000 | |
Loans 55 | ¥ | 6,200 | |
Loans 56 | 900,000 | |
Loans 57 | ¥ | 6,200 | |
Loans 58 | 900,000 | |
Loans 59 | ¥ | ¥ 6,200 | |
Loans 60 | 900,000 | |
Loans 61 | 14,400,000 | |
Loans 62 | 344,552 | |
Loans 63 | $ 566,242 | |
Loans 64 | 703,512 | 703,512 |
Loans 65 | $ 1,096,698 |
Accrued Expenses and Other Pa57
Accrued Expenses and Other Payables (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Accrued Expenses And Other Payables 1 | $ 1,051,000 |
Accrued Expenses And Other Payables 2 | $ 13,650,000 |
Accrued Expenses And Other Payables 3 | shares | 3,500,000 |
Accrued Expenses And Other Payables 4 | $ / shares | $ 3.90 |
Accrued Expenses And Other Payables 5 | $ 819,000 |
Accrued Expenses And Other Payables 6 | 1.50% |
Accrued Expenses And Other Payables 7 | 1.50% |
Accrued Expenses And Other Payables 8 | 0.50% |
Accrued Expenses And Other Payables 9 | 1.00% |
Accrued Expenses And Other Payables 10 | $ 561,174 |
Accrued Expenses And Other Payables 11 | $ 159,000 |
Deferred Government Grants (Nar
Deferred Government Grants (Narrative) (Details) - 6 months ended Jun. 30, 2018 | USD ($) | CNY (¥) |
Deferred Government Grants 1 | ¥ | ¥ 150,000,000 | |
Deferred Government Grants 2 | $ 23,103,427 | |
Deferred Government Grants 3 | 1,004,027 | |
Deferred Government Grants 4 | ¥ | ¥ 46,150,000 | |
Deferred Government Grants 5 | 36,029 | |
Deferred Government Grants 6 | 38,787 | |
Deferred Government Grants 7 | 71,919 | |
Deferred Government Grants 8 | $ 77,667 |
Product Warranty Provision (Nar
Product Warranty Provision (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Product Warranty Provision 1 | 120,000 |
Product Warranty Provision 2 | 200,000 |
Income Taxes, Deferred Tax As60
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($)yr | |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 1 | 21.00% |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 2 | 35.00% |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 3 | 35.00% |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 4 | 21.00% |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 5 | 50.00% |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 6 | 16.50% |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 7 | 25.00% |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 8 | $ 103,580,741 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 9 | 102,293 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 10 | $ 103,478,448 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 11 | yr | 5 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 12 | $ 16,561,373 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 13 | $ 22,789,682 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 14 | 50.00% |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Share-based Compensation 1 | (10,000,000) |
Share-based Compensation 2 | shares | 690,000 |
Share-based Compensation 3 | $ 0.001 |
Share-based Compensation 4 | $ / shares | $ 3.24 |
Share-based Compensation 5 | $ 76,151 |
Share-based Compensation 6 | 175,985 |
Share-based Compensation 7 | 0 |
Share-based Compensation 8 | $ 17,160 |
Share-based Compensation 9 | shares | 247,501 |
Share-based Compensation 10 | shares | 500,000 |
Share-based Compensation 11 | $ 0.001 |
Share-based Compensation 12 | shares | 220,000 |
Share-based Compensation 13 | 3,000 |
Share-based Compensation 14 | 2 |
Share-based Compensation 15 | 3,000 |
Share-based Compensation 16 | 10,000 |
Share-based Compensation 17 | 3 |
Share-based Compensation 18 | 10,000 |
Share-based Compensation 19 | 6 |
Share-based Compensation 20 | $ / shares | $ 2.68 |
Share-based Compensation 21 | $ 162,608 |
Share-based Compensation 22 | 315,262 |
Share-based Compensation 23 | 71,281 |
Share-based Compensation 24 | 137,694 |
Share-based Compensation 25 | $ 102,997 |
Share-based Compensation 26 | shares | 156,499 |
Loss Per Share (Narrative) (Det
Loss Per Share (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Loss Per Share 1 | 218,834 |
Loss Per Share 2 | 404,000 |
Loss Per Share 3 | 479,666 |
Loss Per Share 4 | 143,662 |
Commitments and Contingencies63
Commitments and Contingencies (Narrative) (Details) - 6 months ended Jun. 30, 2018 | USD ($) | CNY (¥) |
Commitments And Contingencies 1 | $ | $ 9,495,974 | |
Commitments And Contingencies 2 | $ | 1,273,803 | |
Commitments And Contingencies 3 | ¥ | ¥ 8,430,792 | |
Commitments And Contingencies 4 | $ | 1,000,000 | |
Commitments And Contingencies 5 | ¥ | 6,300,000 | |
Commitments And Contingencies 6 | $ | 30,934 | |
Commitments And Contingencies 7 | ¥ | 200,000 | |
Commitments And Contingencies 8 | $ | 300,000 | |
Commitments And Contingencies 9 | ¥ | 1,900,000 | |
Commitments And Contingencies 10 | $ | 1,273,803 | |
Commitments And Contingencies 11 | ¥ | 8,430,792 | |
Commitments And Contingencies 12 | ¥ | 6,135,860 | |
Commitments And Contingencies 13 | $ | 900,000 | |
Commitments And Contingencies 14 | $ | 100,000 | |
Commitments And Contingencies 15 | ¥ | 244,942 | |
Commitments And Contingencies 16 | $ | 37,008 | |
Commitments And Contingencies 17 | $ | 36,070 | |
Commitments And Contingencies 18 | ¥ | 6,207 | |
Commitments And Contingencies 19 | $ | 938 | |
Commitments And Contingencies 20 | ¥ | 18,279,858 | |
Commitments And Contingencies 21 | ¥ | 17,428,000 | |
Commitments And Contingencies 22 | $ | 2,777,238 | |
Commitments And Contingencies 23 | ¥ | 851,858 | |
Commitments And Contingencies 24 | $ | 128,707 | |
Commitments And Contingencies 25 | ¥ | 17,428,000 | |
Commitments And Contingencies 26 | ¥ | 131,480 | |
Commitments And Contingencies 27 | ¥ | ¥ 17,428,000 | |
Commitments And Contingencies 28 | $ | $ 2,633,185 |
Concentrations and Credit Ris64
Concentrations and Credit Risk (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Concentrations And Credit Risk 1 | 10.00% |
Concentrations And Credit Risk 2 | 10.00% |
Concentrations And Credit Risk 3 | 10.00% |
Concentrations And Credit Risk 4 | 10.00% |
Concentrations And Credit Risk 5 | 10.00% |
Concentrations And Credit Risk 6 | 10.00% |
SCHEDULE OF PLEDGED DEPOSITS (D
SCHEDULE OF PLEDGED DEPOSITS (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Pledged Deposits Schedule Of Pledged Deposits 1 | $ 123,116 |
Pledged Deposits Schedule Of Pledged Deposits 2 | 4,155,461 |
Pledged Deposits Schedule Of Pledged Deposits 3 | 7,685,213 |
Pledged Deposits Schedule Of Pledged Deposits 4 | 7,554,468 |
Pledged Deposits Schedule Of Pledged Deposits 5 | 1,295,849 |
Pledged Deposits Schedule Of Pledged Deposits 6 | 1,273,803 |
Pledged Deposits Schedule Of Pledged Deposits 7 | 9,104,178 |
Pledged Deposits Schedule Of Pledged Deposits 8 | $ 12,983,732 |
SCHEDULE OF TRADE ACCOUNTS RECE
SCHEDULE OF TRADE ACCOUNTS RECEIVABLE (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 1 | $ 42,095,211 |
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 2 | 29,538,119 |
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 3 | (3,700,922) |
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 4 | (3,623,830) |
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 5 | 38,394,289 |
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 6 | 25,914,289 |
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 7 | 19,124,323 |
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 8 | 5,864,148 |
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 9 | 57,518,612 |
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 10 | $ 31,778,437 |
SCHEDULE OF ANALYSIS OF THE ALL
SCHEDULE OF ANALYSIS OF THE ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 1 | $ 2,761,144 |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 2 | 3,700,922 |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 3 | 839,917 |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 4 | 198,619 |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 5 | (114,542) |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 6 | (213,309) |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 7 | 725,375 |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 8 | (14,690) |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 9 | 214,403 |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 10 | (62,402) |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 11 | 3,700,922 |
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 12 | $ 3,623,830 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Inventories Schedule Of Inventories 1 | $ 1,814,704 |
Inventories Schedule Of Inventories 2 | 1,826,433 |
Inventories Schedule Of Inventories 3 | 2,188,193 |
Inventories Schedule Of Inventories 4 | 1,634,652 |
Inventories Schedule Of Inventories 5 | 5,829,508 |
Inventories Schedule Of Inventories 6 | 7,229,883 |
Inventories Schedule Of Inventories 7 | 9,832,405 |
Inventories Schedule Of Inventories 8 | $ 10,690,968 |
SCHEDULE OF PREPAYMENTS AND OTH
SCHEDULE OF PREPAYMENTS AND OTHER RECEIVABLES (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 1 | $ 5,963,506 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 2 | 6,185,637 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 3 | 706,488 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 4 | 722,526 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 5 | 25,922 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 6 | 60,049 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 7 | 59,942 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 8 | 90,365 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 9 | 185,690 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 10 | 494,056 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 11 | 37,262 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 12 | 0 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 13 | 6,978,810 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 14 | 7,552,633 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 15 | (7,000) |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 16 | (7,000) |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 17 | 6,971,810 |
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 18 | $ 7,545,633 |
Schedule of Trade Payable To a
Schedule of Trade Payable To a Former Subsidiary (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Payables To Former Subsidiaries Schedule Of Trade Payable To A Former Subsidiary 1 | $ 282,682 |
Payables To Former Subsidiaries Schedule Of Trade Payable To A Former Subsidiary 2 | 241,691 |
Payables To Former Subsidiaries Schedule Of Trade Payable To A Former Subsidiary 3 | 22,020,039 |
Payables To Former Subsidiaries Schedule Of Trade Payable To A Former Subsidiary 4 | 15,479,515 |
Payables To Former Subsidiaries Schedule Of Trade Payable To A Former Subsidiary 5 | 22,302,721 |
Payables To Former Subsidiaries Schedule Of Trade Payable To A Former Subsidiary 6 | $ 15,721,206 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 1 | $ 24,979,022 |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 2 | 24,554,063 |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 3 | 13,977,734 |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 4 | 18,358,651 |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 5 | 184,014 |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 6 | 199,888 |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 7 | 206,190 |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 8 | 228,172 |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 9 | 39,346,960 |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 10 | 43,340,774 |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 11 | (1,010,216) |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 12 | (993,029) |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 13 | (3,371,234) |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 14 | (4,381,956) |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 15 | 34,965,510 |
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 16 | $ 37,965,789 |
Schedule of Construction in Pro
Schedule of Construction in Progress (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Construction In Progress Schedule Of Construction In Progress 1 | $ 24,288,889 |
Construction In Progress Schedule Of Construction In Progress 2 | 22,039,835 |
Construction In Progress Schedule Of Construction In Progress 3 | 740,401 |
Construction In Progress Schedule Of Construction In Progress 4 | 4,326,671 |
Construction In Progress Schedule Of Construction In Progress 5 | 25,029,290 |
Construction In Progress Schedule Of Construction In Progress 6 | $ 26,366,506 |
SCHEDULE OF PREPAID LAND USE RI
SCHEDULE OF PREPAID LAND USE RIGHTS (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 1 | $ 8,634,993 |
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 2 | 8,488,089 |
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 3 | (590,058) |
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 4 | (664,900) |
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 5 | 8,044,935 |
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 6 | 7,823,189 |
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 7 | (172,700) |
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 8 | (169,762) |
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 9 | 7,872,235 |
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 10 | $ 7,653,427 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Intangible Assets, Net Schedule Of Intangible Assets 1 | $ 27,340 |
Intangible Assets, Net Schedule Of Intangible Assets 2 | 26,875 |
Intangible Assets, Net Schedule Of Intangible Assets 3 | (7,291) |
Intangible Assets, Net Schedule Of Intangible Assets 4 | (8,510) |
Intangible Assets, Net Schedule Of Intangible Assets 5 | 20,049 |
Intangible Assets, Net Schedule Of Intangible Assets 6 | $ 18,365 |
Schedule of Other Short-term Lo
Schedule of Other Short-term Loan (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Trade Accounts And Bills Payable Schedule Of Other Short-term Loan 1 | $ 29,805,350 |
Trade Accounts And Bills Payable Schedule Of Other Short-term Loan 2 | 27,907,368 |
Trade Accounts And Bills Payable Schedule Of Other Short-term Loan 3 | 34,025,080 |
Trade Accounts And Bills Payable Schedule Of Other Short-term Loan 4 | 24,887,205 |
Trade Accounts And Bills Payable Schedule Of Other Short-term Loan 5 | 1,786,113 |
Trade Accounts And Bills Payable Schedule Of Other Short-term Loan 6 | 4,237,738 |
Trade Accounts And Bills Payable Schedule Of Other Short-term Loan 7 | 65,616,543 |
Trade Accounts And Bills Payable Schedule Of Other Short-term Loan 8 | $ 57,032,311 |
SCHEDULE OF DEBT (Details)
SCHEDULE OF DEBT (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Loans Schedule Of Debt 1 | $ 0 |
Loans Schedule Of Debt 2 | 4,532,681 |
Loans Schedule Of Debt 3 | 19,489,702 |
Loans Schedule Of Debt 4 | 18,024,960 |
Loans Schedule Of Debt 5 | 19,489,702 |
Loans Schedule Of Debt 6 | $ 22,557,641 |
SCHEDULE OF FACILITIES SECURED
SCHEDULE OF FACILITIES SECURED BY THE COMPANY'S ASSETS (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Loans Schedule Of Facilities Secured By The Company's Assets 1 | $ 7,808,329 |
Loans Schedule Of Facilities Secured By The Company's Assets 2 | 11,709,929 |
Loans Schedule Of Facilities Secured By The Company's Assets 3 | 8,044,935 |
Loans Schedule Of Facilities Secured By The Company's Assets 4 | 7,823,189 |
Loans Schedule Of Facilities Secured By The Company's Assets 5 | 18,391,993 |
Loans Schedule Of Facilities Secured By The Company's Assets 6 | 17,126,825 |
Loans Schedule Of Facilities Secured By The Company's Assets 7 | 2,374,748 |
Loans Schedule Of Facilities Secured By The Company's Assets 8 | 6,858,285 |
Loans Schedule Of Facilities Secured By The Company's Assets 9 | 19,047,471 |
Loans Schedule Of Facilities Secured By The Company's Assets 10 | 5,864,148 |
Loans Schedule Of Facilities Secured By The Company's Assets 11 | 55,667,476 |
Loans Schedule Of Facilities Secured By The Company's Assets 12 | $ 49,382,376 |
SCHEDULE OF ADVANCE FROM RELATE
SCHEDULE OF ADVANCE FROM RELATED PARTIES (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Loans Schedule Of Advance From Related Parties 1 | $ 11,493,437 |
Loans Schedule Of Advance From Related Parties 2 | 13,293,097 |
Loans Schedule Of Advance From Related Parties 3 | 100,000 |
Loans Schedule Of Advance From Related Parties 4 | 100,000 |
Loans Schedule Of Advance From Related Parties 5 | 0 |
Loans Schedule Of Advance From Related Parties 6 | 120,871 |
Loans Schedule Of Advance From Related Parties 7 | 2,151,860 |
Loans Schedule Of Advance From Related Parties 8 | 2,115,251 |
Loans Schedule Of Advance From Related Parties 9 | 13,745,297 |
Loans Schedule Of Advance From Related Parties 10 | 15,629,219 |
Loans Schedule Of Advance From Related Parties 11 | 155,215 |
Loans Schedule Of Advance From Related Parties 12 | 152,575 |
Loans Schedule Of Advance From Related Parties 13 | 44,269 |
Loans Schedule Of Advance From Related Parties 14 | 43,515 |
Loans Schedule Of Advance From Related Parties 15 | 691,669 |
Loans Schedule Of Advance From Related Parties 16 | 679,902 |
Loans Schedule Of Advance From Related Parties 17 | 891,153 |
Loans Schedule Of Advance From Related Parties 18 | 875,992 |
Loans Schedule Of Advance From Related Parties 19 | 14,636,450 |
Loans Schedule Of Advance From Related Parties 20 | $ 16,505,211 |
SCHEDULE OF ACCRUED EXPENSES AN
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 1 | $ 1,405,651 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 2 | 1,210,575 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 3 | 8,241,844 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 4 | 7,492,216 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 5 | 1,210,119 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 6 | 1,210,119 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 7 | 1,804,546 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 8 | 2,061,859 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 9 | 116,989 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 10 | 114,999 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 11 | 270,923 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 12 | 45,323 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 13 | 1,158,875 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 14 | 872,137 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 15 | 14,208,947 |
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 16 | $ 13,007,228 |
Schedule of Deferred Government
Schedule of Deferred Government Grants (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Deferred Government Grants Schedule Of Deferred Government Grants 1 | $ 4,864,131 |
Deferred Government Grants Schedule Of Deferred Government Grants 2 | 4,706,671 |
Deferred Government Grants Schedule Of Deferred Government Grants 3 | (152,003) |
Deferred Government Grants Schedule Of Deferred Government Grants 4 | (149,417) |
Deferred Government Grants Schedule Of Deferred Government Grants 5 | 4,712,128 |
Deferred Government Grants Schedule Of Deferred Government Grants 6 | $ 4,557,254 |
SCHEDULE OF INCOME TAXES (Detai
SCHEDULE OF INCOME TAXES (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 1 | $ 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 2 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 3 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 4 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 5 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 6 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 7 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 8 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 9 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 10 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 11 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 12 | $ 0 |
SCHEDULE OF INCOME TAX RECONCIL
SCHEDULE OF INCOME TAX RECONCILIATION (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 1 | $ (3,753,380) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 2 | (3,445,688) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 3 | (5,821,596) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 4 | $ (6,013,521) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 5 | 35.00% |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 6 | 21.00% |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 7 | 35.00% |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 8 | 21.00% |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 9 | $ (1,313,683) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 10 | (723,594) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 11 | (2,037,559) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 12 | (1,262,839) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 13 | 344,337 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 14 | (129,077) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 15 | 505,764 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 16 | (215,856) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 17 | 25,245 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 18 | 30,964 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 19 | 95,768 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 20 | 97,050 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 21 | 83,565 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 22 | 14,969 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 23 | 171,936 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 24 | 32,519 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 25 | 860,536 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 26 | 806,738 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 27 | 1,264,091 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 28 | 1,349,126 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 29 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 30 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 31 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 32 | $ 0 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 1 | $ 1,098,183 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 2 | 939,319 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 3 | 1,772,444 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 4 | 1,661,809 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 5 | 781,227 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 6 | 882,078 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 7 | 569,958 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 8 | 566,292 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 9 | 25,892,299 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 10 | 27,449,376 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 11 | (30,114,111) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 12 | (31,498,874) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 13 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 14 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 15 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 16 | $ 0 |
Schedule of Unrecognized Tax Be
Schedule of Unrecognized Tax Benefits (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Unrecognized Tax Benefits 1 | $ 7,537,273 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Unrecognized Tax Benefits 2 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Unrecognized Tax Benefits 3 | 7,537,273 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Unrecognized Tax Benefits 4 | (128,229) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Unrecognized Tax Benefits 5 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Unrecognized Tax Benefits 6 | (128,229) |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Unrecognized Tax Benefits 7 | 7,409,044 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Unrecognized Tax Benefits 8 | 0 |
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Unrecognized Tax Benefits 9 | $ 7,409,044 |
SCHEDULE OF NON-VESTED RESTRICT
SCHEDULE OF NON-VESTED RESTRICTED SHARES (Details) | 6 Months Ended |
Jun. 30, 2018USD ($)shares | |
Restricted shares granted on June 30, 2015 [Member] | |
Share-based Compensation Schedule Of Non-vested Restricted Shares 1 | $ 55,000 |
Share-based Compensation Schedule Of Non-vested Restricted Shares 2 | 0 |
Share-based Compensation Schedule Of Non-vested Restricted Shares 3 | $ (55,000) |
Share-based Compensation Schedule Of Non-vested Restricted Shares 4 | shares | 0 |
Share-based Compensation Schedule Of Non-vested Restricted Shares 5 | $ 0 |
Restricted shares granted on April 19, 2016 [Member] | |
Share-based Compensation Schedule Of Non-vested Restricted Shares 1 | 255,500 |
Share-based Compensation Schedule Of Non-vested Restricted Shares 2 | 0 |
Share-based Compensation Schedule Of Non-vested Restricted Shares 3 | (104,332) |
Share-based Compensation Schedule Of Non-vested Restricted Shares 4 | (7,506) |
Share-based Compensation Schedule Of Non-vested Restricted Shares 5 | $ 143,662 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 1 | $ (3,753,380) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 2 | (3,445,688) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 3 | (5,821,596) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 4 | (6,013,521) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 5 | 0 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 6 | 3,493 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 7 | 0 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 8 | 3,493 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 9 | (3,753,380) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 10 | (3,442,195) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 11 | (5,821,596) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 12 | (6,010,028) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 13 | 20,402,083 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 14 | 26,557,617 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 15 | 20,059,236 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 16 | $ 26,530,419 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 17 | (0.18) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 18 | (0.13) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 19 | (0.29) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 20 | (0.23) |
SCHEDULE OF CAPITAL COMMITMENTS
SCHEDULE OF CAPITAL COMMITMENTS (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Commitments And Contingencies Schedule Of Capital Commitments 1 | $ 2,053,489 |
Commitments And Contingencies Schedule Of Capital Commitments 2 | 2,917,535 |
Commitments And Contingencies Schedule Of Capital Commitments 3 | 0 |
Commitments And Contingencies Schedule Of Capital Commitments 4 | 6,965,824 |
Commitments And Contingencies Schedule Of Capital Commitments 5 | 400,000 |
Commitments And Contingencies Schedule Of Capital Commitments 6 | 1,457,625 |
Commitments And Contingencies Schedule Of Capital Commitments 7 | 2,453,489 |
Commitments And Contingencies Schedule Of Capital Commitments 8 | $ 11,340,984 |
SCHEDULE OF REVENUE BY MAJOR CU
SCHEDULE OF REVENUE BY MAJOR CUSTOMERS BY REPORTING SEGMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 1 | $ 5,536,377 | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 2 | 87.33% | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 3 | $ 2,540,634 | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 4 | 41.99% | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 5 | $ 1,469,592 | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 6 | 24.29% | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 1 | $ 8,647,056 | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 2 | 85.99% | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 3 | $ 3,702,680 | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 4 | 39.55% | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 5 | $ 1,474,860 | |
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 6 | 15.75% |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLE BY MAJOR CUSTOMER (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 1 | $ 23,835,201 |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 2 | 62.08% |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 3 | $ 14,191,574 |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 4 | 54.76% |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 5 | $ 3,485,960 |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 6 | 13.45% |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 7 | $ 4,664,285 |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 8 | 12.15% |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 9 | $ 4,855,518 |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 10 | 12.65% |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 11 | $ 3,669,960 |
Concentrations And Credit Risk Schedule Of Accounts Receivable By Major Customer 12 | 14.16% |
SCHEDULE OF TRANSACTIONS WITH T
SCHEDULE OF TRANSACTIONS WITH THE FORMER SUBSIDIARIES (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 4 | $ 1,916,928 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 5 | 111,548 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 6 | 4,279,372 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 7 | 111,548 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 8 | 9,074 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 9 | 2,116,111 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 10 | 21,531 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 11 | 2,116,111 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 12 | 16,154 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 13 | 17,457 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 14 | 42,700 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 15 | 27,537 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 16 | 0 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 17 | 0 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 18 | 60,797 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 19 | 0 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 20 | 0 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 21 | 0 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 22 | 13,648 |
Concentrations And Credit Risk Schedule Of Transactions With The Former Subsidiaries 23 | $ 0 |
SCHEDULE OF NET REVENUES FROM M
SCHEDULE OF NET REVENUES FROM MANUFACTURE OF BATTERIES BY PRODUCTS (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 1 | $ 5,806,971 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 2 | 1,753,521 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 3 | 9,064,743 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 4 | 1,818,883 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 5 | 61,663 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 6 | 18,612 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 7 | 203,023 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 8 | 20,120 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 9 | 470,625 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 10 | 4,278,169 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 11 | 787,637 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 12 | 7,524,096 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 13 | 6,339,259 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 14 | 6,050,302 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 15 | 10,055,403 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 16 | $ 9,363,099 |
SCHEDULE OF NET REVENUES FROM92
SCHEDULE OF NET REVENUES FROM MANUFACTURE OF BATTERIES BY GEOGRAPHICAL AREAS (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 1 | $ 6,039,679 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 2 | 5,676,814 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 3 | 9,447,002 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 4 | 8,500,389 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 5 | 49,253 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 6 | 0 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 7 | 170,721 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 8 | 104,231 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 9 | 134,562 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 10 | 98,701 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 11 | 219,373 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 12 | 99,025 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 13 | 114,817 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 14 | 122,997 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 15 | 217,359 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 16 | 506,769 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 17 | 0 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 18 | 93,032 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 19 | 0 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 20 | 93,032 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 21 | 948 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 22 | 58,758 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 23 | 948 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 24 | 59,653 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 25 | 6,339,259 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 26 | 6,050,302 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 27 | 10,055,403 |
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 28 | $ 9,363,099 |