Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 14, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference [Text Block] | None | ||
Entity Information [Line Items] | |||
Entity Registrant Name | CBAK ENERGY TECHNOLOGY, INC. | ||
Entity Central Index Key | 0001117171 | ||
Entity File Number | 001-32898 | ||
Entity Tax Identification Number | 88-0442833 | ||
Entity Incorporation, State or Country Code | NV | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 95.2 | ||
Entity Contact Personnel [Line Items] | |||
Entity Address, Address Line One | CBAK Industrial Park | ||
Entity Address, Address Line Two | Meigui Street | ||
Entity Address, Address Line Three | Huayuankou Economic Zone | ||
Entity Address, City or Town | Dalian City | ||
Entity Address, Country | CN | ||
Entity Address, Postal Zip Code | 116450 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | (86) (411) | ||
Local Phone Number | -3918-5985 | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | CBAT | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 89,919,190 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | ARK Pro CPA & Co |
Auditor Firm ID | 3299 |
Auditor Location | Hong Kong, China |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 4,643,267 | $ 6,519,212 |
Pledged deposits | 54,179,549 | 30,836,864 |
Trade and bills receivable, net | 28,653,047 | 27,413,575 |
Inventories | 33,413,422 | 49,446,291 |
Prepayments and other receivables | 7,459,254 | 5,915,080 |
Receivables from former subsidiary | 74,946 | 5,518,052 |
Income tax recoverable | 57,934 | |
Total current assets | 128,423,485 | 125,707,008 |
Property, plant and equipment, net | 91,628,832 | 90,004,527 |
Construction in progress | 37,797,862 | 9,954,202 |
Long-term investments, net | 2,565,005 | 945,237 |
Prepaid land use rights | 11,712,704 | 12,361,163 |
Intangible assets, net | 841,360 | 1,309,058 |
Deposit paid for acquisition of long-term investments | 7,101,492 | |
Operating lease right-of-use assets, net | 1,084,520 | 1,264,560 |
Deferred tax assets, net | 2,486,979 | |
Total assets | 281,155,260 | 244,032,734 |
Current liabilities | ||
Trade and bills payable | 82,429,575 | 67,491,435 |
Short-term bank borrowings | 32,587,676 | 14,907,875 |
Other short-term loans | 339,552 | 689,096 |
Accrued expenses and other payables | 41,992,540 | 25,605,661 |
Payable to a former subsidiary, net | 411,111 | 358,067 |
Deferred government grants, current | 375,375 | 1,299,715 |
Product warranty provisions | 23,870 | 26,215 |
Warrants liability | 136,000 | |
Operating lease liability, current | 691,992 | 575,496 |
Finance lease liability, current | 1,643,864 | 844,297 |
Total current liabilities | 160,495,555 | 111,933,857 |
Deferred government grants, non-current | 6,203,488 | 5,577,020 |
Product warranty provisions | 522,574 | 450,613 |
Operating lease liability, non-current | 475,302 | 607,222 |
Accrued expenses and other payables, non-current | 1,085,525 | |
Total liabilities | 167,696,919 | 119,654,237 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock $0.001 par value; 500,000,000 authorized; 89,135,064 issued and 88,990,858 outstanding as of December 31, 2022; and 90,063,396 issued and 89,919,190 outstanding as of December 31, 2023 | 90,063 | 89,135 |
Donated shares | 14,101,689 | 14,101,689 |
Additional paid-in capital | 247,465,817 | 246,240,998 |
Statutory reserves | 1,230,511 | 1,230,511 |
Accumulated deficit | (134,395,762) | (131,946,705) |
Accumulated other comprehensive loss | (11,601,403) | (8,153,644) |
Stockholders' equity (deficit) before Treasury Stock | 116,890,915 | 121,561,984 |
Less: Treasury shares | (4,066,610) | (4,066,610) |
Total shareholders’ equity | 112,824,305 | 117,495,374 |
Non-controlling interests | 634,036 | 6,883,123 |
Total equity | 113,458,341 | 124,378,497 |
Total liabilities and shareholder’s equity | $ 281,155,260 | $ 244,032,734 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 90,063,396 | 89,135,064 |
Common stock, shares outstanding | 89,919,190 | 88,990,858 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Net revenues | $ 204,438,365 | $ 248,725,485 |
Cost of revenues | (172,714,042) | (230,630,161) |
Gross profit | 31,724,323 | 18,095,324 |
Operating expenses: | ||
Research and development expenses | (11,928,070) | (10,635,486) |
Sales and marketing expenses | (4,903,926) | (2,007,812) |
General and administrative expenses | (13,789,108) | (9,737,711) |
Impairment charge on long-lived assets | (7,070,236) | (4,831,708) |
Impairment charge on goodwill | (1,556,078) | |
Provision for expected credit losses and bad debts written off | (1,284,795) | (831,132) |
Total operating expenses | (38,976,135) | (29,599,927) |
Operating loss | (7,251,812) | (11,504,603) |
Finance income, net | 432,900 | 491,060 |
Other (expenses) income, net | 3,023,238 | (7,252,475) |
Impairment charges on equity investee | (2,366,080) | |
Share of loss of equity investee | (27,428) | |
Changes in fair value of warrants liability | 136,000 | 5,710,000 |
Loss before income tax | (6,053,182) | (12,556,018) |
Income tax credit (expenses), net | (2,486,145) | 1,228,207 |
Net loss | (8,539,327) | (11,327,811) |
Less: Net loss attributable to non-controlling interests | 6,090,270 | 1,879,365 |
Net loss attributable to shareholders of CBAK Energy Technology, Inc. | (2,449,057) | (9,448,446) |
Net loss | (8,539,327) | (11,327,811) |
Other comprehensive loss | ||
– Foreign currency translation adjustment | (3,606,576) | (11,189,175) |
Comprehensive loss | (12,145,903) | (22,516,986) |
Less: Comprehensive loss attributable to non-controlling interests | 6,249,087 | 2,425,879 |
Comprehensive loss attributable to CBAK Energy Technology, Inc. | $ (5,896,816) | $ (20,091,107) |
Loss per share | ||
– Basic (in Dollars per share) | $ (0.03) | $ (0.11) |
– Diluted (in Dollars per share) | $ (0.03) | $ (0.11) |
Weighted average number of shares of common stock: | ||
– Basic (in Shares) | 89,252,085 | 88,927,671 |
– Diluted (in Shares) | 89,252,085 | 88,927,671 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) | Common stock issued | Donated shares | Additional paid-in capital | Statutory reserves | Accumulated deficit | Accumulated other comprehensive Income (loss) | Non- controlling interests | Treasury shares | Total |
Balance at Dec. 31, 2021 | $ 88,849 | $ 241,946,362 | $ 1,230,511 | $ (122,498,259) | $ 2,489,017 | $ 7,593,014 | $ (4,066,610) | $ 140,884,573 | |
Balance (in Shares) at Dec. 31, 2021 | 88,849,222 | 14,101,689 | (144,206) | ||||||
Net loss | (9,448,446) | (1,879,365) | (11,327,811) | ||||||
Share-based compensation for employee and director stock awards | 64,193 | 64,193 | |||||||
Common stock issued to employees and directors for stock award | $ 286 | (286) | |||||||
Common stock issued to employees and directors for stock award (in Shares) | 285,842 | ||||||||
Capital injection | 1,148,447 | 338,232 | 1,486,679 | ||||||
Disposal of partial interest in a subsidiary without losing control | 3,082,282 | 1,377,756 | 4,460,038 | ||||||
Foreign currency translation adjustment | (10,642,661) | (546,514) | (11,189,175) | ||||||
Balance at Dec. 31, 2022 | $ 89,135 | 246,240,998 | 1,230,511 | (131,946,705) | (8,153,644) | 6,883,123 | $ (4,066,610) | $ 124,378,497 | |
Balance (in Shares) at Dec. 31, 2022 | 89,135,064 | 14,101,689 | (144,206) | 88,990,858 | |||||
Net loss | (2,449,057) | (6,090,270) | $ (8,539,327) | ||||||
Share-based compensation for employee and director stock awards | 1,225,747 | 1,225,747 | |||||||
Common stock issued to employees and directors for stock award | $ 928 | (928) | |||||||
Common stock issued to employees and directors for stock award (in Shares) | 928,332 | ||||||||
Foreign currency translation adjustment | (3,447,759) | (158,817) | (3,606,576) | ||||||
Balance at Dec. 31, 2023 | $ 90,063 | $ 247,465,817 | $ 1,230,511 | $ (134,395,762) | $ (11,601,403) | $ 634,036 | $ (4,066,610) | $ 113,458,341 | |
Balance (in Shares) at Dec. 31, 2023 | 90,063,396 | 14,101,689 | (144,206) | 89,919,190 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Cash flows from operating activities | ||
Net loss | $ (8,539,327) | $ (11,327,811) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 9,695,472 | 8,062,303 |
(Reversal) provision for credit losses | 1,271,730 | (2,428,449) |
Write-down of inventories | 3,554,962 | 1,658,432 |
Share-based compensation | 1,225,747 | 64,193 |
Changes in fair value of warrants liability | (136,000) | (5,710,000) |
Loss on disposal of property, plant and equipment | 544,481 | 7,722,451 |
Impairment charge on long-lived assets | 7,070,236 | 4,831,708 |
Impairment charge on goodwill | 1,556,078 | |
Impairment loss of equity investee | 2,366,080 | |
Share of loss of equity investees | 27,428 | |
Amortization of operating lease right-of-use assets | 640,375 | 496,720 |
Changes in operating assets and liabilities: | ||
Trade and bills receivable | (2,960,147) | 21,021,110 |
Inventories | 11,207,281 | (23,977,795) |
Prepayments and other receivables | (2,050,039) | 7,146,992 |
Investment in sales-type lease | 1,539,120 | |
Trade and bills payable | 16,785,569 | 7,557,193 |
Accrued expenses and other payables and product warranty provisions | (2,490,859) | 581,074 |
Lease liabilities | 347,511 | 1,188,476 |
Trade receivable from and payables to a former subsidiary | 5,359,249 | (3,529,467) |
Income tax payables | 157,434 | (109,307) |
Deferred tax assets | 2,429,726 | (1,228,207) |
Net cash provided by operating activities | 46,506,909 | 15,114,814 |
Cash flows from investing activities | ||
Deposit paid for acquisition of long-term investment | (7,126,798) | |
Purchases of property, plant and equipment and construction in progress | (31,140,550) | (12,373,112) |
Proceeds on disposal of property, plant and equipment | 1,139 | 282,164 |
Investment in equity method investment | (4,044,175) | (297,336) |
Cash receipt from disposal of equity interest of a subsidiary without losing control | 4,460,038 | |
Net cash used in investing activities | (42,310,384) | (7,928,246) |
Cash flows from financing activities | ||
Proceeds from bank borrowings | 36,125,794 | 21,594,593 |
Repayment of bank borrowings | (17,986,680) | (14,607,200) |
Repayment of borrowings from unrelated parties | (277,466) | |
Borrowings from related parties | 1,486,679 | |
Repayment of borrowings from related parties | (1,486,679) | |
Borrowings from a shareholder | 199,942 | |
Repayment of borrowings from shareholders | (258,316) | (4,559) |
Repayment of borrowings from Mr. Ye Junnan | (3,716,698) | |
Capital injection from non-controlling interests | 1,486,679 | |
Proceeds from finance leases | 1,696,857 | 1,486,679 |
Principal payments on finance leases | (884,911) | (628,122) |
Net cash provided by financing activities | 18,615,220 | 5,611,372 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (1,345,005) | (1,796,488) |
Net increase in cash and cash equivalents and restricted cash | 21,466,740 | 11,001,452 |
Cash and cash equivalents and restricted cash at the beginning of year | 37,356,076 | 26,354,624 |
Cash and cash equivalents and restricted cash at the end of year | 58,822,816 | 37,356,076 |
Supplemental non-cash investing and financing activities: | ||
Transfer of construction in progress to property, plant and equipment | 19,538,431 | 22,667,373 |
Lease liabilities arising from obtaining right-of-use assets | 476,995 | 1,012,740 |
Cash paid during the year for: | ||
Income taxes | 59,508 | |
Interest, net of amounts capitalized | $ 181,611 | $ 571,118 |
Principal Activities, Basis of
Principal Activities, Basis of Presentation and Organization | 12 Months Ended |
Dec. 31, 2023 | |
Principal Activities, Basis of Presentation and Organization [Abstract] | |
Principal Activities, Basis of Presentation and Organization | 1. Principal Activities, Basis of Presentation and Organization Principal Activities CBAK Energy Technology, Inc. (formerly known as China BAK Battery, 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 November 30, 2018, the trading symbol for common stock of the Company was changed from CBAK to CBAT. Effective at the opening of business on June 21, 2019, the Company’s common stock started trading on the Nasdaq Capital Market. 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”) until March 1, 2016, 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 December 31, 2023, 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. 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”). On August 5, 2019, CBAK Trading’s registered capital was increased to $5,000,000. Pursuant to CBAK Trading’s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 1, 2033. On December 12, 2023, CBAK Trading changed its name to Dalian CBAK New Energy Co., Ltd (“CBAK New Energy”). Up to the date of this report, the Company has contributed $2,435,000 to CBAK Trading in cash. CBAK Trading is dormant as of the date of the report. 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. 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”). On July 10, 2018, CBAK Power’s registered capital was increased to $50,000,000. On October 29, 2019, CBAK Power’s registered capital was further increased to $60,000,000. Pursuant to CBAK Power’s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 31, 2021. Up to the date of this report, the Company has contributed $60,000,000 to CBAK Power through injection of a series of patents and cash. CBAK Power principal engaged in development and manufacture of high-power lithium batteries. 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 was held by certain employees of CBAK Suzhou. Pursuant to CBAK Suzhou’s articles of association, each shareholder is entitled to the right of the profit distribution or responsible for the loss according to its proportion to the capital contribution. 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 RMB9.0 million (approximately $1.3 million), and the other shareholders have contributed RMB1.0 million (approximately $0.1 million) to CBAK Suzhou through injection of a series of cash. In April 14, 2023, CBAK Power and Nanjing BFD Energy Technology Co., Ltd entered into shares transfer agreement to transfer the 90% shares of CBAK Suzhou owned by CBAK Power to Nanjing BFD, no gain or loss was incurred for the transfer. CBAK Suzhou is dormant as of the date of the report. On November 21, 2019, Dalian CBAK Energy Technology Co., Ltd (“CBAK Energy”) was established as a wholly owned subsidiary of BAK Asia with a registered capital of $50,000,000. Pursuant to CBAK Energy’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Energy on or before November 20, 2022, the Company has extended the paid up time to January 31, 2054. Up to the date of this report, the Company has contributed $23,519,880 to CBAK Energy. CBAK Energy is dormant as of the date of the report. On July 14, 2020, the Company acquired BAK Asia Investments Limited (“BAK Investments”), a company incorporated under Hong Kong laws, from Mr. Xiangqian Li, the Company’s former CEO, for a cash consideration of HK$1.00. BAK Asia Investments Limited is a holding company without any other business operations. BAK Investments principally engaged in investment holding. On July 31, 2020, BAK Investments formed a wholly owned subsidiary CBAK New Energy (Nanjing) Co., Ltd. (“CBAK Nanjing”) in China with a registered capital of $100,000,000. Pursuant to CBAK Nanjing’s articles of association and relevant PRC regulations, BAK Investments was required to contribute the capital to CBAK Nanjing on or before July 29, 2040. Up to the date of this report, the Company has contributed $55,289,915 to CBAK Nanjing. CBAK Nanjing principally engaged in investment holding. On August 6, 2020, Nanjing CBAK New Energy Technology Co., Ltd. (“Nanjing CBAK”) was established as a wholly owned subsidiary of CBAK Nanjing with a registered capital of RMB700,000,000 (approximately $101.3 million). Pursuant to Nanjing CBAK’s articles of association and relevant PRC regulations, CBAK Nanjing was required to contribute the capital to Nanjing CBAK on or before August 5, 2040. Up to the date of this report, the Company has contributed RMB352.5 (approximately $51.0 million) to Nanjing CBAK. Nanjing CBAK principally engaged in development and manufacture of larger-sized cylindrical lithium batteries. On November 9, 2020, Nanjing Daxin New Energy Automobile Industry Co., Ltd (“Nanjing Daxin”) was established as a wholly owned subsidiary of CBAK Nanjing with a register capital of RMB50,000,000 (approximately $7.2 million). Up to the date of this report, the Company has contributed RMB37 (approximately $5.4 million) to Nanjing Daxin. On March 6, 2023, Nanjing Daxin changed its name to Nanjing BFD Energy Technology Co., Ltd (“Nanjing BFD”). The Company has paid in full to Nanjing BFD through injection of a series of cash. Nanjing BFD principally engaged in development and manufacture of sodium-ion batteries. On April 21, 2021, CBAK Power, along with Shenzhen BAK Power Battery Co., Ltd (“BAK SZ”), Shenzhen Asian Plastics Technology Co., Ltd (“SZ Asian Plastics”) and Xiaoxia Liu, entered into an investment agreement with Junxiu Li, Hunan Xintao New Energy Technology Partnership, Xingyu Zhu, and Jiangsu Saideli Pharmaceutical Machinery Manufacturing Co., Ltd for an investment in Hunan DJY Technology Co., Ltd (“DJY”). CBAK Power has paid approximately $1.3 million (RMB9,000,000) to acquire 9.74% of the equity interests of DJY. CBAK Power has appointed one director to the Board of Directors of DJY. DJY is an unrelated third party of the Company engaging in researching and manufacturing of raw materials and equipment. On August 4, 2021, Daxin New Energy Automobile Technology (Jiangsu) Co., Ltd (“Jiangsu Daxin”) was established as a wholly owned subsidiary of Nanjing CBAK with a register capital of RMB30,000,000 (approximately $4.3 million). Pursuant to Jiangsu Daxin’s articles of association and relevant PRC regulations, Nanjing Daxin was required to contribute the capital to Jiangsu Daxin on or before July 30, 2061. Jiangsu Daxin was dissolved on December 22, 2023, no gain or loss resulted from the dissolution. On July 20, 2021, CBAK Power entered into a framework agreement relating to CBAK Power’s investment in Zhejiang Hitrans Lithium Battery Technology Co., Ltd (“Hitrans”, formerly known as Zhejinag Meidu Hitrans Lithium Battery Technology Co., Ltd), pursuant to which CBAK Power agreed to acquire 81.56% of registered equity interests (representing 75.57% of paid-up capital) of Hitrans (the “Acquisition”). The Acquisition was completed on November 26, 2021 (Note 12). After the completion of the Acquisition, Hitrans became a 81.56% registered equity interests (representing 75.57% of paid up capital) owned subsidiary of the Company. On July 8, 2022, Hitrans held its second shareholder meeting (“the shareholder meeting”) in 2022 to pass a resolution to increase the registered capital of Hitrans from RMB40 million to RMB44 million (approximately $6.4 million) and to accept an investment of RMB22 million (approximately $3.2 million) from Shaoxing Haiji Enterprise Management & Consulting Partnership (“Shaoxing Haiji”) and an investment of RMB18 million (approximately $2.6 million) from Mr. Haijun Wu (collectively “management shareholder”). Under the resolution, 10% of the investment injection (RMB4 million or $0.6 million) will be contributed towards Hitrans’s registered capital and the remaining 90% (RMB36 million or $5.2 million) will be treated as additional paid-in capital contribution of Hitrans. 25% of the investments from the management shareholder were required to be in place before August 15, 2022, 25% of the investments were required to be in place before December 31, 2022 and the 50% balance (RMB20 million) were required to be received June 30, 2024. As of December 31, 2023, RMB10 million (approximately $1.4 million), representing the 25% of the investments were received. Shaoxing Haiji and Mr. Haijun Wu are currently in negotiations with other shareholders of Hitrans to extend the payment due date for the remaining unpaid 25% and 50% of the Management Shareholder Investments to May 31, 2029. Hitrans principally engaged in research and development, production and sales of cathode materials and precursors for NCM lithium batteries. On December 8, 2022, CBAK Power entered into equity interest transfer agreements with five individuals to disposal in aggregate 6.82% of Hitrans equity interests for a total consideration of RMB30,000,000 (approximately $4.3 million). The transaction was completed on December 30, 2022. As of December 31, 2023, CBAK Power’s equity interests in Hitrans was 67.33% and representing 72.99% of paid up capital. On July 6, 2018, Guangdong Meidu Hitrans Resources Recycling Technology Co., Ltd. (“Guangdong Hitrans”) was established as a 80% owned subsidiary of Hitrans with a registered capital of RMB10 million (approximately $1.6 million). The remaining 20% registered equity interest was held by Shenzhen Baijun Technology Co., Ltd. Pursuant to Guangdong Hitrans’s articles of association, each shareholder is entitled to the right of the profit distribution or responsible for the loss according to its proportion to the capital contribution. Pursuant to Guangdong Hitrans’s articles of association and relevant PRC regulations, Hitrans was required to contribute the capital to Guangdong Hitrans on or before December 30, 2038. Up to the date of this report, Hitrans has contributed RMB1.72 million (approximately $0.3 million), and the other shareholder has contributed RMB0.25 million (approximately $0.04 million) to Guangdong Hitrans through injection of a series of cash. Guangdong Hitrans was established under the laws of the People’s Republic of China as a limited liability company on July 6, 2018 with a registered capital RMB10 million (approximately $1.5 million). Guangdong Hitrans is based in Dongguan, Guangdong Province, and is principally engaged in the business of resource recycling, waste processing, and R&D, manufacturing and sales of battery materials. Guangdong Hitrans was dissolved on January 30, 2024. On July 28, 2021, Hitrans Holdings, was established as a wholly owned subsidiary of CBAK, under the laws of the Cayman Islands, formerly named as “CBAK Energy Technology, Inc.,” was renamed as “Hitrans Holdings Co., Ltd.” on February 29, 2024. Hitrans Holdings owns 100% equity interests of Nacell Holdings. On October 9, 2021, Shaoxing Haisheng International Trading Co., Ltd. (“Haisheng”) was established as a wholly owned subsidiary of Hitrans with a registered capital of RMB5 million (approximately $0.8 million). Pursuant to Haisheng’s articles of association and relevant PRC regulations, Hitrans was required to contribute the capital to Haisheng on or before May 31, 2025. Up to the date of this report, Hitrans has contributed RMB3.5 million (approximately $0.5 million) to Haisheng. Haisheng principally engaged in the business of cathode materials trading. On July 7, 2023, Hong Kong Nacell Holdings Company Limited (“Nacell Holdings”) was established as a wholly owned subsidiary of Hitrans Holdings, incorporated under the laws of Hong Kong. Nacell Holdings had no significant operations as of the date of this report. On July 12, 2023, CBAK Energy Lithium Holdings was established as a wholly owned subsidiary of CBAK, incorporated under the laws of the Cayman Islands in the name of “Hitrans Holdings,” was renamed as “CBAK Energy Lithium Holdings” on February 29, 2024. On February 26, 2024, CBAK Energy Investments Holdings was established as a wholly wned subsidiary of CBAK, under the laws of the Cayman Islands. CBAK Energy Investments does not have any significant operations as of the date of this report. On July 25, 2023, CBAK New Energy (Shangqiu) Co., Ltd (“CBAK Shangqiu”) was established as a wholly owned subsidiary of CBAK Power with a registered capital of RMB50 million (approximately $6.9 million). Pursuant to CBAK Shangqiu’s articles of association and relevant PRC regulations, CBAK Power was required to contribute the capital to Shangqiu on or before July 24, 2043. Up to the date of this report, CBAK Power has contributed RMB1.2 million ($0.2 million) to Shangqiu. CBAK Shsngqiu principally engaged in manufacture and sales of lithium-ion batteries. The Company’s consolidated financial statements have been prepared under US GAAP. 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 and its 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. On December 8, 2020, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of common stock of the Company at a per share purchase price of $5.18, and warrants to purchase an aggregate of 3,795,920 shares of common stock of the Company at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance, for gross proceeds of approximately $49.16 million, before deducting fees to the placement agent and other estimated offering expenses of $3.81 million payable by the Company. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 379,592 shares of the Company’s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance. On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other estimated offering expenses of $5.0 million payable by the Company. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 446,999 shares of the Company’s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance. On May 10, 2021, the Company entered into that Amendment No. 1 to the Series B Warrant (the “Series B Warrant Amendment”) with each of the holders of the Company’s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021. As of August 31, 2021, the Company had not received any notices from the investors to exercise Series B warrants. As of the date of this report, Series B warrants, along with Series A-2 warrants, had both expired. As of December 31, 2023, the Company had $32.6 million bank loans and approximately $127.9 million of other current liabilities. The Company is currently expanding its product lines and manufacturing capacity in its Dalian, Nanjing and Zhejiang 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. COVID-19 The Company business has been and may continue to be adversely affected by the COVID-19 pandemic or other health epidemics and outbreaks. A wave of infections caused by the Omicron variant emerged in Shanghai in early 2022, and a series of restrictions and quarantines were implemented to contain the spread in Shanghai and other regions. The Company’s manufacturing facilities in Dalian, Nanjing and Shaoxing were not producing at full capacity when restrictive measures were in force during 2022, which negatively affected our operational and financial results. China began to modify its zero-COVID policy at the end of 2022, and most of the travel restrictions and quarantine requirements were lifted in December 2022. The extent of the impact of the COVID-19 pandemic that will continue to have on the Company’s business is highly uncertain and difficult to predict and quantify, as the actions that the Company, other businesses and governments may take to contain the spread of COVID-19 continue to evolve. Because of the significant uncertainties surrounding the COVID-19 pandemic, the extent of the future business interruption and the related financial impact cannot be reasonably estimated at this time. The severity of the impact of the COVID-19 pandemic on the Company’s business will continue to depend on a number of factors, including, but not limited to, the duration and severity of the pandemic, the new variants of COVID-19, the efficacy and distribution of COVID-19 vaccines and the extent and severity of the impact on the global supply chain and the Company’s customers, service providers and suppliers, all of which are uncertain and cannot be reasonably predicted at this time. As of the date of issuance of the Company’s financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company’s financial condition, liquidity or results of operations is uncertain. The Company is monitoring and assessing the evolving situation closely and evaluating its potential exposure. Going Concern The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has a working capital deficiency, accumulated deficit from recurring net losses incurred and significant short-term debt obligations maturing in less than one year as of December 31, 2023. These conditions raise substantial doubt about the Company ability to continue as a going concern. The Company’s plan for continuing as a going concern included improving its profitability, and obtaining additional debt financing, loans from existing directors and shareholders for additional funding to meet its operating needs. There can be no assurance that the Company will be successful in the plans described above or in attracting equity or alternative financing on acceptable terms, or if at all. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Practices | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Practices | 2. Summary of Significant Accounting Policies and Practices (a) Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries up to the date of disposal. All significant intercompany balances and transactions have been eliminated prior to consolidation. (b) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and demand deposits placed with banks which are unrestricted as to withdrawal or use, and have original maturities less than three months. The Company considers all highly liquid debt instruments, with initial terms of less than three months to be cash equivalents. As of December 31, 2022 and 2023, cash held in accounts managed by online payment platforms such as Alipay amounted to $14,625 and $10,519 respectively, which have been classified as cash and cash equivalents in the consolidated balance sheets. (c) Pledged deposit Pledged deposit primarily represents bank deposits for bank notes amounted to $30.8 million and $54.2 million as of December 31, 2022 and 2023, respectively. (d) Trade and Bills Receivable and current expected credit losses Trade and bills receivable are recorded at the invoiced amount, net of allowances for doubtful accounts and sales returns. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing trade accounts receivable. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses, which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including, but not limited to, trade and other receivables and net investments in leases. The Company assessed that trade receivable and other current assets are within the scope of ASC 326. The Company has identified the relevant risk characteristics of trade receivables and other current assets which include size, type of the services or the products the Company provides, or a combination of these characteristics, the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses, etc. Other key factors that influence the expected credit loss analysis include industry-specific factors that could impact the credit quality of the Company’s receivables. This is assessed at each quarter based on the Company’s specific facts and circumstances. All forward looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Company’s control. Additionally, external data and macroeconomic factors are also considered. The Company adopted this ASC 326 and several associated ASUs on January 1, 2023 using a modified retrospective approach. As of January 1, 2023, upon the adoption, the expected credit loss provision for the current assets was $2.3 million. For the year ended December 31, 2023, the Company recorded $1.3 million in expected credit losses. As of December 31, 2023, the expected credit loss provision recorded in current assets was $3.5 million. The Company provides an allowance against trade receivable based on the expected credit loss approach and writes off trade receivables when they are deemed uncollectible. The Company considers the historical write-off experience, customer specific facts and economic conditions in assessing the expected credit losses . Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Company’s receivables. This is assessed at each quarter based on the Company’s specific facts and circumstances. Outstanding accounts receivable balances are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. (e) Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the weighted average cost method, and includes expenditures incurred in acquiring the inventories and bringing them to their existing location and condition. In case of finished goods and work in progress, the cost includes an appropriate share of production overhead based on normal operating capacity. Net realizable value is the estimated selling prices The Company records adjustments to its inventory for estimated obsolescence or diminution in net realizable value equal to the difference between the cost of the inventory and the estimated net realizable value. At the point of loss recognition, a new cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. (f) Property, Plant and Equipment Property, plant and equipment (except construction in progress) are stated at cost less accumulated depreciation and impairment charges. Depreciation is calculated based on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets as follows: Buildings 5 – 38 years Machinery and equipment 1 – 15 years Leasehold improvement Over the shorter of lease term of the estimated useful lives of the assets Office equipment 1 – 5 years Motor vehicles 5 – 12 years The cost and accumulated depreciation of property, plant and equipment sold are removed from the consolidated balance sheets and resulting gains or losses are recognized in the consolidated statements of operations and comprehensive income (loss). Construction in progress mainly represents expenditures in respect of the Company’s corporate campus, including offices, factories and staff dormitories, under construction. All direct costs relating to the acquisition or construction of the Company’s corporate campus and equipment, including interest charges on borrowings, are capitalized as construction in progress. No depreciation is provided in respect of construction in progress. A long-lived asset to be disposed of by abandonment continues to be classified as held and used until it is disposed of. (g) Lease The Company accounts for leases in accordance with ASC 842, Leases (“ASC 842”), which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The Company elected not to apply the recognition requirements of ASC 842 to short-term leases. The Company also elected not to separate non-lease components from lease components, therefore, it will account for lease component and the non-lease components as a single lease component when there is only one vendor in the lease contract. The Company determines if a contract contains a lease based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset which the Company does not own and whether it has the right to direct the use of an identified asset in exchange for consideration. Right of use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recognized as the amount of the lease liability, adjusted for lease incentives received. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate (“IBR”), because the interest rate implicit in most of the Company’s leases is not readily determinable. The IBR is a hypothetical rate based on the Company’s understanding of what its credit rating would be to borrow and resulting interest the Company would pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis. Lease payments may be fixed or variable, however, only fixed payments or in-substance fixed payments are included in the Company’s lease liability calculation. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. (i) Prepaid land use rights The land use rights are operating leases with lease terms vary from 36 to 50 years. Land use rights acquired are assessed in accordance with ASC 842 if they meet the definition of lease. (ii) Operating lease The lease terms of operating leases vary from more than a year to five years. Operating leases are included in operating lease right of use assets, and the corresponding operating lease liabilities are included within current and non-current operating lease liabilities on the Company’s consolidated balance sheets. As of December 31, 2022 and 2023, all of the Company’s ROU assets were generated from leased assets in the PRC. (iii) Finance lease Finance leases are included in property, plant and equipment, net, current and non-current finance lease liabilities on the Company’s consolidated balance sheets. As of December 31, 2022 and 2023, all of the Company’s finance lease assets were generated from leased assets in the PRC. (h) Foreign Currency Transactions and Translation The reporting currency of the Company is the United States dollar (“US dollar”). The financial records of the Company’s PRC operating subsidiaries are maintained in their local currency, the Renminbi (“RMB”), which is the functional currency. The financial records of the Company’s subsidiaries established in other countries are maintained in their local currencies. Assets and liabilities of the subsidiaries are translated into the reporting currency at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates, and income and expense items are translated using the average rate for the period. The translation adjustments are recorded in accumulated other comprehensive loss under shareholders’ equity. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are remeasured into the applicable functional currencies at historical exchange rates. Transactions in currencies other than the applicable functional currencies during the period are converted into the functional currencies at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the consolidated statements of operations. RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the “PBOC”) or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC, which are determined largely by supply and demand. Translation of amounts from RMB into US dollars has been made at the following exchange rates for the respective periods: Year ended December 31, 2022 Balance sheet, except for equity accounts RMB 6.9091 to US$1.00 Income statement and cash flows RMB 6.7264 to US$1.00 Year ended December 31, 2023 Balance sheet, except for equity accounts RMB 7.0971 to US$1.00 Income statement and cash flows RMB 7.0719 to US$1.00 (i) Intangible Assets Intangible assets are stated in the balance sheet at cost less accumulated amortization and impairment, if any. The costs of the intangible assets are amortized on a straight-line basis over their estimated useful lives. The respective amortization periods for the intangible assets are as follows: Computer software –1 - 10 years Sewage discharge permit –5 - 7 years (j) Impairment of Long-lived Assets (including amortizable intangible assets) other than goodwill Long-lived assets, which include property, plant and equipment, prepaid land use rights, leased assets and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. (k) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. The Company assesses goodwill for impairment in accordance with ASC subtopic 350-20, Intangibles—Goodwill and Other: Goodwill (“ASC 350-20”), which requires that goodwill be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20. A reporting unit is defined as an operating segment or one level below an operating segment referred to as a component. The Company determines its reporting units by first identifying its operating segments, and then assesses whether any components of these segments constituted a business for which discrete financial information is available and where the Company’s segment manager regularly reviews the operating results of that component. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step two to measure the impairment loss. The Company adopted this guidance on a prospective basis on January 1, 2023 with no material impact on its consolidated financial statements and related disclosures as a result of adopting the new standard. The Company has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative impairment test in accordance with ASC 350-20. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test described above is required. Otherwise, no further testing is required. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. The quantitative goodwill impairment test, used to identify both the existence of impairment and the amount of impairment loss, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit is greater than zero and its fair value exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. (l) Long-term investments The Company’s long-term investments include equity investments in entities and non-marketable equity. Investments in entities in which the Company can exercise significant influence and holds an investment in voting common stock or in substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323, Investments — Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Company initially records its investments at fair value. The Company subsequently adjusts the carrying amount of the investments to recognize the Company’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Company evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. Equity securities with readily determinable fair values and over which the Company has neither significant influence nor control through investments in common stock or in-substance common stock are measured at fair value, with changes in fair value reported through earnings. Equity securities without readily determinable fair values and over which the Company has neither significant influence nor control through investments in common stock or in-substance common stock are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. Available-for-sale debt security investments are reported at estimated fair value with the aggregate unrealized gains and losses, net of tax, reflected in accumulated other comprehensive loss in the consolidated balance sheets. Gain or losses are realized when the investments are sold or when dividends are declared or payments are received or when other than temporarily impaired. Held-to-maturity debt security investment are reported at amortized cost. The securities are held to collect contractual cash flows, and the Company has the positive intent and ability to hold those securities to maturity. The Company monitors its investments measured under equity method for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. (m) Revenue Recognition 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. Practical expedients and exemption The Company has not occurred any costs to obtain contracts, and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Contract liabilities The Company’s contract liabilities consist of deferred revenue associated with batteries development and deposits received from customers allocated to the performance obligations that are unsatisfied, Changes in contract liability balances were not materially impacted by business acquisition, change in estimate of transaction price or any other factors during any of the years presented. The table below presents the activity of the deferred batteries development and sales of batteries revenue during the years ended December 31, 2022 and 2023, respectively: December 31, December 31, 2022 2023 Balance at beginning of year $ 784,000 $ 1,869,525 Development fees collected/ deposits received 1,115,010 - Development and sales of batteries revenue recognized - (1,060,535 ) Exchange realignment (29,485 ) (24,990 ) Balance at end of year $ 1,869,525 $ 784,000 (n) Cost of Revenues Cost of revenues consists primarily of material costs, employee compensation, depreciation and related expenses, which are directly attributable to the production of products. Write-down of inventories to lower of cost or market is also recorded in cost of revenues. (o) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations and comprehensive loss in the period that includes the enactment date. 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. (p) Non-controlling Interests For the Company’s non-wholly owned subsidiary, a non-controlling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company. Non-controlling interests are classified as a separate line item in the equity section of the Company’s consolidated balance sheets and have been separately disclosed in the Company’s consolidated statements of comprehensive loss to distinguish the interests from that of the Company. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows. (q) Research and Development and Advertising Expenses Research and development and advertising expenses are expensed as incurred. Research and development expenses consist primarily of remuneration for research and development staff, depreciation and material costs for research and development. Advertising expenses was $334,556 and $1,640,476 for the years ended December 31, 2022 and 2023. (r) Bills Payable Bills payable represent bills issued by financial institutions to the Company’s vendors. The Company’s vendors receive payments from the financial institutions directly upon maturity of the bills and the Company is obliged to repay the face value of the bills to the financial institutions. (s) Warranties The Company provides a manufacturer’s warranty on all its products. It accrues a warranty reserve for the products sold, which includes management’s best estimate of the projected costs to repair or replace items under warranty. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Company’s relatively short history of sales of its current products, and changes to its historical or projected warranty experience may cause material changes to the warranty reserve in the future. (t) Government Grants The Company’s subsidiaries in China receive government subsidies from local Chinese government agencies in accordance with relevant Chinese government policies. In general, the Company presents the government subsidies received as part of other income unless the subsidies received are earmarked to compensate a specific expense, which have been accounted for by offsetting the specific expense, such as research and development expense, interest expenses and removal costs. Unearned government subsidies received are deferred for recognition until the criteria for such recognition could be met. Grants applicable to land are amortized over the life of the depreciable facilities constructed on it. For research and development expenses, the Company matches and offsets the government grants with the expenses of the research and development activities as specified in the grant approval document in the corresponding period when such expenses are incurred. (u) Share-based Compensation The Company adopted the provisions of ASC Topic 718 which requires the Company to measure and recognize compensation expenses for an award of an equity instrument based on the grant-date fair value. The cost is recognized over the vesting period (or the requisite service period). ASC Topic 718 also requires the Company to measure the cost of a liability classified award based on its current fair value. The fair value of the award will be remeasured subsequently at each reporting date through the settlement date. Changes in fair value during the requisite service period are recognized as compensation cost over that period. Further, ASC Topic 718 requires the Company to estimate forfeitures in calculating the expense related to stock-based compensation. The fair value of each option award is estimated on the date of grant using the Black-Scholes Option Valuation Model. The expected volatility was based on the historical volatilities of the Company’s listed common stocks in the United States and other relevant market information. The Company uses historical data to estimate share option exercises and employee departure behavior used in the valuation model. The expected terms of share options granted is derived from the output of the option pricing model and represents the period of time that share options granted are expected to be outstanding. Since the share options once exercised will primarily trade in the U.S. capital market, the risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury yield curve in effect at the time of grant. (v) Retirement and Other Postretirement Benefits Contributions to retirement schemes (which are defined contribution plans) are charged to cost of revenues, research and development expenses, sales and marketing expenses and general and administrative expenses in the statement of operations and comprehensive loss as and when the related employee service is provided. Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiary of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Company has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately $2,589,157 (RMB17,405,185) and $2,952,247 (RMB20,877,994) for the years ended December 31, 2022 and 2023, respectively. (w) Income (loss) per Share Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is computed similar to basic net income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if all the potential common shares pertaining to warrants, stock options, and similar instruments had been issued and if the additional common shares were dilutive. Diluted income (loss) per share is based on the assumption that all dilutive convertible shares and stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method for the outstanding unvested restricted stock, options and warrants, and the if-converted method for the outstanding convertible instruments. Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later) and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the if-converted method, outstanding convertible instruments are assumed to be converted into common stock at the beginning of the period (or at the time of issuance, if later). (x) Use of Estimates The preparation of the consolidated financial statements in accordance with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include revenue recognition, the recoverability of the carrying amount of long-lived assets, depreciable lives of long-lived assets, allowance for current expected credit loss, unrecognized tax benefits, impairment on goodwill and inventories, valuation allowance for receivables and deferred tax assets, provision for warranty and sales returns, valuation of share-based compensation expense and warrants liability. Actual results could differ from those estimates. (y) Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. (z) Warrant Liability For warrants that are not indexed to the Company’s stock, the Company records the fair value of the issued warrants as a liability at each balance sheet date and records changes in the estimated fair value as a non-cash gain or loss in the consolidated statement of operations and comprehensive income. The warrant liability is recognized in the balance sheet at the fair value (level 3). The fair value of these warrants has been determined using the Binomial model. (aa) Comprehensive Income (Loss) Comprehensive income is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. Accumulated other comprehensive income includes cumulative foreign currency translation adjustment. (ab) Recent Accounting Pronouncements Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”), 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. ASU 2016-13 replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13 is to be adopted on a modified retrospective basis. In March 2022, the FASB issued ASU 2022-02, Topic 326. The ASU eliminates the accounting guidance for trouble debt restructurings by creditors in Subtopic 310-40, and enhances the disclosure requirements for modifications of loans to borrowers experiencing financial difficulty. Additionally, the ASU requires disclosure of gross writeoffs of receivables by year of origination for receiva |
Pledged Deposits
Pledged Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Pledged Deposits [Abstract] | |
Pledged deposits | 3. Pledged deposits Pledged deposits as of December 31, 2022 and 2023 consisted of pledged deposits with banks for bills payable (note 15). |
Trade and Bills Receivable, Net
Trade and Bills Receivable, Net | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Bills Receivable, Net [Abstract] | |
Trade and Bills Receivable, net | 4. Trade and Bills Receivable, net Trade and bills receivable as of December 31, 2022 and 2023: December 31, December 31, 2022 2023 Trade receivable $ 23,422,733 $ 29,368,296 Less: Allowance for credit losses (2,274,513 ) (3,198,249 ) 21,148,220 26,170,047 Bills receivable 6,265,355 2,483,000 $ 27,413,575 $ 28,653,047 Included in trade and bills receivables are retention receivables of $1,066,146 and $65,162 as of December 31, 2022 and 2023. Retention receivables are interest-free and recoverable either at the end of the retention period of three to five years since the sales of the EV batteries or 200,000 km since the sales of the motor vehicles (whichever comes first). An analysis of the allowance for the credit losses are as follows: Balance as at December 31, 2022 $ 2,274,513 Adoption of ASC Topic 326 - Balance as at January 1, 2023 2,274,513 Current period provision, net 1,012,404 Reversal – recoveries by cash (10,250 ) Written-off (14,661 ) Foreign exchange adjustment (63,757 ) Balance as at December 31, 2023 $ 3,198,249 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Inventories | 5. Inventories Inventories as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Raw materials $ 7,101,426 $ 3,779,414 Work in progress 17,274,033 9,525,568 Finished goods 25,070,832 20,108,440 $ 49,446,291 $ 33,413,422 During the years ended December 31, 2022 and 2023 write-downs of obsolete inventories to lower of cost or net realizable value of $1,658,432 and $3,554,962, respectively, were charged to cost of revenues. |
Prepayments and Other Receivabl
Prepayments and Other Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments and Other Receivables [Abstract] | |
Prepayments and Other Receivables | 6. Prepayments and Other Receivables Prepayments and other receivables as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Value added tax recoverable $ 4,234,082 $ 5,248,210 Prepayments to suppliers 220,671 1,341,596 Deposits 43,914 108,492 Staff advances 51,826 113,336 Prepaid operating expenses 706,190 645,390 Receivables from sales of vehicles 371,105 - Others 294,292 292,458 5,922,080 7,749,482 Less: Allowance for doubtful accounts (7,000 ) (290,228 ) $ 5,915,080 $ 7,459,254 An analysis of the allowance for credit losses are as follows: Balance as at December 31, 2022 $ 7,000 Adoption of ASC Topic 326 - Balance as at January 1, 2023 7,000 Current period provision, net 284,238 Foreign exchange adjustment (1,010 ) Balance as at December 31, 2023 $ 290,228 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment, net | 7. Property, Plant and Equipment, net Property, plant and equipment as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, Buildings $ 47,086,680 $ 45,843,428 Leasehold improvements 5,156,705 7,214,436 Machinery and equipment 71,665,842 83,625,645 Office equipment 1,545,026 1,983,601 Motor vehicles 507,882 727,452 125,962,135 139,394,562 Impairment (13,025,161 ) (17,358,096 ) Accumulated depreciation (22,932,447 ) (30,407,634 ) Carrying amount $ 90,004,527 $ 91,628,832 During the years ended December 31, 2022 and 2023, the Company incurred depreciation expense of $9,414,421 and $10,422,306, respectively. The Company has not yet obtained the property ownership certificates of the buildings in its Dalian manufacturing facilities with a carrying amount of $7,360,242 as of December 31, 2022. 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. The Company has obtained the remaining property ownership certificates on July 6, 2023. During the course of the Company’s strategic review of its operations in the years ended December 31, 2022 and 2023, the Company assessed the recoverability of the carrying value of certain property, plant and equipment which resulted in impairment losses of approximately $4,831,708 and $7,070,236, respectively. The impairment charge represented the excess of carrying amounts of the Company’s property, plant and equipment over the estimated fair value of the Company’s production facilities in Hitrans primarily for the production of materials used in manufacturing of lithium batteries due to underperformance of Hitrans reporting unit. No impairment charge was recorded on the Company’s production facilities in Dalian and Nanjing in the years ended December 31, 2022 and 2023. |
Construction in Progress
Construction in Progress | 12 Months Ended |
Dec. 31, 2023 | |
Construction in Progress [Abstract] | |
Construction in Progress | 8. Construction in Progress Construction in progress as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Construction in progress $ 7,828,975 $ 24,876,463 Prepayment for acquisition of property, plant and equipment 2,125,227 12,921,399 Carrying amount $ 9,954,202 $ 37,797,862 Construction in progress as of December 31, 2022 and 2023 mainly comprised capital expenditures for the construction of the facilities and production lines of CBAK Power, Nanjing CBAK and Hitrans. For the years ended December 31, 2022 and 2023, the Company capitalized interest of $162,052 and $870,670, respectively, to the cost of construction in progress. |
Long-Term Investments, Net
Long-Term Investments, Net | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Investments, Net [Abstract] | |
Long-term investments, net | 9. Long-term investments, net Long-term investments as of December 31, 2022 and 2023, consisted of the following: December 31, December 31, Investments in equity method investees $ 289,473 $ 1,926,611 Investments in non-marketable equity 655,764 638,394 $ 945,237 $ 2,565,005 The following is the carrying value of the long-term investments: December 31, December 31, Carrying Economic Interest Carrying Amount Economic Interest Investments in equity method investees Guangxi Guiwu CBAK New Energy Technology Co., Ltd (a) $ 289,473 20% $ 254,475 20% Zhejiang Shengyang Renewable Resources Technology Co., Ltd. (b) - n/a 1,672,136 26% $ 289,473 $ 1,926,611 Investments in non-marketable equity Hunan DJY Technology Co., Ltd $ 655,764 $ 638,394 Nanjing CBAK Education For Industry Technology Co., Ltd - - $ 655,764 $ 638,394 (a) Investments in Guangxi Guiwu CBAK New Energy Technology Co., Ltd Balance as at January 1, 2022 $ - Investments made 297,336 Income from investment - Foreign exchange adjustment (7,863 ) Balance as of December 31, 2022 289,473 Loss from investment (27,428 ) Foreign exchange adjustment (7,570 ) Balance as of December 31, 2023 $ 254,475 In August 2022, Nanjing CBAK, along with two unrelated third parties of the Company, Guangxi Guiwu Recycle Resources Company Limited (“Guangxi Guiwu”) and Mr. Weidong Xu, an unrelated third party entered into an investment agreement to jointly set up a new company - Guangxi Guiwu CBAK New Energy Technology Co., Ltd (“Guangxi Guiwu CBAK”) in which each party holding 20%, 60% and 20% equity interests and voting rights, respectively. Guangxi Guiwu engages in the business of recycling power batteries. The Company applies the equity method of accounting to account for the equity investments in common stock, over which it has significant influence but does not own a majority equity interest or otherwise control. Pursuant to the Company’s articles of association and relevant PRC regulations, each party was required to contribute the capital on or before December 31, 2023. As of December 31, 2023 and current, Nanjing CBAK, Guanxi Guiwu and Mr. Weidong Xu had contributed capital of $0.3 million (RMB2 million), $0.9 million (RMB6 million) and $0.3 million (RMB2 million), respectively. For the year ended December 31, 2022 and 2023, share of loss from the above equity investment was nil (b) Investments in Zhejiang Shengyang Renewable Resources Technology Co., Ltd. Balance as at January 1, 2023 $ - Investments made 4,044,175 Loss from investment (2,366,080 ) Foreign exchange adjustment (5,959 ) Balance as of December 31, 2023 $ 1,672,136 On September 27, 2023, Hitrans, entered into an Equity Transfer Contract (the “Equity Transfer Contract”) with Mr. Shengyang Xu, pursuant to which Hitrans will initially acquire a 26% equity interest in Zhejiang Shengyang Renewable Resources Technology Co., Ltd. (“Zhejiang Shengyang”) from Mr. Xu, an individual who currently holds 97% of Zhejiang Shengyang, for a price of RMB28.6 million (approximately $3.9 million) (the “Initial Acquisition”). Hitrans shall pay the Initial Acquisition price in two (2) installments as follows: (i) 50% of the price due within five business days following the execution of the Equity Transfer Contract and satisfaction of other conditions precedent set forth in the same; and (ii) the remaining 50% of the price due within five business days following Mr. Xu successful transfer to Hitrans of the 26% equity interest in Zhejiang Shengyang. Within fifteen business days after Hitrans has paid 50% of the price, or RMB14.3 million, the parties shall complete the registration of equity change with the local governmental authorities. Zhejiang Shengyang is a material suppliers of Hitrans since June 2020. On November 6, 2023, Hitrans completed the registration of 26% equity interest of Zhejiang Shengyang. The Company recorded an impairment loss of $2.4 million (RMB16.7 million) from the investment to Zhejinag Shengyang for the year ended December 31, 2023. And within three months following the Initial Acquisition, Mr. Xu shall transfer an additional 44% equity interest in Zhejiang Shengyang to Hitrans at the same price per share as that of the Initial Acquisition (the “Follow-on Acquisition”). The parties shall enter into another agreement to detail the terms of the Follow-on Acquisition. Neither Mr. Xu, nor Zhejiang Shengyang, is related to the Company. Investments in non-marketable equity December 31, December 31 Cost $ 1,302,630 $ 1,268,124 Impairment (646,866 ) (629,730 ) Carrying amount $ 655,764 $ 638,394 On April 21, 2021, CBAK Power, along with Shenzhen BAK Power Battery Co., Ltd (BAK Shenzhen), Shenzhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics) and Xiaoxia Liu (collectively the “Investors”), entered into an investment agreement with Junxiu Li, Hunan Xintao New Energy Technology Partnership, Xingyu Zhu, and Jiangsu Saideli Pharmaceutical Machinery Manufacturing Co., Ltd for an investment in Hunan DJY Technology Co., Ltd (“DJY”), a privately held company. CBAK Power has paid $1.40 million (RMB9,000,000) to acquire 9.74% of the equity interests of DJY. CBAK Power along with other three new investors has appointed one director on behalf of the Investors to the Board of Directors of DJY. DJY is unrelated third party of the Company engaging in in research and development, production and sales of products and services to lithium battery positive cathode materials producers, including the raw materials, fine ceramics, equipment and industrial engineering. On April 2023, DJY board declared dividend of $0.8 million (approximately RMB6 million). The dividend was distributed in May 2023 and based on the paid up capital of each shareholders, the dividend income shared by CBAK Power was $82,637 (approximately RMB0.6 million) which was included in other income (expense) for the year ended December 31, 2023. No dividend was declared in 2022. On November 28, 2022, Nanjing CBAK along with Shenzhen Education for Industry Investment Co., Ltd. and Wenyuan Liu, an individual investor, set up Nanjing CBAK Education For Industry Technology Co., Ltd (“CBAK Education”) with a registered capital of RMB5 million (approximately $0.7 million), in which each party holding 10%, 60% and 30% equity interests of CBAK Education, respectively. The investment is for training skillful workforce for Nanjing CBAK. Non-marketable equity securities are investments in privately held companies without readily determinable market value. The Company measures investments in non-marketable equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis. The fair value of non-marketable equity securities that have been remeasured due to impairment are classified within Level 3. The Company adjusts the carrying value of non-marketable equity securities which have been remeasured during the period and recognize resulting gains or losses as a component of other operating income (expense), net. No impairment was recorded on the non-marketable equity securities for the year ended December 31, 2022 and 2023, respectively. |
Lease
Lease | 12 Months Ended |
Dec. 31, 2023 | |
Lease [Abstract] | |
Lease | 10. Lease (a) Prepaid land use rights Prepaid land lease payments Balance as of January 1, 2022 $ 13,797,230 Amortization charge for the year (338,706 ) Foreign exchange adjustment (1,097,361 ) Balance as of December 31, 2022 12,361,163 Amortization charge for the period (322,160 ) Foreign exchange adjustment (326,299 ) Balance as of December 31, 2023 $ 11,712,704 In August 2014 and November 2021, the Company acquired land use rights to build a factory of the Company in Dalian and Zhejiang, PRC. Lump sum payments were made upfront to acquire the leased land from the owners with lease periods of 36 to 50 years, and no ongoing payments will be made under the terms of these land leases. No impairment loss was made to the carrying amounts of the prepaid land use right for the year ended December 31, 2022 and 2023. (b) Operating lease In April 2018, Hitrans entered into a lease agreement for staff quarters spaces in Zhejiang with a five year term, commencing on May 1, 2018 and expiring on April 30, 2023. The monthly rental payment is approximately RMB18,000 ($2,605) per month. In 2018, lump sum payments were made to landlord for the rental of staff quarter spaces and no ongoing payments will be made under the terms of these leases. On January 14, 2021, Nanjing Daxin entered into a lease agreement for manufacturing, warehouse and office space in Tianjing with a three year term, commencing on March 1, 2021 and expiring on February 29, 2024. The monthly rental payment is approximately RMB73,143 ($10,586) per month. On February 28, 2022, Nanjing Daxin early terminated the lease after one-year non-cancellable period. On April 6, 2021, Nanjing CBAK entered into a lease agreement for warehouse space in Nanjing with a three year term, commencing on April 15, 2021 and expiring on April 14, 2024. The monthly rental payment is approximately RMB97,743 ($14,146) per month. On June 1, 2021, Nanjing Daxin entered into a lease agreement for manufacturing, warehouse and office space in Wuxi with a three year term, commencing on June 1, 2021 and expiring on May 31, 2024. The monthly rental payment is approximately RMB238,095 ($34,461) per month for the first year and approximately RMB277,778 ($40,205) per month from the second year. In May 2022, Nanjing Daxin early terminated the lease after one-year non-cancellable period. On June 1, 2021, Hitrans entered into a lease agreement with liquid gas supplier for a five year term for supplying liquid nitrogen and oxygen, commencing on July 1, 2021. The monthly rental payment is approximately RMB5,310 ($769) per month. On December 9, 2021, Hitrans entered into a lease agreement for another staff quarters spaces in Zhejiang with a three year term, commencing on December 10, 2021 and expiring on December 9, 2024. The monthly rental payment is approximately RMB10,400 ($1,505) per month for the first year, RMB10,608 ($1,535) and RMB10,820 ($1,566) per month from the second year and third year, respectively. On March 1, 2022, Hitrans entered into a lease agreement for extra staff quarters spaces in Zhejiang with a five year term, commencing on March 1, 2022 and expiring on February 28, 2027. The monthly rental payment is approximately RMB15,840 ($2,293) per month for the first year, with 2% increase per year. On August 1, 2022, Hitrans entered into a lease agreement for warehouse spaces in Zhejiang with a one and half years term, commencing on August 1, 2022 and expiring on January 31, 2024. The monthly rental payment is RMB60,394 ($8,741) per month. On October 20, 2022, CBAK Power entered into a lease agreement for staff quarters spaces in Dalian with a five year term, commencing on October 20, 2022 and expiring on October 19, 2025. The monthly rental payment is RMB61,905 ($8,960) per month. On December 20, 2022, Hitrans entered into a lease agreement for extra staff quarters spaces in Zhejiang with a five year term commencing on December 20, 2022 and expiring on December 19, 2027. The monthly rental payment is RMB52,000 ($7,526) per month for the first year, with 2% increase per year. On December 30, 2022, Hitrans entered into a lease agreement with liquid gas supplier for a five year term for supplying liquid nitrogen and oxygen to December 29, 2027 The monthly rental payment is approximately RMB7,265 ($1,052) per month. On April 20, 2023, Hitrans entered into another lease agreement for extra staff quarters spaces in Zhejiang with a three year term commencing on May 1, 2023 and expiring on April 30, 2026. The monthly rental payment is RMB28,000 ($3,945) per month. Nanjing CBAK entered into a lease agreement for office and factory spaces in Nanjing for a period of one year, commencing on August 1, 2023 and expiring on July 31, 2024. The monthly rental payment is approximately RMB160,743 ($22,649) per month. CBAK Shangqiu entered into a lease agreement for staff quarters spaces in Shangqiu with a six year sterm commencing on October 1, 2023 and expiring on September 30, 2029. The monthly rental payment is RMB11,400 ($1,606) per month. Operating lease expenses for the years ended December 31, 2022 and 2023 for the capitation agreement was as follows: December 31, December 31, Operating lease cost – straight line $ 495,478 $ 680,076 (c) Company as lessee - Finance lease December 31, December 31, 2022 2023 Property, plant and equipment, at cost $ 1,890,396 $ 4,598,426 Accumulated depreciation (251,626 ) (828,351 ) Impairment (662,006 ) (3,770,075 ) Property, plant and equipment, net under finance lease 976,764 - Finance lease liabilities, current 844,297 1,643,864 Finance lease liabilities, non-current - - Total finance lease liabilities $ 844,297 $ 1,643,864 The components of finance lease expenses for the years ended December 31, 2022 and 2023 were as follows: December 31, December 31, 2022 2023 Finance lease cost: Depreciation of assets $ 76,861 $ 114,123 Interest of lease liabilities 8,672 12,915 Total lease expenses $ 85,533 $ 127,038 The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2023: Operating Finance 2024 $ 718,807 $ 1,691,536 2025 284,202 - 2026 160,210 - 2027 31,559 - 2028 19,275 - Thereafter 14,457 - Total undiscounted cash flows 1,228,510 1,691,536 Less: imputed interest (61,216 ) (47,672 ) Present value of lease liabilities $ 1,167,294 $ 1,643,864 Lease term and discount rate: December 31, December 31, Weighted-average remaining lease term (years) Land use rights 37.9 36.9 Operating leases 3.39 2.71 Finance lease 0.5 0.96 Weighted-average discount rate Land use rights Nil Nil Operating lease 4.94 % 4.69 % Finance lease 1.40 1.37 % Supplemental cash flow information related to leases where the Company was the lessee for the year ended December 31, 2022 and 2023 was as follows: December 31, December 31, Operating cash outflows from operating assets $ 230,382 $ 369,608 |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets, Net [Abstract] | |
Intangible Assets, net | 11. Intangible Assets, net Intangible assets as of December 31, 2022 and 2023 consisted of the followings: December 31, December 31, Computer software at cost $ 104,211 $ 139,732 Sewage discharge permit* 1,762,129 1,715,450 1,866,340 1,855,182 Accumulated amortization (557,282 ) (1,013,822 ) $ 1,309,058 $ 841,360 Amortization expenses were $513,311 and $472,980 for the years ended December 31, 2022 and 2023, respectively. Total future amortization expenses for finite-lived intangible assets were estimated as follows: 2024 $ 120,896 2025 469,557 2026 200,893 2027 9,197 2028 8,236 Thereafter 32,581 Total $ 841,360 |
Acquisition of Subsidiaries
Acquisition of Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Acquisition of Subsidiaries [Abstract] | |
Acquisition of subsidiaries | 12. Acquisition of subsidiaries On April 1, 2021, CBAK Power entered into a framework investment agreement with Hangzhou Juzhong Daxin Asset Management Co., Ltd. (“Juzhong Daxin”) for a potential acquisition of Hitrans. Juzhong Daxin is the trustee of 85% of registered equity interests (representing 78.95% of paid-up capital) of Hitrans and has the voting right over the 85% of registered equity interests. Subject to definitive acquisition agreements to be entered into among the parties, including shareholders owning the 85% of equity interests of Hitrans, CBAK Power intends to acquire 85% of equity interests of Hitrans in cash in 2021. CBAK Power has paid $3.10 million (RMB20,000,000) to Juzhong Daxin as a security deposit in April 2021. Hitrans is an unrelated third party of the Company engaging in researching, manufacturing and trading of raw materials and is one of the major suppliers of the Company in fiscal 2020. On July 20, 2021, CBAK Power entered into a framework agreement relating to CBAK Power’s investment in Hitrans, pursuant to which CBAK Power acquires 81.56% of registered equity interests (or representing 75.57% of paid-up capital) of Hitrans (the “Acquisition Agreement”). Under the Acquisition Agreement, CBAK Power acquires 60% of registered equity interests (representing 54.39% of paid-up capital) of Hitrans from Zhejiang Meidu Graphene Technology Co., Ltd. (“Meidu Graphene”) valued at RMB118 million ($18.5 million) and 21.56% of registered equity interests (representing 21.18% of paid-up capital) of Hitrans from Hitrans’s management shareholders valued at approximately RMB40.74 million ($6.4 million). Two individuals among Hitrans management shareholders, including Hitrans’s CEO, Mr. Haijun Wu (“Mr. Wu”), keeping 2.50% registered equity interests (representing 2.46% of paid-up capital) of Hitrans and New Era Group Zhejiang New Energy Materials Co., Ltd. (“New Era”) continue to hold 15% registered equity interests (representing 21.05% of paid-up capital) of Hitrans after the acquisition. As of the date of the Acquisition Agreement, the 25% registered equity interests (representing 24.56% of paid-up capital) of Hitrans held by Hitrans management shareholders was frozen as a result of a litigation arising from the default by Hitrans management shareholders on debts borrowed from Zhejiang Meidu Pawn Co., Ltd. (“Pawn Co.”) whereby the 25% registered equity interests (representing 24.56% of paid-up capital) of Hitrans was pledged as collateral. Mr. Junnan Ye (“Mr. Ye”), acting as an intermediary, first acquire 22.5% registered equity interests (representing 22.11% of paid-up capital) of Hitrans, free of any encumbrances, from Hitrans management shareholders. Pursuant to the Acquisition Agreement, within five days of CBAK Power’s obtaining 21.56% registered equity interests (representing 21.18% of paid-up capital) of Hitrans from Mr. Ye, CBAK Power pays approximately RMB40.74 million ($6.4 million) in cash, which amount shall be used toward the repayment of debts due to Pawn Co. On July 23, 2021, CBAK Power paid RMB40.74 million (approximately $6.4 million) in cash to Mr. Ye. In addition, as of the date of the Acquisition Agreement, Meidu Graphene’s 60% registered equity interests (representing 54.39% of paid-up capital) of Hitrans was frozen as a result of a litigation arising from Hitrans’s failure to make payments to New Era in connection with the purchase of land use rights, plants, equipment, pollution discharge permit and other assets (the “Assets”) under certain asset transfer agreements as well as Meidu Graphene’s guarantee for Hitrans’s payment obligations thereunder. As a part of the transaction, CBAK Power entered into a loan agreement with Hitrans to lend Hitrans approximately RMB131 million ($20.6 million) (the “Hitrans Loan”) by remitting approximately RMB131 million ($20.6 million) into the account of Shaoxing Intermediate People’s Court (the “Court”) to remove the freeze on Meidu Graphene’s 60% registered equity interests (representing 54.39% of paid-up capital) of Hitrans. Moreover, Juzhong Daxin returns RMB10 million ($1.6 million) of the security deposit to CBAK Power before CBAK Power wires approximately RMB131 million ($20.6 million) to the Court. Juzhong Daxin retained RMB5 million ($0.78 million) as commission for facilitating the acquisition and RMB5 million ($0.78 million) recognized as compensation expense to another potential buyer. On July 27, 2021, Juzhong Daxin returned RMB7 million ($1.1 million) of the security deposit to CBAK Power. The remaining RMB3 million ($0.5 million) had not yet been repaid by Juzhong Daxin up to the date of this report (Note 17). The Company is still negotiating with Juzhong Daxin, as Juzhong Daxin believes that according to the Security Acquisition Framework Agreement entered into between CBAK Power and Juzhong Daxin, CBAK Power should pay RMB3 million ($0.5 million) as risk premium for facilitating the acquisition. CBAK Power believes it is not reasonable to pay any of the risk premium in accordance with the terms of the agreement and Juzhong Daxin should return RMB3 million ($0.5 million) to CBAK Power. CBAK Power has taken legal action for the outstanding balance. CBAK Power shall pay all other fees due to Juzhong Daxin in accordance with the Letter of Intent. According to the Acquisition Agreement, Mr. Ye first acquire 60% registered equity interests (representing 54.39% of paid-up capital) of Hitrans, free of any encumbrances, from Meidu Graphene. Thereafter, CBAK Power assigns RMB118 million ($18.5 million) of the Hitrans Loan to Mr. Junnan Ye as consideration for the acquisition of 60% registered equity interests (representing 54.39% of paid-up capital) of Hitrans from Mr. Ye (the “Assignment”). Hitrans shall repay RMB118 million ($18.5 million) to Mr. Ye in accordance with a separate loan repayment agreement (the “Loan Repayment Agreement”) entered into among Mr. Ye, Hitrans, CBAK Power and Mr. Wu in July 2021. Under the Loan Repayment Agreement, Hitrans shall repay Mr. Ye at least RMB70 million ($10.86 million) within two months of obtaining the title to the Assets from New Era and the remaining RMB 48 million ($7.41 million) by December 31, 2021, with a fixed interest of RMB3.5 million ($0.54 million) which can be reduced by up to RMB1 million ($0.15 million) if the loan is settled before its due date. CBAK Power provides guarantee to Mr. Ye on Hitrans’s repayment obligations under the Loan Repayment Agreement. Hitrans shall repay the remaining approximately RMB13 million ($2.02 million) of the Hitrans Loan to CBAK Power at an interest rate of 6% per annum, maturing in one year from the date of the Assignment. As of December 31, 2021, Hitrans has repaid RMB93 million ($14.6 million) and interest incurred was RMB0.9 million ($0.1 million) recorded as finance cost for the year ended December 31, 2021. As of January 29, 2022, Hitrans has repaid all the loan principals of RMB118 million ($18.5 million) and interests of RMB3.5 million ($0.54 million) to Mr. Ye (Note 15). The transfer of 81.56% registered equity interests (representing 75.57% of paid-up capital) of Zhejiang Hitrans to CBAK Power has been registered with the local government and CBAK Power had paid approximately RMB40.74 million (approximately $6.4 million) in cash to Mr. Ye. In addition, CBAK Power had wired approximately RMB131 million (approximately $20.6 million) to the Court and the Acquisition was completed on November 26, 2021. Upon the closing of the Acquisition, CBAK Power became the largest shareholder of Hitrans holding 81.56% of the Company’s registered equity interests (representing 75.57% of paid-up capital of the Company). As required by applicable Chinese laws, CBAK Power and Management Shareholders are obliged to make capital contributions of RMB11.1 million ($1.7 million) and RMB0.4 million ($0.06 million), respectively, for the unpaid portion of Hitrans’s registered capital in accordance with the articles of association of Hitrans. The Company completed the valuations necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed, resulting from which the amount of goodwill was determined and recognized as of the respective acquisition date. The following table summarizes the estimated aggregate fair values of the assets acquired and liabilities assumed as of the closing date, November 26, 2021. Cash and bank $ 7,323,654 Debts product 3,144 Trade and bills receivable, net 37,759,688 Inventories 13,616,922 Prepayments and other receivables 1,384,029 Income tax recoverable 47,138 Amount due from trustee 11,788,931 Property, plant and equipment, net 21,190,890 Construction in progress 2,502,757 Intangible assets, net 1,957,187 Prepaid land use rights, noncurrent 6,276,898 Leased assets, net 48,394 Deferred tax assets 1,715,998 Short term bank loan (8,802,402 ) Other short term loans – CBAK Power (20,597,522 ) Trade accounts and bills payable (38,044,776 ) Accrued expenses and other payables (7,439,338 ) Deferred government grants (290,794 ) Land appreciation tax (464,162 ) Deferred tax liabilities (333,824 ) Net assets 29,642,812 Less: Waiver of dividend payable 1,250,181 Total net assets acquired 30,892,993 Non-controlling interest (24.43%) (7,547,158 ) Goodwill 1,606,518 Total identifiable net assets 24,952,353 The components of the consideration transferred to effect the Acquisition are as follows: RMB USD Cash consideration for 60% registered equity interest (representing 54.39% of paid-up capital) of Hitrans from Meidu Graphene 118,000,000 18,547,918 Cash consideration for 21.56% registered equity interest (representing 21.18% of paid-up capital) of Hitrans from Hitrans management 40,744,376 6,404,435 Total Purchase Consideration 158,744,376 24,952,353 The transaction resulted in a purchase price allocation of $1,606,518 to goodwill, representing the financial, strategic and operational value of the transaction to the Company. Goodwill is attributed to the premium that the Company paid to obtain the value of the business of Hitrans and the synergies expected from the combined operations of Hitrans and the Company, the assembled workforce and their knowledge and experience in provision of raw materials used in manufacturing of lithium batteries. The total amount of the goodwill acquired is not deductible for tax purposes. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Abstract] | |
Goodwill | 13. Goodwill The movement of the goodwill for the year ended December 31, 2022 and 2023 are as follows: Balance as of January 1, 2022 $ 1,645,232 Impairment of goodwill (1,556,078 ) Foreign exchange adjustment (89,154 ) Balance as of December 31, 2022 & December 31, 2023 $ - The Company performed goodwill impairment test at the reporting unit level on an annual basis and between annual tests when an event occurs or circumstances change indicating the asset might be impaired. As of December 31, 2022, the Company performed testing on reporting unit of NCM precursor and cathode materials products (“Hitrans Reporting unit”). The Company first assessed qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For those reporting units where it is determined that it is more likely than not that their fair values are less than the units’ carrying amounts, the Company will perform the first step of a two-step quantitative goodwill impairment test. After performing the assessment, if the carrying amounts of the reporting units are higher than their fair values, the Company will perform the second step of the two-step quantitative goodwill impairment test. The Company performed qualitative assessments for Hitrans reporting unit. Based on the requirements of ASC 350-20-35-3C through ASC 350-20-35-3G, the Company evaluated all relevant factors, weighed all factors in their totality. For the year ended December 31, 2022, as the financial performance of Hitrans reporting unit was below original expectations, fair value of this reporting unit was indicated to be lower than its carrying value. For this reporting unit, where it was determined that it was more likely than not that its fair value was less than the units’ carrying amount after performing the qualitative assessment, as a result, the Company performed the two-step quantitative goodwill impairment test for these two reporting units. For the two-step goodwill impairment test, the Company estimated the fair value with either income approach or asset approach for specific reporting unit components. With the income approach, the Company estimates the fair value of the reporting units using discounted cash flows. Forecasts of future cash flows are based on the best estimate of future net sales and operating expenses, based primarily on expected expansion, pricing, market share, and general economic conditions. Certain estimates of discounted cash flows involve businesses with limited financial history and developing revenue models. Changes in these forecasts could significantly change the amount of impairment recorded, if any. Asset based approach is used in evaluating the fair value of some specific components which is deemed as the most prudent approach due to the unpredictability of future cash flows. The result of step one impairment test for the Hitrans reporting unit failed, with its determined fair value lower than the book value. The Company performed step two impairment test, applying the income approach, resulting an impairment loss of goodwill of $1,556,078 for the year ended December 31, 2022. The impairment loss of goodwill was primarily attributable to the impairment related to Hitrans reporting unit as the financial performance of the reporting unit of Hitrans continued to fall below the Company’s original expectations. |
Deposit Paid for Acquisition of
Deposit Paid for Acquisition of Long-term Investments | 12 Months Ended |
Dec. 31, 2023 | |
Deposit Paid for Acquisition of Long-term Investments [Abstract] | |
Deposit paid for acquisition of long-term investments | 14. Deposit paid for acquisition of long-term investments Deposit paid for acquisition of long-term investments as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Investments in non-marketable equity $ - $ 7,101,492 On September 27, 2023, Nanjing CBAK New Energy Technology Co., Ltd. (“Nanjing CBAK”) entered into an Equity Transfer Agreement (the “Equity Transfer Agreement”) with Shenzhen BAK Battery Co., Ltd. (“SZ BAK”), under which SZ BAK shall sell a five percent (5%) equity interest in Shenzhen BAK Power Battery Co., Ltd. (“BAK SZ”) to Nanjing CBAK for a purchase price of RMB260 million (approximately $35.7 million) (the “Target Equity”). Pursuant to the terms of the Equity Transfer Agreement, Nanjing CBAK will pay the Target Equity in three (3) installments as follows: (i) RMB40 million (approximately $5.5 million) due prior to December 31, 2023; (ii) RMB90 million (approximately $12.4 million) due prior to September 30, 2024, and (iii) the remaining Target Equity balance of RMB130 million (approximately $17.8 million) due following SZ BAK’s successful transfer to Nanjing CBAK of the five percent (5%) equity interest in BAK SZ. Upon Nanjing CBAK having paid RMB130 million of the Target Equity, the parties shall work together to complete the registration of equity change with the local governmental authorities. The Company has contributed RMB50.4 million (approximately $7.1 million) as of December 31, 2023. Up to the date of this report, Nanjing CBAK has paid RMB67.8 million (approximately $9.6 million) to SZ BAK. The Equity Transfer Agreement may be terminated in writing through negotiation by all parties and the deposit paid was refundable on demand. SZ BAK and BAK SZ were the Company’s former subsidiary up to June 30, 2014. Mr, Xiangqian Li, the Company’s former CEO, is the director of SZ BAK and BAK SZ. The Company will measure the investments in BAK SZ as non-marketable equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis upon the completion. The fair value of non-marketable equity securities that have been remeasured due to impairment are classified within Level 3. |
Trade and Bills Payable
Trade and Bills Payable | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Bills Payable [Abstract] | |
Trade and Bills Payable | 15. Trade and Bills Payable Trade and bills payable as of December 31, 2022 and 2023 consisted of the followings: December 31, December 31, 2022 2023 Trade payable $ 32,516,445 $ 26,764,807 Bills payable – Bank acceptance bills 34,974,990 55,664,768 $ 67,491,435 $ 82,429,575 All the bills payable are of trading nature and will mature within one year from the issue date. The bank acceptance bills were pledged by: (i) the Company’s bank deposits (Note 3); (ii) $3.4 million and $0.3 million of the Company’s bills receivable as of December 31, 2022 and 2023, respectively (Note 4). (iii) the Company’s prepaid land use rights (Note 10) |
Loans
Loans | 12 Months Ended |
Dec. 31, 2023 | |
Loans [Abstract] | |
Loans | 16. Loans Bank loans Bank borrowings as of December 31, 2022 and 2023 consisted of the followings: December 31, December 31, 2022 2023 Short-term bank borrowings $ 14,907,875 $ 32,587,676 On November 16, 2021, the Company obtained banking facilities from Shaoxing Branch of Bank of Communications Co., Ltd with a maximum amount of RMB120.1 million (approximately $16.6 million) with the term from November 18, 2021 to November 18, 2026. The facility was secured by the Company’s land use rights and buildings. Under the facility, the Company has borrowed RMB59.0 million (approximately $8.5 million) as of December 31, 2022. In January 2023, the Company renewed the banking facilities with Shaoxing Branch of Bank of Communications Co., Ltd with a maximum amount of RMB160.0 million (approximately $22.1 million) with the term from January 2023 to December 2027. The facility was secured by the Company’s land use rights and buildings. Under the facility, the Company has borrowed RMB142.8 million (approximately $20.1 million) as of December 31, 2023, bearing interest at 3.55% to 3.65% per annum expiring through February to May 2024. On April 19, 2021, the Company obtained five-year acceptance bills facilities from Bank of Ningbo Co., Ltd with a maximum amount of RMB84.4 million (approximately $11.6 million). Any amount drawn under the facilities requires security in the form of cash or bank acceptance bills receivable of at least the same amount. Under the facilities, as of December 31, 2021, the Company borrowed a total of RMB10 million (approximately $1.4 million) from Bank of Ningbo Co., Ltd in the form of bills payable for a various term expiring from January to February 2022, which was secured by the Company’s cash totaling RMB10 million (approximately $1.4 million). The Company repaid the bills in January to February 2022. On March 21, 2022, the Company renewed the above acceptance bills facilities from Bank of Ningbo Co., Ltd with a maximum amount of RMB71.6 million ($9.9 million) with other terms remain the same. Under the facilities, as of December 31, 2022 and 2023, the Company borrowed a total of RMB15.9 million (approximately $2.3 million) and RMB45.4 million (approximately $6.4 million), respectively, in the form of bills payable for various terms expiring from January 2024 to May 2024, which was secured by the Company’s cash totaling RMB15.9 million (approximately $2.3 million) and RMB45.4 million (approximately $6.4 million) (Note 3), respectively. On January 17, 2022, the Company obtained a one-year term facility from Agricultural Bank of China with a maximum amount of RMB10 million (approximately $1.4 million) bearing interest at 105% of benchmark rate of the People’s Bank of China (“PBOC”) for short-term loans, which is 3.85% per annum. The facility was guaranteed by the Company’s CEO, Mr. Yunfei Li and Mr. Yunfei Li’s wife Ms. Qinghui Yuan and secured by an unrelated third party, Jiangsu Credits Financing Guarantee Co., Ltd. The Company borrowed RMB10 million (approximately $1.4 million) on January 20, 2022 for a term until January 16, 2023. The Company repaid RMB10 million (approximately $1.4 million) early on January 5, 2023. On January 6, 2023, the Company borrowed a one-year term loan of RMB10 million (approximately $1.4 million) for a period of one year to January 4, 2024, bearing interest at 120% of benchmark rate of the PBOC for short-term loans, which is 3.85% per annum, while other terms and guarantee remain the same. On February 9, 2022, the Company obtained a one-year term facility from Jiangsu Gaochun Rural Commercial Bank with a maximum amount of RMB10 million (approximately $1.4 million) bearing interest at 124% of benchmark rate of the People’s Bank of China (“PBOC”) for short-term loans, which is 4.94% per annum. The facility was guaranteed by the Company’s CEO, Mr. Yunfei Li and Mr. Yunfei Li’s wife Ms. Qinghui Yuan. The Company borrowed RMB10 million (approximately $1.4 million) on February 17, 2022 for a term until January 28, 2023. The Company repaid RMB10 million (approximately $1.4 million) on January 16, 2023. On January 17, 2023, the Company borrowed a one-year loan of RMB10 million (approximately $1.4 million) bearing interest at 129% of benchmark rate of PBOC for short-term loans, which is 4.70% per annum for a term until January 13, 2024. On March 8, 2022, the Company obtained a one-year term facility from China Zheshang Bank Co., Ltd. Shangyu Branch with a maximum amount of RMB10 million (approximately $1.4 million) bearing interest at 5.5% per annum. The facility was guaranteed by 100% equity in CBAK Power held by BAK Asia and the Company’s CEO, Mr. Yunfei Li. The Company borrowed RMB10 million (approximately $1.4 million) on the same date. On May 17, 2022, the Company repaid the loan principal and related loan interests early. On April 28, 2022, the Company obtained a three-year term facility from Industrial and Commercial Bank of China Nanjing Gaochun branch, with a maximum amount of RMB12 million (approximately $1.7 million) with the term from April 21, 2022 to April 21, 2025. The facility was guaranteed by the Company’s CEO, Mr. Yunfei Li and Mr. Yunfei Li’s wife Ms. Qinghui Yuan. Under the facility, the Company borrowed RMB10 million (approximately $1.5 million) on April 29, 2022, bearing interest at 3.95% per annum for a term until April 29, 2023. The Company repaid RMB10 million (approximately $1.4 million) on April 19, 2023. On April 20, 2023, the Company borrowed another one-year loan of RMB10 million (approximately $1.4 million) bearing interest at 102.5% of benchmark rate of PBOC for short-term loans, which is 3.90% per annum for a term until April 19, 2024. On June 22, 2022, the Company obtained another one-year term facility from China Zheshang Bank Co., Ltd. Shangyu Branch with a maximum amount of RMB10 million (approximately $1.4 million) bearing interest at 4.5% per annum. The facility was guaranteed by 100% equity in CBAK Power held by BAK Asia and the Company’s CEO, Mr. Yunfei Li. The Company borrowed RMB10 million (approximately $1.4 million) on the same date for a term until June 21, 2023. On November 10, 2022, the Company repaid the loan principal and the related loan interests early. On September 25, 2022, the Company entered into another one-year term facility with Jiangsu Gaochun Rural Commercial Bank with a maximum amount of RMB9 million (approximately $1.3 million) bearing interest rate at 4.81% per annum. The facility was guaranteed by 100% equity in CBAK Nanjing held by BAK Investment and the Company’s CEO, Mr. Yunfei Li and Mr. Yunfei Li’s wife Ms. Qinghui Yuan. The Company borrowed RMB9 million (approximately $1.3 million) on September 27, 2022 for a term until September 24, 2023. The Company repaid the loan on September 24, 2023. The Company entered into another one-year term facility with Jiangsu Gaochun Rural Commercial Bank with a maximum amount of RMB9 million (approximately $1.2 million) bearing interest rate at 4.6% per annum for a period from September 27, 2023 to August 31, 2024. The facility was guaranteed by 100% equity in CBAK Nanjing held by BAK Investment and the Company’s CEO, Mr. Yunfei Li and Mr. Yunfei Li’s wife Ms. Qinghui Yuan. The Company borrowed RMB9 million (approximately $1.3 million) on September 27, 2023 for a term until September August 31, 2024. On November 8, 2022, the Company entered into a short-term loan agreement with China CITIC Bank Shaoxing Branch to August 9, 2023 with a maximum amount of RMB10 million (approximately $1.4 million) bearing interest rate at 4.35% per annum. The Company borrowed RMB10 million (approximately $1.4 million) on the same date. The Company has repaid RMB5 million (approximately $0.7 million), RMB0.2 million (approximately $0.1 million) and RMB4.8, million (approximately $0.7 million) on November 16, 2022, December 27, 2022 and August 9, 2023, respectively. The Company entered into another short-term loan agreement with China CITIC Bank Shaoxing Branch for a one-year short-term loan agreement with a maximum amount of RMB0.2 million (approximately $0.1 million) for December 27, 2022 to December 27, 2023, bearing interest rate at 4.20% per annum. The Company entered into another loan agreement with China CITIC Bank Shaoxing Branch for a short-term loan of RMB4.8 million (approximately $0.7 million) from August 10, 2023 to May 2, 2024, bearing interest rate at 4.3% per annum. On December 9, 2022, the Company obtained a RMB5 million (approximately $0.7 million) letter of credit from China CITIC Bank for a period to October 30, 2023 for settlement of Hitrans purchase. The Company utilized RMB1.5 million (approximately $0.2 million) letter of credit at an interest rate of 2.7% for a period of one year to January 5, 2023. On January 7, 2023, the Company obtained a two-year term facility from Postal Savings Bank of China, Nanjing Gaochun Branch with a maximum amount of RMB10 million (approximately $1.4 million) for a period from January 7, 2023 to January 6, 2025. The facility was guaranteed by the Company’s CEO, Mr. Yunfei Li, Mr. Yunfei Li’s wife Ms. Qinghui Yuan and CBAK New Energy (Nanjing) Co., Ltd. The Company borrowed RMB5 million (approximately $0.7 million) on January 12, 2023 for a term of one year until January 11, 2024, bearing interest at 3.65% per annum. The Company repaid the above early on June 15, 2023. On June 27, 2023, the Company entered into another loan agreement for one year from June 27, 2023 to June 26, 2024 under the two-year term facility for a maximum loan amount of RMB10 million (approximately $1.4 million) bearing interest rate at 3.65 % pr annum. The Company borrowed RMB10 million (approximately $1.4 million) on the same date. The loan was guaranteed by the Company’s CEO, Mr. Yunfei Li, Mr. Yunfei Li’s wife Ms. Qinghui Yuan and CBAK New Energy (Nanjing) Co., Ltd. On March 29, 2023, the Company and Bank of China Limited entered into a short-term loan agreement for one year from March 29, 2023 to March 28, 2024 for a maximum loan amount to RMB5 million (approximately $0.7 million) bearing interest rate at 3.65% per annum. The Company borrowed RMB5 million (approximately $0.7 million) on the same date. The loan was secured by the Company’s buildings in Dalian. On April 19, 2023, the Company and Bank of Nanjing Gaochun Branch entered into a short-term loan agreement for one year from April 10, 2023 to April 9, 2024 for RMB10 million (approximately $1.4 million) bearing interest rate at 3.7% per annum. The Company borrowed RMB10 million (approximately $1.4 million) on April 23, 2023. The loan was guaranteed by the Company’s CEO, Mr. Yunfei Li and Mr. Yunfei Li’s wife Ms. Qinghui Yuan. On June 9, 2023, the Company and China Zheshang Bank Co., Ltd Shangyu Branch entered into a short-term loan agreement for one year from June 9, 2023 to June 7, 2024 for a maximum loan amount to RMB4 million (approximately $0.6 million) bearing interest rate at 4.55% per annum. The Company borrowed RMB4 million (approximately $0.6 million) on the same date. The Company early repaid the loan principal and related loan interests on December 22, 2023. On July 31, 2023, the Company obtained a three-year term facility from Bank of China Gaochun Branch, with a maximum amount of RMB10 million (approximately $1.4 million) with the term from July 31, 2023 to July 30, 2026. The facility was guaranteed by the Company’s CEO, Mr, Yunfei Li and Mr. Yunfei Li’s wife Ms. Qinghui Yuan. Under the facility, the Company borrowed RMB10 million (approximately $1.4 million) on July 31, 2023, bearing interest rate at 3.15% per annum. On August 3, 2023, the Company and Bank of China entered into a short term loan agreement for one year from August 3, 2023 to August 2, 2024 for a maximum amount of RMB10 million (approximately $1.4 million) bearing interest rate at 3.55% per annum. The Company borrowed RMB10 million (approximately $1.4 million) on September 27, 2023. The loan was secured by the Company’s buildings in Dalian. The Company borrowed a series of acceptance bills from Agricultural Bank of China totaling RMB4.6 million (approximately $0.7 million) for various terms expiring in April 2024, which was secured by the Company’s cash totaling RMB4.6 million (approximately $0.7 million) (Note 3). The Company borrowed a series of acceptance bills from China Zheshang Bank Co. Ltd Shenyang Branch totaling RMB174.0 million (approximately $24.5 million) for various terms expiring through January to June 2024, which was secured by the Company’s cash totaling RMB174 million (approximately $24.5 million) (Note 3). The Company borrowed a series of acceptance bills from China Zheshang Bank Co. Ltd Shangyu Branch totaling RMB109.9 million (approximately $15.5 million) for various terms expiring through January to June 2024, which was secured by the Company’s cash totaling RMB106.3 million (approximately $15.0 million) (Note 3) and the Company’s bills receivable totaling RMB2 million (approximately $0.3 million) (Note 4). The Company borrowed a series of acceptance bills from China Merchants Bank Dalian Branch totaling RMB9.3 million (approximately $1.3 million) for various terms through June 2024, which was secured by the Company’s cash totaling RMB9.3 million (approximately $1.3 million) (Note3). The Company borrowed a series of acceptance bills from Bank of China Limited totaling RMB4.9 million (approximately $0.7 million) for various terms through January 2024, which was secured by the Company’s cash totaling RMB4.9 million (approximately $0.7 million) (Note 3). The Company borrowed a series of acceptance bills from Jiangsu Gaochun Rural Commercial Bank totaling RM30.6 The Company borrowed a series of acceptance bills from China CITIC Bank totaling RMB0.4 million (approximately $0.1 million) for various terms expiring through March 2024, which was secured by the Company’s cash totaling RMB0.6 million (approximately $0.1 million) (Note 3). The Company borrowed a series of acceptance bills from Bank of Ningbo Shaoxing Shangyu Branch totaling RMB6.7 million (approximately $0.9 million) for various terms expiring through May 2024, which was secured by the Company’s cash totaling RMB6.7 million (approximately $0.9 million) (Note 3). The facilities were also secured by the Company’s assets with the following carrying amounts: December 31, December 31, 2022 2023 Pledged deposits (note 3) $ 30,836,864 $ 54,167,834 Bills receivables (note 4) 3,383,130 281,805 Right-of-use assets (note 10) 5,598,716 5,287,708 Buildings 4,419,749 9,707,862 $ 44,238,459 $ 69,445,209 As of December 31, 2023, the Company had unutilized committed banking facilities totaled $2.8 million. During the years ended December 31, 2022 and 2023, interest of $646,013 and $637,667 were incurred on the Company’s bank borrowings, respectively. Other short-term loans Other short-term loans as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, Note 2022 2023 Advance from related parties – Mr. Xiangqian Li, the Company’s Former CEO (a) $ 100,000 $ 100,000 – Mr. Yunfei Li (b) 223,927 160,536 323,927 260,536 Advances from unrelated third party – Mr. Wenwu Yu (c) 15,896 1,385 – Ms. Longqian Peng (c) 276,905 7,179 – Suzhou Zhengyuanwei Needle Ce Co., Ltd (d) 72,368 70,452 365,169 79,016 $ 689,096 $ 339,552 (a) Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand. (b) Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand. (c) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand. (d) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of December 31, 2023, loan amount of RMB0.5 million ($72,368) remained outstanding. During the year ended December 31, 2022, Ms. Xiangyu Pei, the Company’s Interim CFO advances RMB10 million (approximately $1.4 million) to the Company. The loan was unsecured, non-interest bearing and repayable on demand. The Company fully repaid in November 2022. During the years ended December 31, 2022 and 2023, interest of $9,044 and $8,062 were incurred on the Company’s borrowings from unrelated parties, respectively. |
Accrued Expenses and Other Paya
Accrued Expenses and Other Payables | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses and Other Payables [Abstract] | |
Accrued Expenses and Other Payables | 17. Accrued Expenses and Other Payables Accrued expenses and other payables as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Construction costs payable $ 2,143,730 $ 15,571,808 Equipment purchase payable 9,710,187 13,665,499 Liquidated damages* 1,210,119 1,210,119 Accrued staff costs 2,961,781 3,386,142 Customer deposits 4,845,382 2,875,131 Deferred revenue (note 2m) 1,869,525 784,000 Accrued expenses 2,476,605 2,781,730 Dividend payable to non-controlling interest to Hitrans 1,290,942 1,256,745 Other payable 182,915 461,366 26,691,186 41,992,540 Less: non-current portion Deferred revenue 1,085,525 - $ 25,605,661 $ 41,992,540 * 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, 2022 and 2023, 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, 2022 and 2023, 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. |
Balances and Transactions with
Balances and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Balances and Transactions with Related Parties [Abstract] | |
Balances and Transactions with Related Parties | 18. Balances and Transactions with Related Parties The principal related parties with which the Company had transactions during the years presented are as follows: Name of Entity or Individual Relationship with the Company New Era Group Zhejiang New Energy Materials Co., Ltd. Shareholder of company’s subsidiary Zhengzhou BAK Battery Co., Ltd Note a Shenzhen BAK Battery Co., Ltd (“SZ BAK”) Former subsidiary and refer to Note b Shenzhen BAK Power Battery Co., Ltd (“BAK SZ”) Former subsidiary and refer to Note b Zhejiang Shengyang Renewable Resources Technology Co., Ltd. Note c Fuzhou BAK Battery Co., Ltd Note d (a) Mr. Xiangqian Li, the Company’s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd. Zhengzhou BAK Battery Co., Ltd is a wholly owned subsidiary of BAK SZ. (b) Mr. Xiangqian Li, the Company’s former CEO, is a director of Shenzhen BAK Battery Co., Ltd and Shenzhen BAK Power Battery Co., Ltd. On September 27, 2023, Nanjing CBAK New Energy Technology Co., Ltd. (“Nanjing CBAK”) entered into an Equity Transfer Agreement (the “Equity Transfer Agreement”) with Shenzhen BAK Battery Co., Ltd. (“SZ BAK”), under which SZ BAK shall sell a five percent (5%) equity interest in Shenzhen BAK Power Battery Co., Ltd. (“BAK SZ”) to Nanjing CBAK for a purchase price of RMB260 million (approximately $35.7 million) (note 13). (c) On September 27, 2023, Hitrans entered into an Equity Transfer Contract (the “Equity Transfer Contract”) with Mr. Shengyang Xu, pursuant to which Hitrans will initially acquire a 26% equity interest in Zhejiang Shengyang Renewable Resources Technology Co., Ltd. (“Zhejiang Shengyang”) from Mr. Xu, an individual who currently holds 97% of Zhejiang Shengyang, for a price of RMB28.6 million (approximately $3.9 million) (the “Initial Acquisition”). Neither Mr. Xu, nor Zhejiang Shengyang is related to the Company. (d) Zhengzhou BAK Battery Co., Ltd has 51% equity interest in Fuzhou BAK Battery Co., Ltd. Zhengzhou BAK Battery Co., Ltd is a wholly owned subsidiary of BAK SZ. Related party transactions The Company entered into the following significant related party transactions: For the For the Purchase of batteries from Zhengzhou BAK Battery Co., Ltd $ 26,819,454 $ 10,999,732 Purchase of materials from Zhejiang Shengyang Renewable Resources Technology Co., Ltd. 20,303,783 12,725,193 Sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd 53,236,804 27,872,002 Sales of cathode raw materials to Shenzhen BAK Power Battery Co., Ltd 8,681,496 66,560 Sales of batteries to Fuzhou BAK Battery Co., Ltd - 105,010 Related party balances Apart from the above, the Company recorded the following significant related party balances as of December 31, 2022 and 2023: Receivables from former subsidiary December 31, December 31, Receivables from Shenzhen BAK Power Battery Co., Ltd $ 5,518,052 $ 74,946 Balance as of December 31, 2022 and 2023 represented trade receivable for sales of cathode raw materials to Shenzhen BAK Power Battery Co., Ltd. Other balances due from/ (to) related parties December 31, December 31, Trade receivable, net – Zhengzhou BAK Battery Co., Ltd (i) $ 9,156,383 $ 12,441,715 Bills receivable – Issued by Zhengzhou BAK Battery Co., Ltd (ii) $ 2,941,683 $ - Trade payable, net – Zhengzhou BAK Battery Co., Ltd (iii) $ 5,629,343 $ 803,685 Trade payable, net – Zhejiang Shengyang Renewable Resources Technology Co., Ltd $ 3,201,814 $ 3,489,324 Deposit paid for acquisition of long-term investments – Shenzhen BAK Power Battery Cp., Ltd (note 14) $ - 7,101,492 Dividend payable to non-controlling interest of Hitrans (note 17) $ 1,290,942 $ 1,256,745 (i) Representing trade receivable from sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $7.4 million to the Company. (ii) Representing bills receivable issued by Zhengzhou BAK Battery Co., Ltd. The Company endorsed the bills receivable as of December 31, 2022 to suppliers for settling trade payable subsequent to December 31, 2022. (iii) Representing trade payable on purchase of batteries from Zhengzhou BAK Battery Co., Ltd. Payables to a former subsidiary Payables to a former subsidiary as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Payables to Shenzhen BAK Power Battery Co., Ltd $ (358,067 ) $ (411,111 ) Balance as of December 31, 2022 and 2023 consisted of payables for purchase of inventories from Shenzhen BAK Power Battery Co., Ltd. |
Deferred Government Grants
Deferred Government Grants | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Government Grants [Abstract] | |
Deferred Government Grants | 19. Deferred Government Grants Deferred government grants as of December 31, 2022 and 2023 consist of the following: December 31, December 31, 2022 2023 Total government grants $ 6,876,735 $ 6,578,863 Less: Current portion (1,299,715 ) (375,375 ) Non-current portion $ 5,577,020 $ 6,203,488 Government grants that are received in advance are deferred and recognized in the consolidated statements of operations over the period necessary to match them with the costs that they are intended to compensate. Government grants in relation to the achievement of stages of research and development projects are recognized in the consolidated statements of operations when amounts have been received and all attached conditions have been met. Non-refundable grants received without any further obligations or conditions attached are recognized immediately in the consolidated statements of operations. 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. On June 23, 2020, BAK Asia, the Company wholly-owned Hong Kong subsidiary, entered into a framework investment agreement with Jiangsu Gaochun Economic Development Zone Development Group Company (“Gaochun EDZ”), pursuant to which the Company intended to develop certain lithium battery projects that aim to have a production capacity of 8Gwh. Gaochun EDZ agreed to provide various support to facilitate the development and operation of the projects. As of the date of this report, the Company received RMB47.1 million (approximately $6.82 million) subsidy from Gaochun EDZ. The Company will recognize the government subsidies as income or offsets them against the related expenditures when there are no present or future obligations for the subsidized projects. For the year ended December 31, 2021, the Company recognized RMB10 million ($1.6 million) as other income after moving of the Company facilities to Nanjing. Remaining subsidy of RMB37.1 million (approximately $5.9 million) was granted to facilities the construction works and equipment in Nanjing. The construction works have been completed in November 2021 and the production line was fully operated in January 2022. The Company has initiated amortization on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon. On November 2, 2023, the Company received a subsidiary of RMB8.4 million ($1.2 million) for its development of new production line. The Company has initiated amortization on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon. Government grants were recognized in the consolidated statements of operations as follows: December 31, December 31, 2022 2023 Cost of revenues $ 2,146,341 $ 1,253,899 Research and development expenses 17,568 16,710 General and administrative expenses 40,226 38,261 Other income (expenses), net 2,040,615 153,153 $ 4,244,750 $ 1,462,023 |
Product Warranty Provisions
Product Warranty Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Product Warranty Provisions [Abstract] | |
Product Warranty Provisions | 20. Product Warranty Provisions 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 twenty four 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. Warranty expense is recorded as a component of sales and marketing expenses. Accrued warranty activity consisted of the following: December 31, December 31, Balance at beginning of year $ 2,028,266 $ 476,828 Warranty costs incurred (81,954 ) 16,359 Provision (reversal) for the year (1,344,572 ) 66,182 Foreign exchange adjustment (124,912 ) (9,925 ) Balance at end of year 476,828 549,444 Less: Current portion (26,215 ) (23,870 ) Non-current portion $ 450,613 $ 525,574 |
Income Taxes, Deferred Tax Asse
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Abstract] | |
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities | 21. Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (a) Income taxes in the consolidated statements of comprehensive loss(income) The Company’s provision for income taxes credit consisted of: December 31, December 31, 2022 2023 PRC income tax $ $ Current income tax credit, net - - Deferred income tax credit (expenses) 1,228,207 (2,486,145 ) $ 1,228,207 $ (2,486,145 ) United States Tax CBAK is a Nevada corporation that is subject to U.S. federal tax and state tax. On December 31, 2017 the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal corporate income taxes on dividends from foreign subsidiaries; (4) providing modification to subpart F provisions and new taxes on certain foreign earnings such as Global Intangible Low-Taxed Income (GILTI). Except for the one-time transition tax, most of these provisions go into effect starting January 1, 2018. The Global Intangible Low-taxed Income (GILTI) is a new provision introduced by the Tax Cuts and Jobs Act. U.S. shareholders, who are domestic corporations, of controlled foreign corporations (CFCs) are eligible for up to an 80% deemed paid foreign tax credit (FTC) and a 50% deduction of the current year inclusion with the full amount of the Section 78 gross-up subject to limitation. This new provision is effective for tax years of foreign corporations beginning after December 31, 2017. The Company has evaluated whether it has additional provision amount resulted by the GILTI inclusion on current earnings and profits of its foreign controlled corporations. The Company has made an accounting policy choice of treating taxes due on future U.S. inclusions in taxable amount related to GILTI as a current period expense when incurred. As of December 31, 2022 and 2021, the Company does not have any aggregated positive tested income; and as such, does not have additional provision amount recorded for GILTI tax. No provision for income taxes in the United States has been made as CBAK had no taxable income for the years ended December 31, 2022 and 2023. Hong Kong Tax The Company’s subsidiaries in Hong Kong are subject to Hong Kong profits tax rate of 16.5% and did not have any assessable profits arising in or derived from Hong Kong for the years ended December 31, 2022 and 2023 and accordingly no provision for Hong Kong profits tax was made in these periods. PRC Tax The CIT Law in China applies an income tax rate of 25% to all enterprises but grants preferential tax treatment to High-New Technology Enterprises. CBAK Power was regarded as a “High-new technology enterprise” pursuant to a certificate jointly issued by the relevant Dalian Government authorities. Under the preferential tax treatment, CBAK Power was entitled to enjoy a tax rate of 15% for the years from 2021 to 2024 provided that the qualifying conditions as a High-new technology enterprise were met. Hitrans was regarded as a “High-new technology enterprise” pursuant to a certificate jointly issued by the relevant Zhejiang Government authorities. Under the preferential tax treatment, Hitrans was entitled to enjoy a tax rate of 15% for the years from 2021 to 2024 provided that the qualifying conditions as a High-new technology enterprise were met. Nanjing CBAK was regarded as a “High-new technology enterprise” pursuant to a certificate jointly issued by the relevant Nanjing Government authorities. Under the preferential tax treatment, Nanjing CBAK was entitled to enjoy a tax rate of 15% for the years from 2023 to 2025 provided that the qualifying conditions as a High-new technology enterprise were met. A reconciliation of the provision for income taxes determined at the statutory income tax rate to the Company’s income taxes is as follows: Year ended Year ended Income (loss) before income taxes $ (12,556,018 ) $ (6,053,182 ) United States federal corporate income tax rate 21 % 21 % Income tax credit computed at United States statutory corporate income tax rate (2,636,764 ) (1,271,168 ) Reconciling items: Over provision of deferred taxation in prior year Rate differential for PRC earnings (685,944 ) (160,672 ) Tax effect of entity at preferential tax rate 683,459 1,918,084 Non-deductible (income) expenses (978,010 ) 171,936 Share based payments 13,481 257,407 Tax effect of utilisation of tax losses previously not recognised (885,021 ) (222,354 ) Valuation allowance on deferred tax assets 3,260,592 1,792,912 Income tax (credit) expenses $ (1,228,207 ) $ 2,486,145 (b) 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, 2022 and 2023 are presented below: December 31, December 31, Deferred tax assets Trade accounts receivable $ 1,976,354 1,156,095 Inventories 554,041 2,942,702 Property, plant and equipment 2,353,141 2,398,035 Non-marketable equity securities 161,716 157,432 Equity method investment 157,432 380,982 Intangible assets 97,468 31,601 Accrued expenses, payroll and others 224,795 541,665 Provision for product warranty 119,207 136,611 Net operating loss carried forward 34,379,188 36,103,945 Valuation allowance (37,122,551 ) (43,645,828 ) Deferred tax assets, non-current $ 2,743,359 203,240 Deferred tax liabilities, non-current Long-lived assets arising from acquisitions $ 256,380 $ 203,240 As of December 31, 2023, 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. As of December 31, 2023, the Company’s PRC subsidiaries had net operating loss carry forwards of $65,349,412, which will expire in various years through 2023 to 2032. 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. |
Statutory Reserves
Statutory Reserves | 12 Months Ended |
Dec. 31, 2023 | |
Statutory Reserves [Abstract] | |
Statutory reserves | 22. Statutory reserves As stipulated by the relevant laws and regulations in the PRC, company established in the PRC (the “PRC subsidiary”) is required to maintain a statutory reserve made out of profit for the year based on the PRC subsidiary’ statutory financial statements which are prepared in accordance with the accounting principles generally accepted in the PRC. The amount and allocation basis are decided by the director of the PRC subsidiary annually and is not to be less than 10% of the profit for the year of the PRC subsidiary. The aggregate amount allocated to the reserves will be limited to 50% of registered capital for certain subsidiaries. Statutory reserve can be used for expanding the capital base of the PRC subsidiary by means of capitalization issue. In addition, as a result of the relevant PRC laws and regulations which impose restriction on distribution or transfer of assets out of the PRC statutory reserve, $1,230,511 and $1,230,511 representing the PRC statutory reserve of the subsidiary as of December 31, 2022 and 2023, are also considered under restriction for distribution. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 23. Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. Certain current assets and current liabilities are financial instruments. Management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and, if applicable, their current interest rates are equivalent to interest rates currently available. The three levels of valuation hierarchy are defined as follows: ● 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 fair value of warrants was determined using the Binomial Model, with level 3 inputs (Note 27). The fair value of share options was determined using the Binomial Model, with level 3 inputs (Note 25). The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, pledged deposits, trade accounts and bills receivable, other receivables, balances with former subsidiaries, notes payable, 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. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Plan [Abstract] | |
Employee Benefit Plan | 24. Employee Benefit Plan Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. The Company accrues for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The total employee benefits expensed as incurred were $2,589,157 (RMB17,405,185) and $2,952,247 (RMB20,877,994) for the years ended December 31, 2022 and 2023, respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation [Abstract] | |
Share-based Compensation | 25. Share-based Compensation Restricted Shares and Restricted Share Units 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. All the restricted shares granted in respect of the restricted shares granted on June 30, 2015 have been vested on March 31, 2018. As of December 31, 2023, there was no unrecognized stock-based compensation associated with the above restricted shares. As of December 31, 2023, 1,667 vested shares were to be issued. Restricted shares granted on April 19, 2016 On April 19, 2016, pursuant to the Company’s 2015 Plan, the Compensation Committee of the Board of Directors of the Company granted an aggregate of 500,000 restricted shares of the Company’s common stock, par value $0.001, 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. All the restricted shares granted in respect of the restricted shares granted on April 16, 2016 had been vested on June 30, 2019. As of December 31, 2023, there was no unrecognized stock-based compensation associated with the above restricted shares and 4,167 vested shares were to be issued. Restricted share units granted on August 23, 2019 On August 23, 2019, pursuant to the Company’s 2015 Plan, the Compensation Committee granted an aggregate of 1,887,000 restricted share units of the Company’s common stock to certain employees, officers and directors of the Company, of which 710,000 restricted share units were granted to the Company’s executive officers and directors. There are two types of vesting schedules, (i) the share units will vest semi-annually in 6 equal installments over a three year period with the first vesting on September 30, 2019; (ii) the share units will vest annual in 3 equal installments over a three year period with the first vesting on March 31, 2021. The fair value of these restricted shares was $0.9 per share on August 23, 2019. 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 $23,778 for the year ended December 31, 2022, in respect of the restricted shares granted on August 23, 2019. All the restricted share units granted in respect of the restricted share units granted on August 23, 2019 had been vested on March 2022. As of December 31, 2023, there was no unrecognized stock-based compensation associated with the above restricted share units. Restricted share units granted on October 23, 2020 On October 23, 2020, pursuant to the Company’s 2015 Plan, the Compensation Committee granted an aggregate of 100,000 restricted share units of the Company’s common stock to an employee of the Company. In accordance with the vesting schedule of the grant, the restricted shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on October 30, 2020. The fair value of these restricted shares was $3 per share on October 23, 2020. 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 $40,415 for the year ended December 31, 2022, in respect of the restricted shares granted on October 23, 2020 of which allocated to research and development expenses. The Company recorded non-cash share-based compensation expense of $6,529 for the year ended December 31, 2023, in respect of the restricted shares granted on October 23, 2020 of which allocated to research and development expenses. As of December 31, 2023, non-vested restricted share units granted on October 23, 2020 are as follows: Non-vested share units as of January 1, 2023 16,665 Vested (16,665 ) Non-vested share units as of December 31, 2023 - All the restricted share units granted on October 23, 2020 had been vested on April 30, 2023. As of December 31, 2023, there was no unrecognized stock-based compensation with the above restricted share units. Employees Stock Ownership Program on November 29, 2021 On November 29, 2021, pursuant to the Company’s 2015 Plan, the Compensation Committee granted options to obtain an aggregate of 2,750,002 share units of the Company’s common stock to certain employees, officers and directors of the Company, of which options to obtain 350,000 share units were given to the Company’s executive officers and directors with an option exercise price of $1.96 based on fair market value. The vesting of shares each year is subject to certain financial performance indicators. The shares will be vested semi-annually in 10 equal installments over a five year period with the first vesting on May 30, 2022. The options will expire on the 70-month anniversary of the grant date. The fair value of the stock options granted to directors of the Company is estimated on the date of the grant using the Binomial Model. The fair value of the options was calculated using the following assumptions: estimated life of six months to five years, volatility of 106.41%, risk free interest rate of 1.26%, and dividend yield of 0%. The fair value of 350,000 stock options to directors of the Company was $479,599 at the grant date. During the year ended December 31, 2022 and 2023, the Company recorded nil The fair value of the stock options granted to certain employees and officers of the Company is estimated on the date of the grant using the Binomial Model. The fair value of the options was calculated using the following assumptions: estimated life of six months to five years, volatility of 106.41%, risk-free interest rate of 1.26% and dividend yield of 0%. The fair value of 2,400,002 stock options to certain employees and officers of the Company was $2,805,624 at the grant date. During the year ended December 31, 2022 and 2023, the Company recorded nil As of December 31, 2023, there was unrecognized stock-based compensation $1,328,299 associated with the above options granted. Restricted share units granted and stock ownership program on April 11, 2023 On April 11, 2023, pursuant to the Company’s 2015 Plan, the Compensation Committee granted an aggregate of 894,000 restricted share units and 2,124,000 options to certain employees, officers and directors of the Company, of which 230,000 restricted share units and 460,000 options were granted to the Company’s executive officers and directors. The restricted share units will vest semi-annually on June 30, 2023 and December 31, 2023. The fair value of these restricted shares units was $0.95 per share on April 11, 2023. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method. The option exercise price was $0.9780. The shares will be vested semi-annually in 4 equal installments over a 2 year period with the first vesting on June 30, 2024. The options will expire on the 70-month anniversary of the grant date. The Company recorded non-cash share-based compensation expense of $831,250 for the year ended December 31, 2023, in respect of the restricted share units granted on April 11, 2023. The fair value of the stock options granted to directors and certain employees and officers of the Company is estimated on the date of the grant using the Binomial Model. The fair value of the options was calculated using the following assumptions: estimate life of 5.83 years, volatility of 106.59%, risk free interest rate of 3.51% and dividend yield of 0%. The fair value of options of the Company was $838,190 at the grant date. For the year ended December 31, 2023, the Company recorded $343,960 as share-based compensation expenses in respect of the stock options granted on April 11, 2023. As of December 31, 2023, non-vested restricted share units granted on April 11, 2023 are as follows: Non-vested share units as of April 11, 2023 Granted 894,000 Vested (875,000 ) Forfeited (19,000 ) Non-vested share units as of December 31, 2023 - All the restricted share units granted on April 11, 2023 had been vested on December 31, 2023. As of December 31, 2023, there was no Restricted share units granted and stock ownership program on August 22, 2023 On August 22, 2023, pursuant to the Company’s 2015 Plan, the Compensation Committee granted an aggregate of 40,000 restricted share units and 160,000 options to employees of the Company. The restricted share units will vest semi-annually on October 15, 2023 and April 15, 2023. The fair value of these restricted shares units was $0.88 per share on August 22, 2023. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method. The option exercise price was $0.8681. The shares will be vested semi-annually in 4 equal instalments over a 2 year period with the first vesting on February 15, 2025. The options will expire on the 70-month anniversary of the grant date. The Company recorded non-cash share-based compensation expense of $34,086 for the year ended December 31, 2023, in respect of the restricted share units granted on August 22, 2023. The fair value of the stock options granted to directors and certain employees and officers of the Company is estimated on the date of the grant using the Binomial Model. The fair value of the options was calculated using the following assumptions: estimate life of 5.83 years, volatility of 106.34%, risk free interest rate of 4.47% and dividend yield of 0%. The fair value of options of the Company was $56,521 at the grant date. For the year ended December 31, 2023, the Company recorded $9,922 as share-based compensation expenses in respect of the stock options granted on August 22, 2023. As of December 31, 2023, non-vested restricted share units granted on August 22, 2023 are as follows: Non-vested share units as of August 22, 2023 Granted 40,000 Vested (20,000 ) Forfeited - Non-vested share units as of December 31, 2023 20,000 As of December 31, 2023, there was unrecognized stock-based compensation $55,746 associated with the above restricted share units and options granted and nil Stock option activity under the Company’s stock-based compensation plans is shown below: Number of Average Aggregate Weighted Outstanding at January 1, 2023 1,650,086 1.96 - 4.7 Exercisable at January 1, 2023 549,958 1.96 $ - 4.7 Granted 2,284,000 0.97 - 5.8 Exercised - - - - Forfeited (70,000 ) 0.98 - 5.8 Outstanding at December 31, 2023 3,864,086 $ 1.39 $ - 4.3 Exercisable at December 31, 2023 549,958 $ 1.96 $ - 3.7 * The intrinsic value of the stock options at December 31, 2023 is the amount by which the market value of the Company’s common stock of $1.05 as of December 31, 2023 exceeds the average exercise price of the option. As of December 31, 2023, the intrinsic value of the outstanding and exercisable stock options was $ nil 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 year ended December 31, 2022 and 2023. |
Income (Loss) Per Share
Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Income (Loss) Per Share [Abstract] | |
Income (Loss) Per Share | 26. Income (Loss) Per Share Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similar to basic net income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if all the potential common shares pertaining to warrants, stock options, and similar instruments had been issued and if the additional common shares were dilutive. Diluted earnings per share are based on the assumption that all dilutive convertible shares and stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method for the outstanding unvested restricted stock, options and warrants, and the if-converted method for the outstanding convertible instruments. Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later) and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the if-converted method, outstanding convertible instruments are assumed to be converted into common stock at the beginning of the period (or at the time of issuance, if later). The following is the calculation of income (loss) per share: Year ended Year ended Net loss $ (11,327,811 ) $ (8,539,327 ) Less: Net loss attributable to non-controlling interests 1,879,365 6,090,270 Net loss attributable to shareholders of CBAK Energy Technology, Inc. (9,448,446 ) (2,449,057 ) Weighted average shares used in basic and diluted computation 88,927,671 89,252,085 Loss per share of common stock – basic and diluted $ (0.11 ) $ (0.03 ) Note: Including 22,501 and 5,384 vested restricted shares granted pursuant to the 2015 Plan that were not yet issued as of December 31, 2022 and 2023, respectively. For the year ended December 31, 2022, 2,200,044 unvested options and all the outstanding warrants were anti-dilutive and excluded from shares used in the diluted computation. For the year ended December 31, 2023, 20,000 unvested restricted shares units, 3,224,128 unvested options and all the outstanding warrants were anti-dilutive and excluded from shares used in the diluted computation. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Warrants [Abstract] | |
Warrants | 27. Warrants On December 8, 2020, the Company entered in a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of its common stock at a price of $5.18 per share, for aggregate gross proceeds to the Company of approximately $49 million, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. As part of the transaction, the institutional investors also received warrants (“Investor Warrants”) for the purchase of up to 3,795,920 shares of the Company’s common stock at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance. The options were expired as of the report date. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 379,592 shares of the Company’s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance. The Company has performed a thorough reassessment of the terms of its warrants with reference to the provisions of ASC Topic 815-40-15-7I, regarding its exposure to changes in currency exchange rates. This reassessment has led to the management’s conclusion that the Company’s warrants issued to the investors should not be considered indexed to the Company’s own stock because the warrants are denominated in U.S. dollar, which is different from the Company’s functional currency, Renminbi. Warrants are remeasured at fair value with changes in fair value recorded in earnings in each reporting period. On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other estimated offering expenses of $5.0 million payable by the Company. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 446,999 shares of the Company’s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance. On May 10, 2021, the Company entered into that Amendment No. 1 to the Series B Warrant (the “Series B Warrant Amendment”) with each of the holders of the Company’s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021. As of the date of this report, Series B warrant, along with Series A-2 warrants, had both expired. There was a total of 5,296,579 The fair value of the outstanding warrants was calculated using Binomial Model based on backward induction with the following assumptions: Warrants issued in the 2020 Financing Warrants holder Investor Placement Appraisal Date December 31, December 31, Market price per share (USD/share) $ 0.99 $ 0.99 Exercise price (USD/price) 6.46 6.475 Risk free rate 4.7 % 4.6 % Dividend yield 0.0 % 0.0 % Expected term/ Contractual life (years) 0.9 years 1.4 years Expected volatility 75.6 % 82.7 % Appraisal Date December 31, December 31, Market price per share (USD/share) $ n/a $ 1.05 Exercise price (USD/price) n/a 6.475 Risk free rate n/a 5.3 % Dividend yield n/a 0 % Expected term/ Contractual life (years) n/a 0.4 year Expected volatility n/a 53.90 % Warrants issued in the 2021 Financing Warrants holder Investor Placement Appraisal Date Series A1 Warrants Market price per share (USD/share) 0.99 0.99 Exercise price (USD/price) 7.67 9.204 Risk free rate 4.5 % 4.5 % Dividend yield 0 % 0 % Expected term/ Contractual life (years) 1.6 years 1.6 years Expected volatility 80.4 % 80.4 % Appraisal Date December 31, December 31, Market price per share (USD/share) 1.05 1.05 Exercise price (USD/price) 7.67 9.204 Risk free rate 5.1 % 5.1 % Dividend yield 0 % 0 % Expected term/ Contractual life (years) 0.6 year 0.6 year Expected volatility 63.00 % 63.00 % The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 3 inputs: Year ended Year ended Balance at the beginning of the year $ 5,846,000 $ 136,000 Warrants issued to institution investors - - Warrants issued to placement agent - - Warrants redeemed - - Fair value change of the issued warrants included in earnings (5,710,000 ) (136,000 ) Balance at end of year 136,000 - The following is a summary of the warrant activity: Number of Average Weighted Outstanding at January 1, 2023 9,092,499 $ 7.19 1.33 Exercisable at January 1, 2023 9,092,499 $ 7.19 1.33 Granted - - - Exercised / surrendered - - - Expired (3,795,920 ) 6.460 - Outstanding at December 31, 2023 5,296,579 7.71 0.60 Exercisable at December 31, 2023 5,296,579 7.71 0.60 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 28. Commitments and Contingencies (i) Capital Commitments As of December 31, 2022 and 2023, the Company had the following contracted capital commitments: December 31, December 31, For construction of buildings $ 21,406,584 $ 1,104,571 For purchases of equipment 4,249,801 31,437,525 Capital injection 137,739,785 267,557,243 $ 163,396,170 $ 300,099,339 (ii) Litigation During its normal course of business, the Company may become involved in various lawsuits and legal proceedings. However, litigation is subject to inherent uncertainties, and an adverse result may arise from time to time will affect its operation. Other than the legal proceedings 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 the Company’s operation, 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, (the “Court of Zhuanghe”) for failure to pay pursuant to the terms of the contract and entrusting part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,241,648 (RMB8,430,792), including construction costs of $0.9 million (RMB6.1 million, which the Company already accrued for at June 30, 2016), interest of $29,812 (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 $1,210,799 (RMB8,430,792) for a period of one year. 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. The Court further froze the bank deposits for another one year until August 27, 2019 upon the request of Shenzhen Huijie on August 27, 2018. On August 27, 2019, the Court froze the bank deposits for another year until August 27, 2020, upon the request of Shenzhen Huijie. On June 28, 2020, the Court of Dalian entered the final judgement as described below and the frozen bank deposit was released in July 2020. 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 December 31, 2017. On July 24, 2017, CBAK Power filed an appellate petition to the Intermediate Peoples’ Court of Dalian (“Court of Dalian)” to appeal the adjudication dated on June 30, 2017. On November 17, 2017, the Court of Dalian rescinded the original judgement and remanded the case to the Court of Zhuanghe for retrial. The Court of Zhuanghe conducted a retrial and requested an appraisal to be performed by a third-party appraisal institution on the construction cost incurred and completed by Shenzhen Huijie on the subject project. On November 8, 2018, the Company received from the Court of Zhuanghe the construction-cost-appraisal report which determined that the construction cost incurred and completed by Shenzhen Huijie for the subject project to be $1,344,605 (RMB9,129,868). On May 20, 2019, the Court of Zhuanghe entered a judgment that Shenzhen Huijie should pay back to CBAK Power $261,316 (RMB1,774,337) (the amount CBAK Power paid in excess of the construction cost appraised by the appraisal institution) and the interest incurred since April 2, 2019. Shenzhen Huijie filed an appellate petition to the Court of Dalian. On June 28, 2020, the Court of Dalian entered the final judgment that Shenzhen Huijie should pay back to CBAK Power $245,530 (RMB1,667,146) (the amount CBAK Power paid in excess of the construction cost appraised by the appraisal institution) and the interest incurred since April 2, 2019, and reimburse the litigation fees totaling $30,826 (RMB209,312) that CBAK Power has paid. As of December 31, 2022, CBAK Power have not received the final judgement amount totaled $276,356 (RMB 1,876,458) from Shenzhen Huijie. Shenzhen Huijie filed an appellate petition to High Peoples’ Court of Liaoning (“Court of Liaoning”) to appeal the adjudication dated on June 28, 2020. In April 2021, the Court of Liaoning rescinded the original judgement and remanded the case to the Court of Dalian for retrial. On December 21, 2021, the Court of Dalian remanded the case to the Court of Zhuanghe for retrial. On April 28, 2023, the Court of Zhuanghe made the judgement to dismiss the construction contract between Shenzhen Huijie and CBAK Power, other claims made by Shenzhen Huijie and the following appellate petition by CBAK Power. Shenzhen Huijie filed an appellate petition to the Court of Dalian to seek overturning the judgement by the Court of Zhuanghe, while CBAK Power filed an appellate petition to the Court of Dalian to seek the return of all paid construction costs and the interests incurred. On November 15, 2023, the Court of Dalian made the final judgement to dismiss the appellate petitions from both Shenzhen Huijie and CBAK Power. According to this final judgement, CBAK Power has no longer had any obligations or liabilities to Shenzhen Huijie. In December 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Haoneng filed another lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Haoneng sought a total amount of $1.5 million (RMB10,257,030), including equipment cost of $1.3 million (RMB9,072,000) and interest amount of $0.2 million (RMB1,185,030). In August 2021, CBAK Power and Haoneng reached an agreement that the term of the purchase contract will be extended to December 31, 2023 under which CBAK Power and its related parties shall execute the purchase of equipment in an amount not lower than $2.4 million (RMB15,120,000) from Haoneng, or CBAK Power has to pay 15% of the amount equal to RMB 15,120,000 ($2.2 million) net of the purchased amount to Haoneng. Haoneng withdrew the filed lawsuit after the agreement. As of December 31, 2023, the equipment was not received by CBAK Power, CBAK Power has included the equipment cost of $2.2 million (RMB15,120,000) under capital commitments. |
Concentrations and Credit Risk
Concentrations and Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Concentrations and Credit Risk [Abstract] | |
Concentrations and Credit Risk | 29. Concentrations and Credit Risk (a) Concentrations The Company had the following customers that individually comprised 10% or more of net revenue for the years ended December 31, 2022 and 2023 as follows: Year ended Year ended Sales of finished goods and raw materials December 31, 2022 December 31, 2023 Customer B $ 28,071,738 11.29 % * * Customer C * * % 66,881,853 32.7 % Customer D 57,856,658 23.26 % * * % Zhengzhou BAK Battery Co., Ltd (note 18) 53,236,804 21.40 % 27,872,002 13.6 % * 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 trade receivable (included VAT) as of December 31, 2022 and 2023 as follows: December 31, 2022 December 31, 2023 Customer A $ 4,004,880 18.94 % $ * * Customer D * * 7,239,247 27.7 % Zhengzhou BAK Battery Co., Ltd (note 18) 9,156,383 43.30 % 12,441,715 47.5 % * Comprised less than 10% of net accounts receivable for the respective period. The Company had the following suppliers that individually comprised 10% or more of net purchase for the years ended December 31, 2022 and 2023 as follows: Year ended Year ended Supplier A $ 33,781,075 14.46 % $ 18,786,335 12.1 % Supplier B * * 17,786,678 11.5 % Zhengzhou BAK Battery Co., Ltd (note 18) 26,819,454 11.48 % * * Supplier C 24,720,344 10.58 % * * * Comprised less than 10% of net purchase for the respective period. The Company had the following suppliers that individually comprised 10% or more of trade payable as of December 31, 2022 and 2023 as follows: December 31, 2022 December 31, 2023 Supplier A $ * * $ 2,689,740 10.1 % Supplier C 4,064,942 12.50 % * * Zhengzhou BAK Battery Co., Ltd (note 18) 5,629,343 17.31 % * * Zhejiang Shengyang Renewable Resources Technology Co., Ltd. * * 3,498,324 13.0 % (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, 2022 and 2023 substantially all of the Company’s cash and cash equivalents were held by major financial institutions and online payment platforms located in the PRC, which management believes are of high credit quality. The Company has not experienced any losses on cash and cash equivalents to date. The Company does not require collateral or other securities to support financial instruments that are subject to credit risk. 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. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information [Abstract] | |
Segment Information | 30. Segment Information The Company’s chief operating decision maker has been identified as the Chief Executive Officer (“CEO”) who reviews financial information of operating segments based on US GAAP amounts when making decisions about allocating resources and assessing performance of the Company. As a result of the Hitrans acquisition discussed in Note 12, the Company determined that Hitrans met the criteria for separate reportable segment given its financial information is separately reviewed by the Company’s CEO. As a result, the Company determined that for the year ended December 31, 2022 and 2023, it operated in two operating segments namely CBAK and Hitrans. CBAK’s segment mainly includes 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. Hitrans’ segment mainly includes the development and manufacturing of NCM precursor and cathode materials. The Company primarily operates in the PRC and substantially all of the Company’s long-lived assets are located in the PRC. The Company’s chief operating decision maker evaluates performance based on each reporting segment’s net revenue, cost of revenues, operating expenses, operating income, finance income (expense), other income and net income. Net revenue, cost of revenues, operating expenses, operating income, finance income (expense), other income (expenses) and net income (loss) by segment for the years ended December 31, 2022 and 2023 were as follows: For the year ended December 31, 2022 CBAT Hitrans Corporate Consolidated Net revenues $ 94,715,189 $ 154,010,296 $ - $ 248,725,485 Cost of revenues (86,333,047 ) (144,297,114 ) - (230,630,161 ) Gross profit 8,382,142 9,713,182 18,095,324 Total operating expenses (13,489,453 ) (14,993,719 ) (1,116,755 ) (29,599,927 ) Operating (loss) income (5,107,311 ) (5,280,537 ) (1,116,755 ) (11,504,603 ) Finance income (expenses), net 929,756 (438,387 ) (309 ) 491,060 Other income, net (3,590,693 ) (3,661,782 ) 5,710,000 (1,542,475 ) Income tax credit - 1,228,207 - 1,228,207 Net income (7,768,248 ) (8,152,499 ) 4,592,936 (11,327,811 ) For the year ended December 31, 2023 CBAT Hitrans Corporate Consolidated Net revenues $ 132,993,518 $ 71,444,847 $ - $ 204,438,365 Cost of revenues (101,413,350 ) (71,300,692 ) - (172,714,042 ) Gross profit 31,580,168 144,155 - 31,724,323 Total operating expenses (20,861,844 ) (17,159,677 ) (954,614 ) (38,976,135 ) Operating income (loss) 10,718,324 (17,015,522 ) (954,614 ) (7,251,812 ) Finance income (expenses), net 337,243 95,816 (159 ) 432,900 Other income (expenses), net 2,906,648 (2,276,918 ) 136,000 765,730 Income tax expenses - (2,486,145 ) - (2,486,145 ) Net income (loss) 13,962,215 (21,682,769 ) (818,773 ) (8,539,327 ) As of December 31, 2023 Identifiable long-lived assets 100,815,622 42,249,656 - 143,065,278 Total assets 196,166,083 84,950,872 38,305 281,155,260 Note: The Company does not allocate its assets located and expenses incurred outside China to its reportable segments because these assets and activities are managed at a corporate level. Net revenues by product: The Company’s products can be categorized into high power lithium batteries and materials used in manufacturing of lithium batteries. For the product sales of high power lithium batteries, the Company manufactured two types of Li-ion rechargeable batteries: battery pack and high-power cylindrical lithium battery cell. The Company’s battery products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices. For the product sales of materials used in manufacturing of lithium batteries, the Company, via its subsidiary, Hitrans, manufactured cathode materials and Precursor for use in manufacturing of cathode. Revenue from these products is as follows: Year ended Year ended High power lithium batteries used in: Electric vehicles $ 4,694,694 $ 2,883,385 Light electric vehicles 6,415,277 5,607,435 Residential energy supply & uninterruptable supplies 83,603,046 124,502,698 Trading of raw materials used in lithium batteries 2,172 - 94,715,189 132,993,518 Materials used in manufacturing of lithium batteries Cathode 75,331,144 39,845,626 Precursor 78,679,152 31,599,221 154,010,296 71,444,847 Total consolidated revenue $ 248,725,485 $ 204,438,365 Net revenues by geographic area: The Company’s operations are located in the PRC. The following table provides an analysis of the Company’s sales by geographical markets based on locations of customers: Year ended Year ended Mainland China $ 198,114,578 $ 119,307,085 Europe 50,378,076 78,575,290 USA 36,525 5,216 Others 196,306 6,550,774 Total $ 248,725,485 $ 204,438,365 Substantially all of the Company’s long-lived assets are located in the PRC. |
CBAK Energy Technology, Inc. (P
CBAK Energy Technology, Inc. (Parent Company) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
CBAK Energy Technology, Inc. (Parent Company) | 31. CBAK Energy Technology, Inc. (Parent Company) Under PRC regulations, subsidiaries in PRC (“the PRC subsidiaries”) may pay dividends only out of their accumulated profits, if any, determined in accordance with PRC GAAP. In addition, the PRC subsidiaries are required to set aside at least 10% of their after tax net profits each year, if any, to fund the statutory general reserve until the balance of the reserves reaches 50% of their registered capital. The statutory general reserves are not distributable in the form of cash dividends to the Company and can be used to make up cumulative prior year losses, if any, and may be converted into share capital by the issue of new shares to shareholders in proportion to their existing shareholdings, or by increasing the par value of the shares currently held by them, provided that the reserve balance after such issue is not less than 25% of the registered capital. As of December 31, 2022 and 2023, additional transfers of $166,414,198 and $219,322,375 were required before the statutory general reserve reached 50% of the registered capital of the PRC subsidiaries. As of December 31, 2022 and 2023 there was $1,230,511 appropriation from retained earnings and set aside for statutory general reserves by the PRC subsidiaries. The PRC subsidiaries did not have after tax net profits since its incorporation and therefore no appropriation was made to fund its statutory general reserve as of December 31, 2022 and 2023. Schedule I of Article 504 of Regulation SX requires the condensed financial information of the registrant (Parent Company) to be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of this test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.). Year ended Year ended REVENUE, net $ - $ - OPERATING EXPENSES: Salaries and consulting expenses 227,588 1,386,099 General and administrative 889,169 794,262 Total operating expenses (1,116,757 ) (2,180,361 ) LOSS FROM OPERATIONS (1,116,757 ) (2,180,361 ) Changes in fair value of warrants liability 5,710,000 136,000 INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY 4,593,243 (2,044,361 ) EQUITY IN LOSS OF SUBSIDIARIES (14,041,689 ) (609,897 ) NET LOSS ATTRIBUTABLE TO SHAREHOLDERS $ (9,448,446 ) $ (2,654,258 ) December 31, December 31, ASSETS Interests in subsidiaries $ 119,120,917 $ 114,257,553 Cash and cash equivalents 118,559 26,922 Total assets $ 119,239,476 $ 114,284,475 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accrued expenses and other payables 1,608,102 1,586,745 Warrants liability 136,000 - Total current liabilities 1,744,102 1,586,745 SHAREHOLDERS’ EQUITY 117,495,374 112,697,730 Total liabilities and shareholders’ equity $ 119,239,476 $ 114,284,475 Year ended Year ended CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (9,448,446 ) $ (2,449,057 ) Adjustments to reconcile net loss to net cash used in operating activities: Equity in loss of subsidiaries (14,041,689 ) (815,098 ) Share based compensation 64,193 1,225,747 Changes in fair value of warrants liability (5,710,000 ) (136,000 ) Change in operating assets and liabilities Accrued expenses and other payable (2,127 ) (21,357 ) Net cash used in operating activities (29,138,069 ) (2,195,765 ) CASH FLOWS FROM INVESTING ACTIVITIES: Increase in interest in subsidiaries 28,540,148 2,104,128 Net cash used in investing activities 28,540,148 2,104,128 CHANGE IN CASH AND CASH EQUIVALENTS (597,921 ) (91,637 ) CASH AND CASH EQUIVALENTS, beginning of year 716,480 118,559 CASH AND CASH EQUIVALENTS, end of year $ 118,559 $ 26,922 The condensed parent company financial statements have been prepared using the equity method to account for its subsidiaries. Refer to the consolidated financial statements and notes presented above for additional information and disclosures with respect to these financial statements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | 32. Subsequent events The Company has evaluated subsequent events through the date of the issuance of the consolidated financial statements and the following subsequent event has been identified. On January 11, 2024, the Company utilized RMB15 million (approximately $2.1 million) banking facilities granted by Shaoxing Branch of Bank of Communications Co., Ltd at an interest rate of 3.45% for a period of one year to January 11, 2025. The Company borrowed RMB15 million (approximately $2.1 million) on the same date. On January 18, 2024, the Company further utilized RMB14.7 million (approximately $2.1 million) banking facilities granted by Shaoxing Branch of Bank of Communications Co., Ltd at an interest rate of 3.45% for a period of one year to January 18, 2025. The Company borrowed RMB14.7 million (approximately $2.1 million) on the same date. On January 29, 2024, the Company utilized another RMB20 million (approximately $2.8 million) banking facilities granted by Shaoxing Branch of Bank of Communications Co., Ltd at an interest rate of 3.45% for a period of one year to January 29, 2025. The Company fully repaid the loan on February 1, 2024. The Company borrowed RMB20 million (approximately $2.8 million) on the same date. On February 2, 2024, the Company utilized another RMB30 million (approximately $4.2 million) banking facilities granted by Shaoxing Branch of Bank of Communications Co., Ltd at an interest rate of 3.45% for a period of one year to February 2, 2025. The Company borrowed RMB30 million (approximately $4.2 million) on the same date. On January 24, 2024, the Company entered into a short-term credit-guaranteed loan agreement with Zhejiang Shangyu Rural Commercial Bank to January 17, 2025 with an amount of RMB5 million (approximately $0.7 million) bearing interest at 4.1% per annum. The Company borrowed RMB5 million (approximately $0.7 million) on the same date. On February 20, 2024, the Company entered into a six-month loan agreement with China Zheshang Bank Co., Ltd. Shengyang Branch to August 20, 2024 with an amount of RMB5 million (approximately $0.7 million) bearing interest at 3.1% per annum. The loan was secured by restricted cash and bills receivables of the Company. The Company borrowed RMB5 million (approximately $0.7 million) on the same date. On February 28, 2024, the Company entered into another six-month loan agreement with China Zheshang Bank Co., Ltd. Shengyang Branch to August 28, 2024 with an amount of RMB8 million (approximately $1.1 million) bearing interest at 3.1% per annum. The loan was secured by restricted cash and bills receivables of the Company. The Company borrowed RMB8 million (approximately $1.1 million) on the same date. On March 8, 2024, the Company entered into a short-term credit-guaranteed loan agreement with China Zheshang Bank Co., Ltd. Shangyu Branch to March 7, 2025 with an amount of RMB3 million (approximately $0.4 million) bearing interest at 4.05% per annum. The Company borrowed RMB3 million (approximately $0.4 million) on the same date. On March 13, 2024, the Company entered into another six-month loan agreement with China Zheshang Bank Co., Ltd. Shengyang Branch to September 13, 2024 with an amount of RMB2 million (approximately $0.3 million) bearing interest at 3.1% per annum. The loan was secured by restricted cash and bills receivables of the Company. The Company borrowed RMB2 million (approximately $0.3 million) on the same date. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (2,449,057) | $ (9,448,446) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (a) Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries up to the date of disposal. All significant intercompany balances and transactions have been eliminated prior to consolidation. |
Cash and Cash Equivalents | (b) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and demand deposits placed with banks which are unrestricted as to withdrawal or use, and have original maturities less than three months. The Company considers all highly liquid debt instruments, with initial terms of less than three months to be cash equivalents. As of December 31, 2022 and 2023, cash held in accounts managed by online payment platforms such as Alipay amounted to $14,625 and $10,519 respectively, which have been classified as cash and cash equivalents in the consolidated balance sheets. |
Pledged deposit | (c) Pledged deposit Pledged deposit primarily represents bank deposits for bank notes amounted to $30.8 million and $54.2 million as of December 31, 2022 and 2023, respectively. |
Trade and Bills Receivable and current expected credit losses | (d) Trade and Bills Receivable and current expected credit losses Trade and bills receivable are recorded at the invoiced amount, net of allowances for doubtful accounts and sales returns. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing trade accounts receivable. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses, which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including, but not limited to, trade and other receivables and net investments in leases. The Company assessed that trade receivable and other current assets are within the scope of ASC 326. The Company has identified the relevant risk characteristics of trade receivables and other current assets which include size, type of the services or the products the Company provides, or a combination of these characteristics, the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses, etc. Other key factors that influence the expected credit loss analysis include industry-specific factors that could impact the credit quality of the Company’s receivables. This is assessed at each quarter based on the Company’s specific facts and circumstances. All forward looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Company’s control. Additionally, external data and macroeconomic factors are also considered. The Company adopted this ASC 326 and several associated ASUs on January 1, 2023 using a modified retrospective approach. As of January 1, 2023, upon the adoption, the expected credit loss provision for the current assets was $2.3 million. For the year ended December 31, 2023, the Company recorded $1.3 million in expected credit losses. As of December 31, 2023, the expected credit loss provision recorded in current assets was $3.5 million. The Company provides an allowance against trade receivable based on the expected credit loss approach and writes off trade receivables when they are deemed uncollectible. The Company considers the historical write-off experience, customer specific facts and economic conditions in assessing the expected credit losses . Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Company’s receivables. This is assessed at each quarter based on the Company’s specific facts and circumstances. Outstanding accounts receivable balances are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Inventories | (e) Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the weighted average cost method, and includes expenditures incurred in acquiring the inventories and bringing them to their existing location and condition. In case of finished goods and work in progress, the cost includes an appropriate share of production overhead based on normal operating capacity. Net realizable value is the estimated selling prices The Company records adjustments to its inventory for estimated obsolescence or diminution in net realizable value equal to the difference between the cost of the inventory and the estimated net realizable value. At the point of loss recognition, a new cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. |
Property, Plant and Equipment | (f) Property, Plant and Equipment Property, plant and equipment (except construction in progress) are stated at cost less accumulated depreciation and impairment charges. Depreciation is calculated based on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets as follows: Buildings 5 – 38 years Machinery and equipment 1 – 15 years Leasehold improvement Over the shorter of lease term of the estimated useful lives of the assets Office equipment 1 – 5 years Motor vehicles 5 – 12 years The cost and accumulated depreciation of property, plant and equipment sold are removed from the consolidated balance sheets and resulting gains or losses are recognized in the consolidated statements of operations and comprehensive income (loss). Construction in progress mainly represents expenditures in respect of the Company’s corporate campus, including offices, factories and staff dormitories, under construction. All direct costs relating to the acquisition or construction of the Company’s corporate campus and equipment, including interest charges on borrowings, are capitalized as construction in progress. No depreciation is provided in respect of construction in progress. A long-lived asset to be disposed of by abandonment continues to be classified as held and used until it is disposed of. |
Lease | (g) Lease The Company accounts for leases in accordance with ASC 842, Leases (“ASC 842”), which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The Company elected not to apply the recognition requirements of ASC 842 to short-term leases. The Company also elected not to separate non-lease components from lease components, therefore, it will account for lease component and the non-lease components as a single lease component when there is only one vendor in the lease contract. The Company determines if a contract contains a lease based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset which the Company does not own and whether it has the right to direct the use of an identified asset in exchange for consideration. Right of use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recognized as the amount of the lease liability, adjusted for lease incentives received. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate (“IBR”), because the interest rate implicit in most of the Company’s leases is not readily determinable. The IBR is a hypothetical rate based on the Company’s understanding of what its credit rating would be to borrow and resulting interest the Company would pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis. Lease payments may be fixed or variable, however, only fixed payments or in-substance fixed payments are included in the Company’s lease liability calculation. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. (i) Prepaid land use rights The land use rights are operating leases with lease terms vary from 36 to 50 years. Land use rights acquired are assessed in accordance with ASC 842 if they meet the definition of lease. (ii) Operating lease The lease terms of operating leases vary from more than a year to five years. Operating leases are included in operating lease right of use assets, and the corresponding operating lease liabilities are included within current and non-current operating lease liabilities on the Company’s consolidated balance sheets. As of December 31, 2022 and 2023, all of the Company’s ROU assets were generated from leased assets in the PRC. (iii) Finance lease Finance leases are included in property, plant and equipment, net, current and non-current finance lease liabilities on the Company’s consolidated balance sheets. As of December 31, 2022 and 2023, all of the Company’s finance lease assets were generated from leased assets in the PRC. |
Foreign Currency Transactions and Translation | (h) Foreign Currency Transactions and Translation The reporting currency of the Company is the United States dollar (“US dollar”). The financial records of the Company’s PRC operating subsidiaries are maintained in their local currency, the Renminbi (“RMB”), which is the functional currency. The financial records of the Company’s subsidiaries established in other countries are maintained in their local currencies. Assets and liabilities of the subsidiaries are translated into the reporting currency at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates, and income and expense items are translated using the average rate for the period. The translation adjustments are recorded in accumulated other comprehensive loss under shareholders’ equity. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are remeasured into the applicable functional currencies at historical exchange rates. Transactions in currencies other than the applicable functional currencies during the period are converted into the functional currencies at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the consolidated statements of operations. RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the “PBOC”) or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC, which are determined largely by supply and demand. Translation of amounts from RMB into US dollars has been made at the following exchange rates for the respective periods: Year ended December 31, 2022 Balance sheet, except for equity accounts RMB 6.9091 to US$1.00 Income statement and cash flows RMB 6.7264 to US$1.00 Year ended December 31, 2023 Balance sheet, except for equity accounts RMB 7.0971 to US$1.00 Income statement and cash flows RMB 7.0719 to US$1.00 |
Intangible Assets | (i) Intangible Assets Intangible assets are stated in the balance sheet at cost less accumulated amortization and impairment, if any. The costs of the intangible assets are amortized on a straight-line basis over their estimated useful lives. The respective amortization periods for the intangible assets are as follows: Computer software –1 - 10 years Sewage discharge permit –5 - 7 years |
Impairment of Long-lived Assets (including amortizable intangible assets) other than goodwill | (j) Impairment of Long-lived Assets (including amortizable intangible assets) other than goodwill Long-lived assets, which include property, plant and equipment, prepaid land use rights, leased assets and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. |
Goodwill | (k) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. The Company assesses goodwill for impairment in accordance with ASC subtopic 350-20, Intangibles—Goodwill and Other: Goodwill (“ASC 350-20”), which requires that goodwill be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20. A reporting unit is defined as an operating segment or one level below an operating segment referred to as a component. The Company determines its reporting units by first identifying its operating segments, and then assesses whether any components of these segments constituted a business for which discrete financial information is available and where the Company’s segment manager regularly reviews the operating results of that component. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step two to measure the impairment loss. The Company adopted this guidance on a prospective basis on January 1, 2023 with no material impact on its consolidated financial statements and related disclosures as a result of adopting the new standard. The Company has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative impairment test in accordance with ASC 350-20. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test described above is required. Otherwise, no further testing is required. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. The quantitative goodwill impairment test, used to identify both the existence of impairment and the amount of impairment loss, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit is greater than zero and its fair value exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. |
Long-term investments | (l) Long-term investments The Company’s long-term investments include equity investments in entities and non-marketable equity. Investments in entities in which the Company can exercise significant influence and holds an investment in voting common stock or in substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323, Investments — Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Company initially records its investments at fair value. The Company subsequently adjusts the carrying amount of the investments to recognize the Company’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Company evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. Equity securities with readily determinable fair values and over which the Company has neither significant influence nor control through investments in common stock or in-substance common stock are measured at fair value, with changes in fair value reported through earnings. Equity securities without readily determinable fair values and over which the Company has neither significant influence nor control through investments in common stock or in-substance common stock are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. Available-for-sale debt security investments are reported at estimated fair value with the aggregate unrealized gains and losses, net of tax, reflected in accumulated other comprehensive loss in the consolidated balance sheets. Gain or losses are realized when the investments are sold or when dividends are declared or payments are received or when other than temporarily impaired. Held-to-maturity debt security investment are reported at amortized cost. The securities are held to collect contractual cash flows, and the Company has the positive intent and ability to hold those securities to maturity. The Company monitors its investments measured under equity method for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. |
Revenue Recognition | (m) Revenue Recognition 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. Practical expedients and exemption The Company has not occurred any costs to obtain contracts, and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Contract liabilities The Company’s contract liabilities consist of deferred revenue associated with batteries development and deposits received from customers allocated to the performance obligations that are unsatisfied, Changes in contract liability balances were not materially impacted by business acquisition, change in estimate of transaction price or any other factors during any of the years presented. The table below presents the activity of the deferred batteries development and sales of batteries revenue during the years ended December 31, 2022 and 2023, respectively: December 31, December 31, 2022 2023 Balance at beginning of year $ 784,000 $ 1,869,525 Development fees collected/ deposits received 1,115,010 - Development and sales of batteries revenue recognized - (1,060,535 ) Exchange realignment (29,485 ) (24,990 ) Balance at end of year $ 1,869,525 $ 784,000 |
Cost of Revenues | (n) Cost of Revenues Cost of revenues consists primarily of material costs, employee compensation, depreciation and related expenses, which are directly attributable to the production of products. Write-down of inventories to lower of cost or market is also recorded in cost of revenues. |
Income Taxes | (o) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations and comprehensive loss in the period that includes the enactment date. 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. |
Non-controlling Interests | (p) Non-controlling Interests For the Company’s non-wholly owned subsidiary, a non-controlling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company. Non-controlling interests are classified as a separate line item in the equity section of the Company’s consolidated balance sheets and have been separately disclosed in the Company’s consolidated statements of comprehensive loss to distinguish the interests from that of the Company. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows. |
Research and Development and Advertising Expenses | (q) Research and Development and Advertising Expenses Research and development and advertising expenses are expensed as incurred. Research and development expenses consist primarily of remuneration for research and development staff, depreciation and material costs for research and development. Advertising expenses was $334,556 and $1,640,476 for the years ended December 31, 2022 and 2023. |
Bills Payable | (r) Bills Payable Bills payable represent bills issued by financial institutions to the Company’s vendors. The Company’s vendors receive payments from the financial institutions directly upon maturity of the bills and the Company is obliged to repay the face value of the bills to the financial institutions. |
Warranties | (s) Warranties The Company provides a manufacturer’s warranty on all its products. It accrues a warranty reserve for the products sold, which includes management’s best estimate of the projected costs to repair or replace items under warranty. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Company’s relatively short history of sales of its current products, and changes to its historical or projected warranty experience may cause material changes to the warranty reserve in the future. |
Government Grants | (t) Government Grants The Company’s subsidiaries in China receive government subsidies from local Chinese government agencies in accordance with relevant Chinese government policies. In general, the Company presents the government subsidies received as part of other income unless the subsidies received are earmarked to compensate a specific expense, which have been accounted for by offsetting the specific expense, such as research and development expense, interest expenses and removal costs. Unearned government subsidies received are deferred for recognition until the criteria for such recognition could be met. Grants applicable to land are amortized over the life of the depreciable facilities constructed on it. For research and development expenses, the Company matches and offsets the government grants with the expenses of the research and development activities as specified in the grant approval document in the corresponding period when such expenses are incurred. |
Share-based Compensation | (u) Share-based Compensation The Company adopted the provisions of ASC Topic 718 which requires the Company to measure and recognize compensation expenses for an award of an equity instrument based on the grant-date fair value. The cost is recognized over the vesting period (or the requisite service period). ASC Topic 718 also requires the Company to measure the cost of a liability classified award based on its current fair value. The fair value of the award will be remeasured subsequently at each reporting date through the settlement date. Changes in fair value during the requisite service period are recognized as compensation cost over that period. Further, ASC Topic 718 requires the Company to estimate forfeitures in calculating the expense related to stock-based compensation. The fair value of each option award is estimated on the date of grant using the Black-Scholes Option Valuation Model. The expected volatility was based on the historical volatilities of the Company’s listed common stocks in the United States and other relevant market information. The Company uses historical data to estimate share option exercises and employee departure behavior used in the valuation model. The expected terms of share options granted is derived from the output of the option pricing model and represents the period of time that share options granted are expected to be outstanding. Since the share options once exercised will primarily trade in the U.S. capital market, the risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury yield curve in effect at the time of grant. |
Retirement and Other Postretirement Benefits | (v) Retirement and Other Postretirement Benefits Contributions to retirement schemes (which are defined contribution plans) are charged to cost of revenues, research and development expenses, sales and marketing expenses and general and administrative expenses in the statement of operations and comprehensive loss as and when the related employee service is provided. Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiary of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Company has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately $2,589,157 (RMB17,405,185) and $2,952,247 (RMB20,877,994) for the years ended December 31, 2022 and 2023, respectively. |
Income (loss) per Share | (w) Income (loss) per Share Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is computed similar to basic net income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if all the potential common shares pertaining to warrants, stock options, and similar instruments had been issued and if the additional common shares were dilutive. Diluted income (loss) per share is based on the assumption that all dilutive convertible shares and stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method for the outstanding unvested restricted stock, options and warrants, and the if-converted method for the outstanding convertible instruments. Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later) and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the if-converted method, outstanding convertible instruments are assumed to be converted into common stock at the beginning of the period (or at the time of issuance, if later). |
Use of Estimates | (x) Use of Estimates The preparation of the consolidated financial statements in accordance with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include revenue recognition, the recoverability of the carrying amount of long-lived assets, depreciable lives of long-lived assets, allowance for current expected credit loss, unrecognized tax benefits, impairment on goodwill and inventories, valuation allowance for receivables and deferred tax assets, provision for warranty and sales returns, valuation of share-based compensation expense and warrants liability. Actual results could differ from those estimates. |
Commitments and Contingencies | (y) Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. |
Warrant Liability | (z) Warrant Liability For warrants that are not indexed to the Company’s stock, the Company records the fair value of the issued warrants as a liability at each balance sheet date and records changes in the estimated fair value as a non-cash gain or loss in the consolidated statement of operations and comprehensive income. The warrant liability is recognized in the balance sheet at the fair value (level 3). The fair value of these warrants has been determined using the Binomial model. |
Comprehensive Income (Loss) | (aa) Comprehensive Income (Loss) Comprehensive income is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. Accumulated other comprehensive income includes cumulative foreign currency translation adjustment. |
Recent Accounting Pronouncements | (ab) Recent Accounting Pronouncements Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”), 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. ASU 2016-13 replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13 is to be adopted on a modified retrospective basis. In March 2022, the FASB issued ASU 2022-02, Topic 326. The ASU eliminates the accounting guidance for trouble debt restructurings by creditors in Subtopic 310-40, and enhances the disclosure requirements for modifications of loans to borrowers experiencing financial difficulty. Additionally, the ASU requires disclosure of gross writeoffs of receivables by year of origination for receivables within the scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. This ASU is effective for periods beginning after December 15, 2022. The Company applied the new standard beginning January 1, 2023 using the modified retrospective method. This adoption did not have material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 eliminates Step 2 of the two-step goodwill impairment test, under which a goodwill impairment loss was measured by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. ASU 2017-04 requires only a one-step quantitative impairment test, whereby a goodwill impairment loss is measured as the excess of a reporting unit’s carrying amount over its fair value (not to exceed the total goodwill allocated to that reporting unit). Adoption of the ASUs is on a modified retrospective basis. As a smaller reporting company, the standard will be effective for the Company for interim and annual reporting periods beginning after December 15, 2022. The adoption did not have material impact on the Company’s consolidated financial statement. Recently Issued But Not Yet Adopted Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires the recognition and measurement of contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This creates an exception to the general recognition and measurement principles in ASC 805. As a smaller reporting company, ASU 2021-08 will be effective for the Company for interim and annual reporting periods beginning after December 15, 2023, with early adoption permitted. The amendments in this ASU should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company does not anticipate that the adoption of this guidance will have a material impact on the consolidated financial statements. In March 2023, the FASB issued ASU 2023-01, Lease (Topic 842): Common Control Arrangements, which clarifies the accounting for leasehold improvements associated with leases between entities under common control (hereinafter referred to as common control lease). ASU 2023-01 requires entities to amortize leasehold improvements associated with common control lease over the useful life to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a lease, and to account for any remaining leasehold improvements as a transfer between entities under common control through an adjustment to equity when the lessee no longer controls the underlying asset. This ASU will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. An entity may apply ASU 2023-01 either prospectively or retrospectively. The Company is currently evaluating the impact that the adoption of ASU 2023-01 will have on the consolidated financial statement presentations and disclosures. In March 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, that is intended to improve the accounting and disclosures for investments in tax credit structures. This ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period. The Company does not anticipate that the adoption of ASU 2023-02 to have material impact on the consolidated financial statement presentation or disclosures. In October 2023, the FASB issued Accounting Standards Update No. 2023-06 to clarify or improve disclosure and presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the FASB accounting standard codification with the SEC’s regulations. The Company is currently evaluating the provisions of the amendments and the impact on its consolidated financial statement presentations and 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 consolidated financial statements upon adoption. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Practices (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment Estimated Useful Lives | Depreciation is calculated based on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets as follows: Buildings 5 – 38 years Machinery and equipment 1 – 15 years Leasehold improvement Over the shorter of lease term of the estimated useful lives of the assets Office equipment 1 – 5 years Motor vehicles 5 – 12 years |
Schedule of Foreign Exchange Transactions Involving RMB | Translation of amounts from RMB into US dollars has been made at the following exchange rates for the respective periods: Year ended December 31, 2022 Balance sheet, except for equity accounts RMB 6.9091 to US$1.00 Income statement and cash flows RMB 6.7264 to US$1.00 Year ended December 31, 2023 Balance sheet, except for equity accounts RMB 7.0971 to US$1.00 Income statement and cash flows RMB 7.0719 to US$1.00 |
Schedule of Intangible Assets Amortization Period | The respective amortization periods for the intangible assets are as follows: Computer software –1 - 10 years Sewage discharge permit –5 - 7 years |
Schedule of Presents the Activity of the Deferred Revenue | The table below presents the activity of the deferred batteries development and sales of batteries revenue during the years ended December 31, 2022 and 2023, respectively: December 31, December 31, 2022 2023 Balance at beginning of year $ 784,000 $ 1,869,525 Development fees collected/ deposits received 1,115,010 - Development and sales of batteries revenue recognized - (1,060,535 ) Exchange realignment (29,485 ) (24,990 ) Balance at end of year $ 1,869,525 $ 784,000 |
Trade and Bills Receivable, N_2
Trade and Bills Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Bills Receivable, Net [Abstract] | |
Schedule of Trade and Bills Receivable | Trade and bills receivable as of December 31, 2022 and 2023: December 31, December 31, 2022 2023 Trade receivable $ 23,422,733 $ 29,368,296 Less: Allowance for credit losses (2,274,513 ) (3,198,249 ) 21,148,220 26,170,047 Bills receivable 6,265,355 2,483,000 $ 27,413,575 $ 28,653,047 |
Schedule of Analysis of the Allowance for the Credit Losses | An analysis of the allowance for the credit losses are as follows: Balance as at December 31, 2022 $ 2,274,513 Adoption of ASC Topic 326 - Balance as at January 1, 2023 2,274,513 Current period provision, net 1,012,404 Reversal – recoveries by cash (10,250 ) Written-off (14,661 ) Foreign exchange adjustment (63,757 ) Balance as at December 31, 2023 $ 3,198,249 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | Inventories as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Raw materials $ 7,101,426 $ 3,779,414 Work in progress 17,274,033 9,525,568 Finished goods 25,070,832 20,108,440 $ 49,446,291 $ 33,413,422 |
Prepayments and Other Receiva_2
Prepayments and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments and Other Receivable [Abstract] | |
Schedule of Prepayments and Other Receivables | Prepayments and other receivables as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Value added tax recoverable $ 4,234,082 $ 5,248,210 Prepayments to suppliers 220,671 1,341,596 Deposits 43,914 108,492 Staff advances 51,826 113,336 Prepaid operating expenses 706,190 645,390 Receivables from sales of vehicles 371,105 - Others 294,292 292,458 5,922,080 7,749,482 Less: Allowance for doubtful accounts (7,000 ) (290,228 ) $ 5,915,080 $ 7,459,254 |
Schedule of Allowance for Credit Losses | An analysis of the allowance for credit losses are as follows: Balance as at December 31, 2022 $ 7,000 Adoption of ASC Topic 326 - Balance as at January 1, 2023 7,000 Current period provision, net 284,238 Foreign exchange adjustment (1,010 ) Balance as at December 31, 2023 $ 290,228 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, Buildings $ 47,086,680 $ 45,843,428 Leasehold improvements 5,156,705 7,214,436 Machinery and equipment 71,665,842 83,625,645 Office equipment 1,545,026 1,983,601 Motor vehicles 507,882 727,452 125,962,135 139,394,562 Impairment (13,025,161 ) (17,358,096 ) Accumulated depreciation (22,932,447 ) (30,407,634 ) Carrying amount $ 90,004,527 $ 91,628,832 |
Construction in Progress (Table
Construction in Progress (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Construction in Progress [Abstract] | |
Schedule of Construction in Progress | Construction in progress as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Construction in progress $ 7,828,975 $ 24,876,463 Prepayment for acquisition of property, plant and equipment 2,125,227 12,921,399 Carrying amount $ 9,954,202 $ 37,797,862 |
Long-Term Investments, Net (Tab
Long-Term Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Investments, Net (Tables) [Line Items] | |
Schedule of Investments | Long-term investments as of December 31, 2022 and 2023, consisted of the following: December 31, December 31, Investments in equity method investees $ 289,473 $ 1,926,611 Investments in non-marketable equity 655,764 638,394 $ 945,237 $ 2,565,005 |
Schedule of Carrying Value of the Long-Term Investments | The following is the carrying value of the long-term investments: December 31, December 31, Carrying Economic Interest Carrying Amount Economic Interest Investments in equity method investees Guangxi Guiwu CBAK New Energy Technology Co., Ltd (a) $ 289,473 20% $ 254,475 20% Zhejiang Shengyang Renewable Resources Technology Co., Ltd. (b) - n/a 1,672,136 26% $ 289,473 $ 1,926,611 Investments in non-marketable equity Hunan DJY Technology Co., Ltd $ 655,764 $ 638,394 Nanjing CBAK Education For Industry Technology Co., Ltd - - $ 655,764 $ 638,394 |
Schedule of Investments in Non-Marketable Equity | Investments in non-marketable equity December 31, December 31 Cost $ 1,302,630 $ 1,268,124 Impairment (646,866 ) (629,730 ) Carrying amount $ 655,764 $ 638,394 |
Guangxi Guiwu CBAK New Energy [Member] | |
Long-Term Investments, Net (Tables) [Line Items] | |
Schedule of Investments | The following is the carrying value of the long-term investments: Balance as at January 1, 2022 $ - Investments made 297,336 Income from investment - Foreign exchange adjustment (7,863 ) Balance as of December 31, 2022 289,473 Loss from investment (27,428 ) Foreign exchange adjustment (7,570 ) Balance as of December 31, 2023 $ 254,475 Balance as at January 1, 2023 $ - Investments made 4,044,175 Loss from investment (2,366,080 ) Foreign exchange adjustment (5,959 ) Balance as of December 31, 2023 $ 1,672,136 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lease [Abstract] | |
Schedule of Prepaid Land Use Rights | (a) Prepaid land use rights Prepaid land lease payments Balance as of January 1, 2022 $ 13,797,230 Amortization charge for the year (338,706 ) Foreign exchange adjustment (1,097,361 ) Balance as of December 31, 2022 12,361,163 Amortization charge for the period (322,160 ) Foreign exchange adjustment (326,299 ) Balance as of December 31, 2023 $ 11,712,704 |
Schedule of Operating Lease Expenses | Operating lease expenses for the years ended December 31, 2022 and 2023 for the capitation agreement was as follows: December 31, December 31, Operating lease cost – straight line $ 495,478 $ 680,076 Company as lessee - Finance lease December 31, December 31, 2022 2023 Property, plant and equipment, at cost $ 1,890,396 $ 4,598,426 Accumulated depreciation (251,626 ) (828,351 ) Impairment (662,006 ) (3,770,075 ) Property, plant and equipment, net under finance lease 976,764 - Finance lease liabilities, current 844,297 1,643,864 Finance lease liabilities, non-current - - Total finance lease liabilities $ 844,297 $ 1,643,864 December 31, December 31, 2022 2023 Finance lease cost: Depreciation of assets $ 76,861 $ 114,123 Interest of lease liabilities 8,672 12,915 Total lease expenses $ 85,533 $ 127,038 December 31, December 31, Weighted-average remaining lease term (years) Land use rights 37.9 36.9 Operating leases 3.39 2.71 Finance lease 0.5 0.96 Weighted-average discount rate Land use rights Nil Nil Operating lease 4.94 % 4.69 % Finance lease 1.40 1.37 % |
Schedule of Maturities of Lease Liabilities | The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2023: Operating Finance 2024 $ 718,807 $ 1,691,536 2025 284,202 - 2026 160,210 - 2027 31,559 - 2028 19,275 - Thereafter 14,457 - Total undiscounted cash flows 1,228,510 1,691,536 Less: imputed interest (61,216 ) (47,672 ) Present value of lease liabilities $ 1,167,294 $ 1,643,864 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases where the Company was the lessee for the year ended December 31, 2022 and 2023 was as follows: December 31, December 31, Operating cash outflows from operating assets $ 230,382 $ 369,608 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets, Net [Abstract] | |
Schedule of Intangible Assets | Intangible assets as of December 31, 2022 and 2023 consisted of the followings: December 31, December 31, Computer software at cost $ 104,211 $ 139,732 Sewage discharge permit* 1,762,129 1,715,450 1,866,340 1,855,182 Accumulated amortization (557,282 ) (1,013,822 ) $ 1,309,058 $ 841,360 |
Schedule of Finite-Lived Intangible Assets | Total future amortization expenses for finite-lived intangible assets were estimated as follows: 2024 $ 120,896 2025 469,557 2026 200,893 2027 9,197 2028 8,236 Thereafter 32,581 Total $ 841,360 |
Acquisition of Subsidiaries (Ta
Acquisition of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Acquisition of Subsidiaries [Abstract] | |
Schedule of Aggregate Fair Values of the Assets Acquired and Liabilities | The following table summarizes the estimated aggregate fair values of the assets acquired and liabilities assumed as of the closing date, November 26, 2021. Cash and bank $ 7,323,654 Debts product 3,144 Trade and bills receivable, net 37,759,688 Inventories 13,616,922 Prepayments and other receivables 1,384,029 Income tax recoverable 47,138 Amount due from trustee 11,788,931 Property, plant and equipment, net 21,190,890 Construction in progress 2,502,757 Intangible assets, net 1,957,187 Prepaid land use rights, noncurrent 6,276,898 Leased assets, net 48,394 Deferred tax assets 1,715,998 Short term bank loan (8,802,402 ) Other short term loans – CBAK Power (20,597,522 ) Trade accounts and bills payable (38,044,776 ) Accrued expenses and other payables (7,439,338 ) Deferred government grants (290,794 ) Land appreciation tax (464,162 ) Deferred tax liabilities (333,824 ) Net assets 29,642,812 Less: Waiver of dividend payable 1,250,181 Total net assets acquired 30,892,993 Non-controlling interest (24.43%) (7,547,158 ) Goodwill 1,606,518 Total identifiable net assets 24,952,353 |
Schedule of Consideration Transferred to Effect the Acquisition | The components of the consideration transferred to effect the Acquisition are as follows: RMB USD Cash consideration for 60% registered equity interest (representing 54.39% of paid-up capital) of Hitrans from Meidu Graphene 118,000,000 18,547,918 Cash consideration for 21.56% registered equity interest (representing 21.18% of paid-up capital) of Hitrans from Hitrans management 40,744,376 6,404,435 Total Purchase Consideration 158,744,376 24,952,353 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Abstract] | |
Schedule of Movement of the Goodwill | The movement of the goodwill for the year ended December 31, 2022 and 2023 are as follows: Balance as of January 1, 2022 $ 1,645,232 Impairment of goodwill (1,556,078 ) Foreign exchange adjustment (89,154 ) Balance as of December 31, 2022 & December 31, 2023 $ - |
Deposit Paid for Acquisition _2
Deposit Paid for Acquisition of Long-term Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposit Paid for Acquisition of Long-term Investments [Abstract] | |
Schedule of Deposit Paid for Acquisition of Long-term Investments | Deposit paid for acquisition of long-term investments as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Investments in non-marketable equity $ - $ 7,101,492 |
Trade and Bills Payable (Tables
Trade and Bills Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Bills Payable [Abstract] | |
Schedule of Trade and Bills Payable | Trade and bills payable as of December 31, 2022 and 2023 consisted of the followings: December 31, December 31, 2022 2023 Trade payable $ 32,516,445 $ 26,764,807 Bills payable – Bank acceptance bills 34,974,990 55,664,768 $ 67,491,435 $ 82,429,575 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loans [Abstract] | |
Schedule of Bank Borrowings | Bank borrowings as of December 31, 2022 and 2023 consisted of the followings: December 31, December 31, 2022 2023 Short-term bank borrowings $ 14,907,875 $ 32,587,676 |
Schedule of Facilities Were Also Secured by the Company’s Assets | The facilities were also secured by the Company’s assets with the following carrying amounts: December 31, December 31, 2022 2023 Pledged deposits (note 3) $ 30,836,864 $ 54,167,834 Bills receivables (note 4) 3,383,130 281,805 Right-of-use assets (note 10) 5,598,716 5,287,708 Buildings 4,419,749 9,707,862 $ 44,238,459 $ 69,445,209 |
Schedule of Other Short-Term Loans | Other short-term loans as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, Note 2022 2023 Advance from related parties – Mr. Xiangqian Li, the Company’s Former CEO (a) $ 100,000 $ 100,000 – Mr. Yunfei Li (b) 223,927 160,536 323,927 260,536 Advances from unrelated third party – Mr. Wenwu Yu (c) 15,896 1,385 – Ms. Longqian Peng (c) 276,905 7,179 – Suzhou Zhengyuanwei Needle Ce Co., Ltd (d) 72,368 70,452 365,169 79,016 $ 689,096 $ 339,552 (a) Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand. (b) Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand. (c) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand. (d) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of December 31, 2023, loan amount of RMB0.5 million ($72,368) remained outstanding. |
Accrued Expenses and Other Pa_2
Accrued Expenses and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses and Other Payables [Abstract] | |
Schedule of Accrued Expenses and Other Payables | Accrued expenses and other payables as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Construction costs payable $ 2,143,730 $ 15,571,808 Equipment purchase payable 9,710,187 13,665,499 Liquidated damages* 1,210,119 1,210,119 Accrued staff costs 2,961,781 3,386,142 Customer deposits 4,845,382 2,875,131 Deferred revenue (note 2m) 1,869,525 784,000 Accrued expenses 2,476,605 2,781,730 Dividend payable to non-controlling interest to Hitrans 1,290,942 1,256,745 Other payable 182,915 461,366 26,691,186 41,992,540 Less: non-current portion Deferred revenue 1,085,525 - $ 25,605,661 $ 41,992,540 * 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, 2022 and 2023, no liquidated damages relating to both events have been paid. |
Balances and Transactions wit_2
Balances and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Balances and Transactions with Related Parties [Abstract] | |
Schedule of Principal Related Parties Transactions | The principal related parties with which the Company had transactions during the years presented are as follows: Name of Entity or Individual Relationship with the Company New Era Group Zhejiang New Energy Materials Co., Ltd. Shareholder of company’s subsidiary Zhengzhou BAK Battery Co., Ltd Note a Shenzhen BAK Battery Co., Ltd (“SZ BAK”) Former subsidiary and refer to Note b Shenzhen BAK Power Battery Co., Ltd (“BAK SZ”) Former subsidiary and refer to Note b Zhejiang Shengyang Renewable Resources Technology Co., Ltd. Note c Fuzhou BAK Battery Co., Ltd Note d (a) Mr. Xiangqian Li, the Company’s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd. Zhengzhou BAK Battery Co., Ltd is a wholly owned subsidiary of BAK SZ. (b) Mr. Xiangqian Li, the Company’s former CEO, is a director of Shenzhen BAK Battery Co., Ltd and Shenzhen BAK Power Battery Co., Ltd. On September 27, 2023, Nanjing CBAK New Energy Technology Co., Ltd. (“Nanjing CBAK”) entered into an Equity Transfer Agreement (the “Equity Transfer Agreement”) with Shenzhen BAK Battery Co., Ltd. (“SZ BAK”), under which SZ BAK shall sell a five percent (5%) equity interest in Shenzhen BAK Power Battery Co., Ltd. (“BAK SZ”) to Nanjing CBAK for a purchase price of RMB260 million (approximately $35.7 million) (note 13). (c) On September 27, 2023, Hitrans entered into an Equity Transfer Contract (the “Equity Transfer Contract”) with Mr. Shengyang Xu, pursuant to which Hitrans will initially acquire a 26% equity interest in Zhejiang Shengyang Renewable Resources Technology Co., Ltd. (“Zhejiang Shengyang”) from Mr. Xu, an individual who currently holds 97% of Zhejiang Shengyang, for a price of RMB28.6 million (approximately $3.9 million) (the “Initial Acquisition”). Neither Mr. Xu, nor Zhejiang Shengyang is related to the Company. (d) Zhengzhou BAK Battery Co., Ltd has 51% equity interest in Fuzhou BAK Battery Co., Ltd. Zhengzhou BAK Battery Co., Ltd is a wholly owned subsidiary of BAK SZ. |
Schedule of Related Party Transactions | The Company entered into the following significant related party transactions: For the For the Purchase of batteries from Zhengzhou BAK Battery Co., Ltd $ 26,819,454 $ 10,999,732 Purchase of materials from Zhejiang Shengyang Renewable Resources Technology Co., Ltd. 20,303,783 12,725,193 Sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd 53,236,804 27,872,002 Sales of cathode raw materials to Shenzhen BAK Power Battery Co., Ltd 8,681,496 66,560 Sales of batteries to Fuzhou BAK Battery Co., Ltd - 105,010 |
Schedule of Receivables from Former Subsidiary | Receivables from former subsidiary December 31, December 31, Receivables from Shenzhen BAK Power Battery Co., Ltd $ 5,518,052 $ 74,946 |
Schedule of Other Balances Due From/ (to) Related Parties | Other balances due from/ (to) related parties December 31, December 31, Trade receivable, net – Zhengzhou BAK Battery Co., Ltd (i) $ 9,156,383 $ 12,441,715 Bills receivable – Issued by Zhengzhou BAK Battery Co., Ltd (ii) $ 2,941,683 $ - Trade payable, net – Zhengzhou BAK Battery Co., Ltd (iii) $ 5,629,343 $ 803,685 Trade payable, net – Zhejiang Shengyang Renewable Resources Technology Co., Ltd $ 3,201,814 $ 3,489,324 Deposit paid for acquisition of long-term investments – Shenzhen BAK Power Battery Cp., Ltd (note 14) $ - 7,101,492 Dividend payable to non-controlling interest of Hitrans (note 17) $ 1,290,942 $ 1,256,745 (i) Representing trade receivable from sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $7.4 million to the Company. (ii) Representing bills receivable issued by Zhengzhou BAK Battery Co., Ltd. The Company endorsed the bills receivable as of December 31, 2022 to suppliers for settling trade payable subsequent to December 31, 2022. (iii) Representing trade payable on purchase of batteries from Zhengzhou BAK Battery Co., Ltd. |
Schedule of Payables to a Former Subsidiary | Payables to a former subsidiary as of December 31, 2022 and 2023 consisted of the following: December 31, December 31, 2022 2023 Payables to Shenzhen BAK Power Battery Co., Ltd $ (358,067 ) $ (411,111 ) |
Deferred Government Grants (Tab
Deferred Government Grants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Government Grants [Abstract] | |
Schedule of Deferred Government Grants | Deferred government grants as of December 31, 2022 and 2023 consist of the following: December 31, December 31, 2022 2023 Total government grants $ 6,876,735 $ 6,578,863 Less: Current portion (1,299,715 ) (375,375 ) Non-current portion $ 5,577,020 $ 6,203,488 |
Schedule of Consolidated Statements of Operations | Government grants were recognized in the consolidated statements of operations as follows: December 31, December 31, 2022 2023 Cost of revenues $ 2,146,341 $ 1,253,899 Research and development expenses 17,568 16,710 General and administrative expenses 40,226 38,261 Other income (expenses), net 2,040,615 153,153 $ 4,244,750 $ 1,462,023 |
Product Warranty Provisions (Ta
Product Warranty Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Product Warranty Provisions [Abstract] | |
Schedule of Accrued Warranty Activity | Warranty expense is recorded as a component of sales and marketing expenses. Accrued warranty activity consisted of the following: December 31, December 31, Balance at beginning of year $ 2,028,266 $ 476,828 Warranty costs incurred (81,954 ) 16,359 Provision (reversal) for the year (1,344,572 ) 66,182 Foreign exchange adjustment (124,912 ) (9,925 ) Balance at end of year 476,828 549,444 Less: Current portion (26,215 ) (23,870 ) Non-current portion $ 450,613 $ 525,574 |
Income Taxes, Deferred Tax As_2
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Abstract] | |
Schedule of Provision for Income Taxes credit | The Company’s provision for income taxes credit consisted of: December 31, December 31, 2022 2023 PRC income tax $ $ Current income tax credit, net - - Deferred income tax credit (expenses) 1,228,207 (2,486,145 ) $ 1,228,207 $ (2,486,145 ) |
Schedule of Provision for Income Taxes Determined at the Statutory Income Tax Rate | A reconciliation of the provision for income taxes determined at the statutory income tax rate to the Company’s income taxes is as follows: Year ended Year ended Income (loss) before income taxes $ (12,556,018 ) $ (6,053,182 ) United States federal corporate income tax rate 21 % 21 % Income tax credit computed at United States statutory corporate income tax rate (2,636,764 ) (1,271,168 ) Reconciling items: Over provision of deferred taxation in prior year Rate differential for PRC earnings (685,944 ) (160,672 ) Tax effect of entity at preferential tax rate 683,459 1,918,084 Non-deductible (income) expenses (978,010 ) 171,936 Share based payments 13,481 257,407 Tax effect of utilisation of tax losses previously not recognised (885,021 ) (222,354 ) Valuation allowance on deferred tax assets 3,260,592 1,792,912 Income tax (credit) expenses $ (1,228,207 ) $ 2,486,145 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2022 and 2023 are presented below: December 31, December 31, Deferred tax assets Trade accounts receivable $ 1,976,354 1,156,095 Inventories 554,041 2,942,702 Property, plant and equipment 2,353,141 2,398,035 Non-marketable equity securities 161,716 157,432 Equity method investment 157,432 380,982 Intangible assets 97,468 31,601 Accrued expenses, payroll and others 224,795 541,665 Provision for product warranty 119,207 136,611 Net operating loss carried forward 34,379,188 36,103,945 Valuation allowance (37,122,551 ) (43,645,828 ) Deferred tax assets, non-current $ 2,743,359 203,240 Deferred tax liabilities, non-current Long-lived assets arising from acquisitions $ 256,380 $ 203,240 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation [Abstract] | |
Schedule of Non-Vested Restricted Share | As of December 31, 2023, non-vested restricted share units granted on October 23, 2020 are as follows: Non-vested share units as of January 1, 2023 16,665 Vested (16,665 ) Non-vested share units as of December 31, 2023 - Non-vested share units as of April 11, 2023 Granted 894,000 Vested (875,000 ) Forfeited (19,000 ) Non-vested share units as of December 31, 2023 - Non-vested share units as of August 22, 2023 Granted 40,000 Vested (20,000 ) Forfeited - Non-vested share units as of December 31, 2023 20,000 |
Schedule of Stock Option Activity | Stock option activity under the Company’s stock-based compensation plans is shown below: Number of Average Aggregate Weighted Outstanding at January 1, 2023 1,650,086 1.96 - 4.7 Exercisable at January 1, 2023 549,958 1.96 $ - 4.7 Granted 2,284,000 0.97 - 5.8 Exercised - - - - Forfeited (70,000 ) 0.98 - 5.8 Outstanding at December 31, 2023 3,864,086 $ 1.39 $ - 4.3 Exercisable at December 31, 2023 549,958 $ 1.96 $ - 3.7 * The intrinsic value of the stock options at December 31, 2023 is the amount by which the market value of the Company’s common stock of $1.05 as of December 31, 2023 exceeds the average exercise price of the option. As of December 31, 2023, the intrinsic value of the outstanding and exercisable stock options was $ nil |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income (Loss) Per Share [Abstract] | |
Schedule of Calculation of Income (Loss) Per Share | The following is the calculation of income (loss) per share: Year ended Year ended Net loss $ (11,327,811 ) $ (8,539,327 ) Less: Net loss attributable to non-controlling interests 1,879,365 6,090,270 Net loss attributable to shareholders of CBAK Energy Technology, Inc. (9,448,446 ) (2,449,057 ) Weighted average shares used in basic and diluted computation 88,927,671 89,252,085 Loss per share of common stock – basic and diluted $ (0.11 ) $ (0.03 ) |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Warrants [Abstract] | |
Schedule of Warrants Issued | The fair value of the outstanding warrants was calculated using Binomial Model based on backward induction with the following assumptions: Warrants holder Investor Placement Appraisal Date December 31, December 31, Market price per share (USD/share) $ 0.99 $ 0.99 Exercise price (USD/price) 6.46 6.475 Risk free rate 4.7 % 4.6 % Dividend yield 0.0 % 0.0 % Expected term/ Contractual life (years) 0.9 years 1.4 years Expected volatility 75.6 % 82.7 % Appraisal Date December 31, December 31, Market price per share (USD/share) $ n/a $ 1.05 Exercise price (USD/price) n/a 6.475 Risk free rate n/a 5.3 % Dividend yield n/a 0 % Expected term/ Contractual life (years) n/a 0.4 year Expected volatility n/a 53.90 % Warrants holder Investor Placement Appraisal Date Series A1 Warrants Market price per share (USD/share) 0.99 0.99 Exercise price (USD/price) 7.67 9.204 Risk free rate 4.5 % 4.5 % Dividend yield 0 % 0 % Expected term/ Contractual life (years) 1.6 years 1.6 years Expected volatility 80.4 % 80.4 % Appraisal Date December 31, December 31, Market price per share (USD/share) 1.05 1.05 Exercise price (USD/price) 7.67 9.204 Risk free rate 5.1 % 5.1 % Dividend yield 0 % 0 % Expected term/ Contractual life (years) 0.6 year 0.6 year Expected volatility 63.00 % 63.00 % |
Schedule of the Warrants Liability Measured at Fair Value on a Recurring Basis | The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 3 inputs: Year ended Year ended Balance at the beginning of the year $ 5,846,000 $ 136,000 Warrants issued to institution investors - - Warrants issued to placement agent - - Warrants redeemed - - Fair value change of the issued warrants included in earnings (5,710,000 ) (136,000 ) Balance at end of year 136,000 - |
Schedule of Warrant Activity | The following is a summary of the warrant activity: Number of Average Weighted Outstanding at January 1, 2023 9,092,499 $ 7.19 1.33 Exercisable at January 1, 2023 9,092,499 $ 7.19 1.33 Granted - - - Exercised / surrendered - - - Expired (3,795,920 ) 6.460 - Outstanding at December 31, 2023 5,296,579 7.71 0.60 Exercisable at December 31, 2023 5,296,579 7.71 0.60 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of Capital Commitments | As of December 31, 2022 and 2023, the Company had the following contracted capital commitments: December 31, December 31, For construction of buildings $ 21,406,584 $ 1,104,571 For purchases of equipment 4,249,801 31,437,525 Capital injection 137,739,785 267,557,243 $ 163,396,170 $ 300,099,339 |
Concentrations and Credit Risk
Concentrations and Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Concentrations and Credit Risk [Abstract] | |
Schedule of Concentration Risk | The Company had the following customers that individually comprised 10% or more of net revenue for the years ended December 31, 2022 and 2023 as follows: Year ended Year ended Sales of finished goods and raw materials December 31, 2022 December 31, 2023 Customer B $ 28,071,738 11.29 % * * Customer C * * % 66,881,853 32.7 % Customer D 57,856,658 23.26 % * * % Zhengzhou BAK Battery Co., Ltd (note 18) 53,236,804 21.40 % 27,872,002 13.6 % * Comprised less than 10% of net revenue for the respective period. December 31, 2022 December 31, 2023 Customer A $ 4,004,880 18.94 % $ * * Customer D * * 7,239,247 27.7 % Zhengzhou BAK Battery Co., Ltd (note 18) 9,156,383 43.30 % 12,441,715 47.5 % * Comprised less than 10% of net accounts receivable for the respective period. Year ended Year ended Supplier A $ 33,781,075 14.46 % $ 18,786,335 12.1 % Supplier B * * 17,786,678 11.5 % Zhengzhou BAK Battery Co., Ltd (note 18) 26,819,454 11.48 % * * Supplier C 24,720,344 10.58 % * * * Comprised less than 10% of net purchase for the respective period. December 31, 2022 December 31, 2023 Supplier A $ * * $ 2,689,740 10.1 % Supplier C 4,064,942 12.50 % * * Zhengzhou BAK Battery Co., Ltd (note 18) 5,629,343 17.31 % * * Zhejiang Shengyang Renewable Resources Technology Co., Ltd. * * 3,498,324 13.0 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information [Abstract] | |
Schedule of Operating Decision Maker Evaluates Performance based on Each Reporting Segment | Net revenue, cost of revenues, operating expenses, operating income, finance income (expense), other income (expenses) and net income (loss) by segment for the years ended December 31, 2022 and 2023 were as follows For the year ended December 31, 2022 CBAT Hitrans Corporate Consolidated Net revenues $ 94,715,189 $ 154,010,296 $ - $ 248,725,485 Cost of revenues (86,333,047 ) (144,297,114 ) - (230,630,161 ) Gross profit 8,382,142 9,713,182 18,095,324 Total operating expenses (13,489,453 ) (14,993,719 ) (1,116,755 ) (29,599,927 ) Operating (loss) income (5,107,311 ) (5,280,537 ) (1,116,755 ) (11,504,603 ) Finance income (expenses), net 929,756 (438,387 ) (309 ) 491,060 Other income, net (3,590,693 ) (3,661,782 ) 5,710,000 (1,542,475 ) Income tax credit - 1,228,207 - 1,228,207 Net income (7,768,248 ) (8,152,499 ) 4,592,936 (11,327,811 ) For the year ended December 31, 2023 CBAT Hitrans Corporate Consolidated Net revenues $ 132,993,518 $ 71,444,847 $ - $ 204,438,365 Cost of revenues (101,413,350 ) (71,300,692 ) - (172,714,042 ) Gross profit 31,580,168 144,155 - 31,724,323 Total operating expenses (20,861,844 ) (17,159,677 ) (954,614 ) (38,976,135 ) Operating income (loss) 10,718,324 (17,015,522 ) (954,614 ) (7,251,812 ) Finance income (expenses), net 337,243 95,816 (159 ) 432,900 Other income (expenses), net 2,906,648 (2,276,918 ) 136,000 765,730 Income tax expenses - (2,486,145 ) - (2,486,145 ) Net income (loss) 13,962,215 (21,682,769 ) (818,773 ) (8,539,327 ) As of December 31, 2023 Identifiable long-lived assets 100,815,622 42,249,656 - 143,065,278 Total assets 196,166,083 84,950,872 38,305 281,155,260 Note: The Company does not allocate its assets located and expenses incurred outside China to its reportable segments because these assets and activities are managed at a corporate level. |
Schedule of Revenue from These Products | For the product sales of materials used in manufacturing of lithium batteries, the Company, via its subsidiary, Hitrans, manufactured cathode materials and Precursor for use in manufacturing of cathode. Revenue from these products is as follows: Year ended Year ended High power lithium batteries used in: Electric vehicles $ 4,694,694 $ 2,883,385 Light electric vehicles 6,415,277 5,607,435 Residential energy supply & uninterruptable supplies 83,603,046 124,502,698 Trading of raw materials used in lithium batteries 2,172 - 94,715,189 132,993,518 Materials used in manufacturing of lithium batteries Cathode 75,331,144 39,845,626 Precursor 78,679,152 31,599,221 154,010,296 71,444,847 Total consolidated revenue $ 248,725,485 $ 204,438,365 |
Schedule of Operations are Located in the PRC | The following table provides an analysis of the Company’s sales by geographical markets based on locations of customers: Year ended Year ended Mainland China $ 198,114,578 $ 119,307,085 Europe 50,378,076 78,575,290 USA 36,525 5,216 Others 196,306 6,550,774 Total $ 248,725,485 $ 204,438,365 |
CBAK Energy Technology, Inc. _2
CBAK Energy Technology, Inc. (Parent Company) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Statements of Operations | Year ended Year ended REVENUE, net $ - $ - OPERATING EXPENSES: Salaries and consulting expenses 227,588 1,386,099 General and administrative 889,169 794,262 Total operating expenses (1,116,757 ) (2,180,361 ) LOSS FROM OPERATIONS (1,116,757 ) (2,180,361 ) Changes in fair value of warrants liability 5,710,000 136,000 INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY 4,593,243 (2,044,361 ) EQUITY IN LOSS OF SUBSIDIARIES (14,041,689 ) (609,897 ) NET LOSS ATTRIBUTABLE TO SHAREHOLDERS $ (9,448,446 ) $ (2,654,258 ) |
Schedule of Balance Sheets | December 31, December 31, ASSETS Interests in subsidiaries $ 119,120,917 $ 114,257,553 Cash and cash equivalents 118,559 26,922 Total assets $ 119,239,476 $ 114,284,475 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accrued expenses and other payables 1,608,102 1,586,745 Warrants liability 136,000 - Total current liabilities 1,744,102 1,586,745 SHAREHOLDERS’ EQUITY 117,495,374 112,697,730 Total liabilities and shareholders’ equity $ 119,239,476 $ 114,284,475 |
Schedule of Statements of Cash Flows | Year ended Year ended CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (9,448,446 ) $ (2,449,057 ) Adjustments to reconcile net loss to net cash used in operating activities: Equity in loss of subsidiaries (14,041,689 ) (815,098 ) Share based compensation 64,193 1,225,747 Changes in fair value of warrants liability (5,710,000 ) (136,000 ) Change in operating assets and liabilities Accrued expenses and other payable (2,127 ) (21,357 ) Net cash used in operating activities (29,138,069 ) (2,195,765 ) CASH FLOWS FROM INVESTING ACTIVITIES: Increase in interest in subsidiaries 28,540,148 2,104,128 Net cash used in investing activities 28,540,148 2,104,128 CHANGE IN CASH AND CASH EQUIVALENTS (597,921 ) (91,637 ) CASH AND CASH EQUIVALENTS, beginning of year 716,480 118,559 CASH AND CASH EQUIVALENTS, end of year $ 118,559 $ 26,922 |
Principal Activities, Basis o_2
Principal Activities, Basis of Presentation and Organization (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Dec. 08, 2022 USD ($) | Dec. 08, 2022 CNY (¥) | Aug. 15, 2022 | Jul. 08, 2022 USD ($) | Jul. 20, 2021 | Apr. 21, 2021 USD ($) | Apr. 21, 2021 CNY (¥) | Feb. 08, 2021 shares | Dec. 08, 2020 USD ($) $ / shares shares | Jul. 14, 2020 $ / shares | Jul. 06, 2018 USD ($) | May 04, 2018 USD ($) | Jun. 30, 2015 shares | Nov. 09, 2007 USD ($) $ / shares | Oct. 01, 2007 USD ($) | Sep. 30, 2006 USD ($) | Sep. 30, 2005 USD ($) | Jan. 20, 2005 USD ($) shares | Nov. 30, 2007 shares | Sep. 30, 2006 shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2022 | Jun. 30, 2024 CNY (¥) | Feb. 29, 2024 | Dec. 31, 2023 CNY (¥) shares | Jul. 25, 2023 USD ($) | Jul. 25, 2023 CNY (¥) | Apr. 14, 2023 | Jul. 08, 2022 CNY (¥) | Oct. 09, 2021 USD ($) | Oct. 09, 2021 CNY (¥) | Aug. 04, 2021 USD ($) | Aug. 04, 2021 CNY (¥) | Apr. 01, 2021 | Nov. 09, 2020 USD ($) | Nov. 09, 2020 CNY (¥) | Aug. 06, 2020 USD ($) | Aug. 06, 2020 CNY (¥) | Jul. 31, 2020 USD ($) | Nov. 21, 2019 USD ($) | Oct. 29, 2019 USD ($) | Aug. 05, 2019 USD ($) | Jul. 10, 2018 USD ($) | Jul. 06, 2018 CNY (¥) | May 04, 2018 CNY (¥) | Dec. 27, 2013 USD ($) | Aug. 14, 2013 USD ($) | |
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Issued an aggregate shares (in Shares) | shares | 8,939,976 | 9,489,800 | 1,720,087 | |||||||||||||||||||||||||||||||||||||||||||||
Common stock gross proceeds | $ 17,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares placed in escrow (in Shares) | shares | 435,910 | |||||||||||||||||||||||||||||||||||||||||||||||
Investors remaining percentage | 50% | 50% | ||||||||||||||||||||||||||||||||||||||||||||||
Audited net income and reaching targets descriptions | 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. | 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. | ||||||||||||||||||||||||||||||||||||||||||||||
Shares released from escrow (in Shares) | shares | 217,955 | 217,955 | 217,955 | 217,955 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in shareholders equity | $ 7,955,358 | |||||||||||||||||||||||||||||||||||||||||||||||
Investor threshold percentage | 50% | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregate settlement payments shares (in Shares) | shares | 73,749 | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer share issued (in Shares) | shares | 217,955 | 217,955 | ||||||||||||||||||||||||||||||||||||||||||||||
Registered capital of subsidiary | $ 1,600,000 | $ 1,500,000 | $ 6,900,000 | ¥ 50,000,000 | $ 800,000 | ¥ 5,000,000 | $ 4,300,000 | ¥ 30,000,000 | ¥ 10,000,000 | ¥ 10,000,000 | ||||||||||||||||||||||||||||||||||||||
Registered capital increased | $ 23,519,880 | $ 100,000,000 | $ 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Capital contribution in cash | $ 1,300,000 | ¥ 9,000,000 | $ 200,000 | ¥ 1,200,000 | $ 500,000 | ¥ 3,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Equity interest rate | 10% | 81.56% | 81.56% | |||||||||||||||||||||||||||||||||||||||||||||
Other shareholders contributed cash | $ 100,000 | ¥ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Registered equity interest percentage | 90% | |||||||||||||||||||||||||||||||||||||||||||||||
Cash consideration price (in Dollars per share) | $ / shares | $ 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributed amount | $ 300,000 | 1,720,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Investment amount paid | $ 1,300,000 | ¥ 9,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Investment acquire percentage | 9.74% | 9.74% | ||||||||||||||||||||||||||||||||||||||||||||||
Paid up capital percentage | 75.57% | 75.57% | ||||||||||||||||||||||||||||||||||||||||||||||
Investment | ¥ | ¥ 22,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Percentage of investments | 25% | 25% | 25% | |||||||||||||||||||||||||||||||||||||||||||||
Investments amount | $ 1,400,000 | ¥ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Equity paid up capital percentage | 72.99% | 72.99% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of subsidiary owned | 80% | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase price per share (in Dollars per share) | $ / shares | $ 5.18 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants issued to purchase of common stock (in Shares) | shares | 3,795,920 | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 6.46 | |||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from direct offering and private placement | $ 49,160,000 | $ 70,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Offering expense | $ 3,810,000 | $ 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of stock under securities purchase agreement, descriptions | On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. | On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. | ||||||||||||||||||||||||||||||||||||||||||||||
Bank loans | $ 32,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | $ 127,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Placement Agent Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants issued to purchase of common stock (in Shares) | shares | 379,592 | 446,999 | 446,999 | |||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 6.475 | $ 9.204 | ||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital increased | ¥ | 40,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Shareholder investments percentage | 25% | 25% | ||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital increased | ¥ | 44,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Shareholder investments percentage | 50% | 50% | ||||||||||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ 27,000,000 | $ 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase price per share (in Dollars per share) | $ / shares | $ 3.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Offering expense | $ 819,000 | $ 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
CBAK Suzhou [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital of subsidiary | $ 500,000 | |||||||||||||||||||||||||||||||||||||||||||||||
CBAK Trading [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital increased | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
CBAK Power [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital of subsidiary | $ 30,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Registered capital increased | $ 60,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution in cash | 2,435,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregate purchase percentage | 6.82% | 6.82% | ||||||||||||||||||||||||||||||||||||||||||||||
CBAK Power [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution in cash | 60,000 | ¥ 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||
CBAK Power [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution in cash | 1,700,000 | 11,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||
CBAK Energy [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital increased | 60,000,000 | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
CBAK Nanjing [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital of subsidiary | $ 7,200,000 | ¥ 50,000,000 | ¥ 700,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Capital contribution in cash | 55,289,915 | |||||||||||||||||||||||||||||||||||||||||||||||
CBAK New Energy Technology Co., Ltd. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital of subsidiary | $ 101,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributed amount | 51,000,000 | 352.5 | ||||||||||||||||||||||||||||||||||||||||||||||
Jiangsu Daxin [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Contributed amount | $ 5,400,000 | ¥ 37,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Zhejiang Hitrans Lithium Battery Technology Co., Ltd [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity interest percentage | 81.56% | |||||||||||||||||||||||||||||||||||||||||||||||
Paid up capital percentage | 75.57% | |||||||||||||||||||||||||||||||||||||||||||||||
Hitrans’s [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital increased | $ 6,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Investment acquire percentage | 10% | |||||||||||||||||||||||||||||||||||||||||||||||
Investment | $ 600,000 | 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Remaining capital percentage | 90% | |||||||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | $ 5,200,000 | 36,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Shaoxing Haiji Enterprise Management & Consulting Partnership [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment | 3,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Shaoxing Haiji [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment | $ 2,600,000 | ¥ 18,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Shareholders [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment acquire percentage | 25% | |||||||||||||||||||||||||||||||||||||||||||||||
Mr. Yunfei Li [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity interest considerations | $ 4,300,000 | ¥ 30,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Guangdong Hitrans [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital of subsidiary | $ 1,500,000 | 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution in cash | $ 40,000 | ¥ 250,000 | ||||||||||||||||||||||||||||||||||||||||||||||
CBAK Suzhou [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage | 90% | 90% | ||||||||||||||||||||||||||||||||||||||||||||||
CBAK Power [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage | 81.56% | 67.33% | 67.33% | 85% | ||||||||||||||||||||||||||||||||||||||||||||
Guangdong Meidu Hitrans Resources Recycling Technology Co., Ltd. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Registered equity interest percentage | 20% | 20% | ||||||||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares released from escrow (in Shares) | shares | 217,955 | 217,955 | ||||||||||||||||||||||||||||||||||||||||||||||
Forecast [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance percentage | 50% | |||||||||||||||||||||||||||||||||||||||||||||||
Investments amount | ¥ | ¥ 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Forecast [Member] | Nacell Holdings [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage | 100% | |||||||||||||||||||||||||||||||||||||||||||||||
Li Settlement Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Transfer share issued (in Shares) | shares | 73,749 | 73,749 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Practices (Details) | 12 Months Ended | ||||
Jan. 01, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | |
Summary of Significant Accounting Policies and Practices (Details) [Line Items] | |||||
Cash and cash equivalents | $ 10,519 | $ 14,625 | |||
Bank deposits | 54,200,000 | 30,800,000 | |||
Expected credit loss provision current assets | $ 2,300,000 | ||||
Expected credit losses | $ 3,500,000 | ||||
Operating lease terms | 5 years | ||||
Income tax percentage | 50% | 50% | |||
Advertising Expense | $ 1,640,476 | 334,556 | |||
Employee benefit expenses | $ 2,952,247 | ¥ 20,877,994 | $ 2,589,157 | ¥ 17,405,185 | |
Minimum [Member] | |||||
Summary of Significant Accounting Policies and Practices (Details) [Line Items] | |||||
Estimated useful lives of the assets | 36 years | ||||
Maximum [Member] | |||||
Summary of Significant Accounting Policies and Practices (Details) [Line Items] | |||||
Estimated useful lives of the assets | 50 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Property and Equipment Estimated Useful Lives | 12 Months Ended |
Dec. 31, 2023 | |
Buildings [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Property and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives of the assets | 5 years |
Buildings [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Property and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives of the assets | 38 years |
Machinery and equipment [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Property and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives of the assets | 1 year |
Machinery and equipment [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Property and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives of the assets | 15 years |
Leasehold improvement [Member] | |
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Property and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives of the assets | Over the shorter of lease term of the estimated useful lives of the assets |
Office equipment [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Property and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives of the assets | 1 year |
Office equipment [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Property and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives of the assets | 5 years |
Motor vehicles [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Property and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives of the assets | 5 years |
Motor vehicles [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Property and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives of the assets | 12 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Foreign Exchange Transactions Involving RMB | Dec. 31, 2023 $ / shares | Dec. 31, 2023 ¥ / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 ¥ / shares |
Schedule of Foreign Exchange Transactions Involving RMB [Abstract] | ||||
Balance sheet, except for equity accounts | (per share) | $ 1 | ¥ 7.0971 | $ 1 | ¥ 6.9091 |
Income statement and cash flows | (per share) | $ 1 | ¥ 7.0719 | $ 1 | ¥ 6.7264 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Intangible Assets Amortization Period | Dec. 31, 2023 |
Computer software [Member] | Minimum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 1 year |
Computer software [Member] | Maximum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Sewage discharge permit [Member] | Minimum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Sewage discharge permit [Member] | Maximum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Practices (Details) - Schedule of Presents the Activity of the Deferred Revenue - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Presents the Activity of the Deferred Revenue [Abstract] | ||
Balance at beginning of year | $ 1,869,525 | $ 784,000 |
Development fees collected/ deposits received | 1,115,010 | |
Development and sales of batteries revenue recognized | (1,060,535) | |
Exchange realignment | (24,990) | (29,485) |
Balance at end of year | $ 784,000 | $ 1,869,525 |
Trade and Bills Receivable, N_3
Trade and Bills Receivable, Net (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade and Bills Receivable, Net [Abstract] | ||
Trade and bills receivable | $ 65,162 | $ 1,066,146 |
Retention receivable, description | Retention receivables are interest-free and recoverable either at the end of the retention period of three to five years since the sales of the EV batteries or 200,000 km since the sales of the motor vehicles (whichever comes first). |
Trade and Bills Receivable, N_4
Trade and Bills Receivable, Net (Details) - Schedule of Trade and Bills Receivable - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Trade and Bills Receivable [Abstract] | ||
Trade receivable | $ 29,368,296 | $ 23,422,733 |
Less: Allowance for credit losses | (3,198,249) | (2,274,513) |
Trade receivable, net | 26,170,047 | 21,148,220 |
Bills receivable | 2,483,000 | 6,265,355 |
Trade and bills receivable, net | $ 28,653,047 | $ 27,413,575 |
Trade and Bills Receivable, N_5
Trade and Bills Receivable, Net (Details) - Schedule of Analysis of the Allowance for the Credit Losses | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Trade and Bills Receivable, Net (Details) - Schedule of Analysis of the Allowance for the Credit Losses [Line Items] | |
Balance | $ 2,274,513 |
Current period provision, net | 1,012,404 |
Reversal – recoveries by cash | (10,250) |
Written-off | (14,661) |
Foreign exchange adjustment | (63,757) |
Balance | 3,198,249 |
Previously Reported [Member] | |
Trade and Bills Receivable, Net (Details) - Schedule of Analysis of the Allowance for the Credit Losses [Line Items] | |
Balance | 2,274,513 |
Revision of Prior Period, Adjustment [Member] | |
Trade and Bills Receivable, Net (Details) - Schedule of Analysis of the Allowance for the Credit Losses [Line Items] | |
Adoption of ASC Topic 326 |
Inventories (Details)
Inventories (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Inventories [Abstract] | ||
Inventory write-down | $ 3,554,962 | $ 1,658,432 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Inventories [Abstract] | ||
Raw materials | $ 3,779,414 | $ 7,101,426 |
Work in progress | 9,525,568 | 17,274,033 |
Finished goods | 20,108,440 | 25,070,832 |
Inventories, total | $ 33,413,422 | $ 49,446,291 |
Prepayments and Other Receiva_3
Prepayments and Other Receivables (Details) - Schedule of Prepayments and Other Receivables - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Prepayments and Other Receivables [Abstract] | ||
Value added tax recoverable | $ 5,248,210 | $ 4,234,082 |
Prepayments to suppliers | 1,341,596 | 220,671 |
Deposits | 108,492 | 43,914 |
Staff advances | 113,336 | 51,826 |
Prepaid operating expenses | 645,390 | 706,190 |
Receivables from sales of vehicles | 371,105 | |
Others | 292,458 | 294,292 |
Prepayments and other receivables, gross | 7,749,482 | 5,922,080 |
Less: Allowance for doubtful accounts | (290,228) | (7,000) |
Prepayments and other receivables, net | $ 7,459,254 | $ 5,915,080 |
Prepayments and Other Receiva_4
Prepayments and Other Receivables (Details) - Schedule of Allowance for Credit Losses - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Prepayments and Other Receivable [Abstract] | ||
Balance as at beginning balance | $ 7,000 | $ 7,000 |
Adoption of ASC Topic 326 | ||
Current period provision, net | 284,238 | |
Foreign exchange adjustment | (1,010) | |
Balance as at ending balance | $ 290,228 | $ 7,000 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment, Net [Abstract] | ||
Depreciation expense | $ 10,422,306 | $ 9,414,421 |
Carrying amount | 7,360,242 | |
Impairment losses | $ 7,070,236 | $ 4,831,708 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 139,394,562 | $ 125,962,135 |
Impairment | (17,358,096) | (13,025,161) |
Accumulated depreciation | (30,407,634) | (22,932,447) |
Carrying amount | 91,628,832 | 90,004,527 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 45,843,428 | 47,086,680 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 7,214,436 | 5,156,705 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 83,625,645 | 71,665,842 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 1,983,601 | 1,545,026 |
Motor vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 727,452 | $ 507,882 |
Construction in Progress (Detai
Construction in Progress (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Construction in Progress [Abstract] | ||
Interest costs capitalized | $ 870,670 | $ 162,052 |
Construction in Progress (Det_2
Construction in Progress (Details) - Schedule of Construction in Progress - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Construction in Progress [Abstract] | ||
Construction in progress | $ 24,876,463 | $ 7,828,975 |
Prepayment for acquisition of property, plant and equipment | 12,921,399 | 2,125,227 |
Carrying amount | $ 37,797,862 | $ 9,954,202 |
Long-Term Investments, Net (Det
Long-Term Investments, Net (Details) | 12 Months Ended | |||||||||||||
Nov. 06, 2023 USD ($) | Nov. 06, 2023 CNY (¥) | Sep. 27, 2023 USD ($) | Sep. 27, 2023 CNY (¥) | Apr. 21, 2021 USD ($) | Apr. 21, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 CNY (¥) | Apr. 30, 2023 USD ($) | Apr. 30, 2023 CNY (¥) | Nov. 28, 2022 USD ($) | Nov. 28, 2022 CNY (¥) | Aug. 31, 2022 | |
Long-Term Investments, Net [Line Items] | ||||||||||||||
Recognized impairment loss on investment (in Dollars) | $ 27,428 | |||||||||||||
Currently holds Percentage | 97% | 97% | ||||||||||||
Impairment loss | 1,556,078 | |||||||||||||
Payments to acquire equity interest | $ 1,400,000 | ¥ 9,000,000 | 4,044,175 | 297,336 | ||||||||||
Dividend | 1,256,745 | $ 1,290,942 | ||||||||||||
Distribution Payable | $ 82,637 | |||||||||||||
Registered capital amount | $ 700,000 | ¥ 5,000,000 | ||||||||||||
Nanjing CBAK [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Contributed capital | 300,000 | ¥ 2,000,000 | ||||||||||||
Acquiring equity interest percentage | 9.74% | 9.74% | ||||||||||||
Guanxi Guiwu [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Contributed capital | 900,000 | 6,000,000 | ||||||||||||
Mr. Weidong [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Contributed capital | $ 300,000 | ¥ 2,000,000 | ||||||||||||
Nanjing CBAK [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Equity interests percentage | 30% | 30% | 20% | |||||||||||
Guanxi Guiwu [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Equity interests percentage | 60% | |||||||||||||
Mr. Weidong [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Equity interests percentage | 20% | |||||||||||||
Zhejiang Shengyang [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Equity interests percentage | 26% | 26% | 26% | 26% | 44% | 44% | ||||||||
Purchase price | $ 3,900,000 | |||||||||||||
Impairment loss | $ 2,400,000 | ¥ 16,700,000 | ||||||||||||
Mr. Xu [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Equity interests percentage | 26% | 26% | ||||||||||||
CBAK Education [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Equity interests percentage | 10% | 10% | ||||||||||||
CBAK Education [Member] | Nanjing CBAK [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Equity interests percentage | 60% | 60% | ||||||||||||
Dividend Declared [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Dividend | $ 800,000 | ¥ 6,000,000 | ||||||||||||
Dividend Distributed [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Distribution Payable | ¥ | ¥ 600,000 | |||||||||||||
Zhejiang Shengyang [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Equity percentage | 50% | 50% | ||||||||||||
Mr. Xu [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Equity percentage | 50% | 50% | ||||||||||||
Zhejiang Shengyang Renewable Resources Technology Co., Ltd [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Equity percentage | 50% | 50% | ||||||||||||
Zhejiang Shengyang Renewable Resources Technology Co., Ltd [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Purchase price | ¥ | ¥ 28,600,000 | |||||||||||||
Zhejiang Shengyang [Member] | ||||||||||||||
Long-Term Investments, Net [Line Items] | ||||||||||||||
Purchase price | $ 14,300,000 |
Long-Term Investments, Net (D_2
Long-Term Investments, Net (Details) - Schedule of Long-Term Investments - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Long-Term Investments [Abstract] | ||
Investments in equity method investees | $ 1,926,611 | $ 289,473 |
Investments in non-marketable equity | 638,394 | 655,764 |
Long-term investments | $ 2,565,005 | $ 945,237 |
Long-Term Investments, Net (D_3
Long-Term Investments, Net (Details) - Schedule of Carrying Value of the Long-Term Investments - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Investments in equity method investees | ||
Carrying Amount | $ 1,926,611 | $ 289,473 |
Investments in non-marketable equity | ||
Carrying Amount | 638,394 | 655,764 |
Guangxi Guiwu CBAK New Energy Technology Co., Ltd [Member] | ||
Investments in equity method investees | ||
Carrying Amount | $ 254,475 | $ 289,473 |
Economic Interest | 20% | 20% |
Zhejiang Shengyang Renewable Resources Technology Co., Ltd. [Member] | ||
Investments in equity method investees | ||
Carrying Amount | $ 1,672,136 | |
Economic Interest | 26% | |
Hunan DJY Technology Co., Ltd [Member] | ||
Investments in non-marketable equity | ||
Carrying Amount | $ 638,394 | $ 655,764 |
Nanjing CBAK Education For Industry Technology Co., Ltd [Member] | ||
Investments in non-marketable equity | ||
Carrying Amount |
Long-Term Investments, Net (D_4
Long-Term Investments, Net (Details) - Schedule of Investments - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments in Guangxi Guiwu CBAK New Energy [Member] | ||
Long-Term Investments, Net (Details) - Schedule of Investments [Line Items] | ||
Balance as of beginning balance | $ 289,473 | |
Loss from investment | (27,428) | |
Investments made | 297,336 | |
Income from investment | ||
Foreign exchange adjustment | (7,570) | (7,863) |
Balance as of ending balance | 254,475 | 289,473 |
Investments in Zhejiang Shengyang Renewable Resources Technology Co., Ltd. [Member] | ||
Long-Term Investments, Net (Details) - Schedule of Investments [Line Items] | ||
Balance as of beginning balance | ||
Loss from investment | (2,366,080) | |
Investments made | 4,044,175 | |
Foreign exchange adjustment | (5,959) | |
Balance as of ending balance | $ 1,672,136 |
Long-Term Investments, Net (D_5
Long-Term Investments, Net (Details) - Schedule of Investments in Non-Marketable Equity - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments in Non-Marketable Equity [Abstract] | ||
Cost | $ 1,268,124 | $ 1,302,630 |
Impairment | (629,730) | (646,866) |
Carrying amount | $ 638,394 | $ 655,764 |
Lease (Details)
Lease (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Apr. 20, 2023 USD ($) | Apr. 20, 2023 CNY (¥) | Dec. 30, 2022 USD ($) | Dec. 30, 2022 CNY (¥) | Dec. 20, 2022 USD ($) | Dec. 20, 2022 CNY (¥) | Oct. 20, 2022 USD ($) | Oct. 20, 2022 CNY (¥) | Aug. 01, 2022 USD ($) | Aug. 01, 2022 CNY (¥) | Mar. 01, 2022 USD ($) | Mar. 01, 2022 CNY (¥) | Dec. 09, 2021 USD ($) | Dec. 09, 2021 CNY (¥) | Jun. 01, 2021 USD ($) | Jun. 01, 2021 CNY (¥) | Apr. 06, 2021 USD ($) | Apr. 06, 2021 CNY (¥) | Jan. 14, 2021 USD ($) | Jan. 14, 2021 CNY (¥) | Apr. 30, 2018 USD ($) | Apr. 30, 2018 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | |
Lease [Line Items] | ||||||||||||||||||||||||
Description of operating lease and lease maturity | On June 1, 2021, Nanjing Daxin entered into a lease agreement for manufacturing, warehouse and office space in Wuxi with a three year term, commencing on June 1, 2021 and expiring on May 31, 2024. | On June 1, 2021, Nanjing Daxin entered into a lease agreement for manufacturing, warehouse and office space in Wuxi with a three year term, commencing on June 1, 2021 and expiring on May 31, 2024. | On April 6, 2021, Nanjing CBAK entered into a lease agreement for warehouse space in Nanjing with a three year term, commencing on April 15, 2021 and expiring on April 14, 2024. | On April 6, 2021, Nanjing CBAK entered into a lease agreement for warehouse space in Nanjing with a three year term, commencing on April 15, 2021 and expiring on April 14, 2024. | On January 14, 2021, Nanjing Daxin entered into a lease agreement for manufacturing, warehouse and office space in Tianjing with a three year term, commencing on March 1, 2021 and expiring on February 29, 2024. | On January 14, 2021, Nanjing Daxin entered into a lease agreement for manufacturing, warehouse and office space in Tianjing with a three year term, commencing on March 1, 2021 and expiring on February 29, 2024. | In April 2018, Hitrans entered into a lease agreement for staff quarters spaces in Zhejiang with a five year term, commencing on May 1, 2018 and expiring on April 30, 2023 | In April 2018, Hitrans entered into a lease agreement for staff quarters spaces in Zhejiang with a five year term, commencing on May 1, 2018 and expiring on April 30, 2023 | ||||||||||||||||
Monthly rental payment | $ 40,205 | ¥ 277,778 | $ 14,146 | ¥ 97,743 | $ 10,586 | ¥ 73,143 | $ 2,605 | ¥ 18,000 | ||||||||||||||||
Increase percentage | 2% | 2% | ||||||||||||||||||||||
Lease maturity description | On December 30, 2022, Hitrans entered into a lease agreement with liquid gas supplier for a five year term for supplying liquid nitrogen and oxygen to December 29, 2027 | On December 30, 2022, Hitrans entered into a lease agreement with liquid gas supplier for a five year term for supplying liquid nitrogen and oxygen to December 29, 2027 | ||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Owners lease period | 36 years | 36 years | ||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Owners lease period | 50 years | 50 years | ||||||||||||||||||||||
Five Year Term [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Description of operating lease and lease maturity | On December 20, 2022, Hitrans entered into a lease agreement for extra staff quarters spaces in Zhejiang with a five year term commencing on December 20, 2022 and expiring on December 19, 2027 | On December 20, 2022, Hitrans entered into a lease agreement for extra staff quarters spaces in Zhejiang with a five year term commencing on December 20, 2022 and expiring on December 19, 2027 | ||||||||||||||||||||||
Nanjing Daxin [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Monthly rental payment | $ 34,461 | ¥ 238,095 | ||||||||||||||||||||||
Nanjing Daxin [Member] | First Year [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Description of operating lease and lease maturity | Nanjing CBAK entered into a lease agreement for office and factory spaces in Nanjing for a period of one year, commencing on August 1, 2023 and expiring on July 31, 2024. | Nanjing CBAK entered into a lease agreement for office and factory spaces in Nanjing for a period of one year, commencing on August 1, 2023 and expiring on July 31, 2024. | ||||||||||||||||||||||
Rental payment | $ 22,649 | ¥ 160,743 | ||||||||||||||||||||||
Hitrans [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Description of operating lease and lease maturity | On June 1, 2021, Hitrans entered into a lease agreement with liquid gas supplier for a five year term for supplying liquid nitrogen and oxygen, commencing on July 1, 2021. | On June 1, 2021, Hitrans entered into a lease agreement with liquid gas supplier for a five year term for supplying liquid nitrogen and oxygen, commencing on July 1, 2021. | ||||||||||||||||||||||
Monthly rental payment | $ 2,293 | ¥ 15,840 | ||||||||||||||||||||||
Hitrans [Member] | Five Year Term [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Description of operating lease and lease maturity | On March 1, 2022, Hitrans entered into a lease agreement for extra staff quarters spaces in Zhejiang with a five year term, commencing on March 1, 2022 and expiring on February 28, 2027. | On March 1, 2022, Hitrans entered into a lease agreement for extra staff quarters spaces in Zhejiang with a five year term, commencing on March 1, 2022 and expiring on February 28, 2027. | ||||||||||||||||||||||
Monthly rental payment | $ 1,052 | ¥ 7,265 | $ 7,526 | ¥ 52,000 | $ 769 | ¥ 5,310 | ||||||||||||||||||
Increase percentage | 2% | 2% | ||||||||||||||||||||||
Hitrans [Member] | First Year [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Monthly rental payment | $ 1,505 | ¥ 10,400 | ||||||||||||||||||||||
Hitrans [Member] | Second Year [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Monthly rental payment | 1,535 | 10,608 | ||||||||||||||||||||||
Hitrans [Member] | Third Year [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Description of operating lease and lease maturity | On April 20, 2023, Hitrans entered into another lease agreement for extra staff quarters spaces in Zhejiang with a three year term commencing on May 1, 2023 and expiring on April 30, 2026. | On April 20, 2023, Hitrans entered into another lease agreement for extra staff quarters spaces in Zhejiang with a three year term commencing on May 1, 2023 and expiring on April 30, 2026. | ||||||||||||||||||||||
Monthly rental payment | $ 1,566 | ¥ 10,820 | ||||||||||||||||||||||
Rent payment | $ 3,945 | ¥ 28,000 | ||||||||||||||||||||||
Hitrans [Member] | One and Half Year Lease Term [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Description of operating lease and lease maturity | On August 1, 2022, Hitrans entered into a lease agreement for warehouse spaces in Zhejiang with a one and half years term, commencing on August 1, 2022 and expiring on January 31, 2024. | On August 1, 2022, Hitrans entered into a lease agreement for warehouse spaces in Zhejiang with a one and half years term, commencing on August 1, 2022 and expiring on January 31, 2024. | ||||||||||||||||||||||
Monthly rental payment | $ 8,741 | ¥ 60,394 | ||||||||||||||||||||||
Zhejiang Hitrans [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Description of operating lease and lease maturity | On December 9, 2021, Hitrans entered into a lease agreement for another staff quarters spaces in Zhejiang with a three year term, commencing on December 10, 2021 and expiring on December 9, 2024. | On December 9, 2021, Hitrans entered into a lease agreement for another staff quarters spaces in Zhejiang with a three year term, commencing on December 10, 2021 and expiring on December 9, 2024. | ||||||||||||||||||||||
CBAK Power [Member] | Five Year Term [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Description of operating lease and lease maturity | On October 20, 2022, CBAK Power entered into a lease agreement for staff quarters spaces in Dalian with a five year term, commencing on October 20, 2022 and expiring on October 19, 2025 | On October 20, 2022, CBAK Power entered into a lease agreement for staff quarters spaces in Dalian with a five year term, commencing on October 20, 2022 and expiring on October 19, 2025 | ||||||||||||||||||||||
Monthly rental payment | $ 8,960 | ¥ 61,905 | ||||||||||||||||||||||
CBAK Shangqiu [Member] | Six Year [Member] | ||||||||||||||||||||||||
Lease [Line Items] | ||||||||||||||||||||||||
Description of operating lease and lease maturity | CBAK Shangqiu entered into a lease agreement for staff quarters spaces in Shangqiu with a six year sterm commencing on October 1, 2023 and expiring on September 30, 2029. | CBAK Shangqiu entered into a lease agreement for staff quarters spaces in Shangqiu with a six year sterm commencing on October 1, 2023 and expiring on September 30, 2029. | ||||||||||||||||||||||
Rental payment | $ 1,606 | ¥ 11,400 |
Lease (Details) - Schedule of P
Lease (Details) - Schedule of Prepaid Land Use Rights - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease [Abstract] | ||
Balance at beginning of period | $ 12,361,163 | $ 13,797,230 |
Amortization charge for the year | (322,160) | (338,706) |
Foreign exchange adjustment | (326,299) | (1,097,361) |
Balance at ending of period | $ 11,712,704 | $ 12,361,163 |
Lease (Details) - Schedule of O
Lease (Details) - Schedule of Operating and Finance Lease Expenses - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease [Abstract] | ||
Operating lease cost – straight line | $ 680,076 | $ 495,478 |
Property, plant and equipment, at cost | 4,598,426 | 1,890,396 |
Accumulated depreciation | (828,351) | (251,626) |
Impairment | (3,770,075) | (662,006) |
Property, plant and equipment, net under finance lease | 976,764 | |
Finance lease liabilities, current | 1,643,864 | 844,297 |
Finance lease liabilities, non-current | ||
Total finance lease liabilities | 1,643,864 | 844,297 |
Depreciation of assets | 114,123 | 76,861 |
Interest of lease liabilities | 12,915 | 8,672 |
Total lease expenses | $ 127,038 | $ 85,533 |
Weighted-average remaining lease term (years) | ||
Land use rights | 36 years 10 months 24 days | 37 years 10 months 24 days |
Operating leases | 2 years 8 months 15 days | 3 years 4 months 20 days |
Finance lease | 11 months 15 days | 6 months |
Weighted-average discount rate | ||
Land use rights | ||
Operating lease | 4.69% | 4.94% |
Finance lease | 1.37% | 1.40% |
Lease (Details) - Schedule of M
Lease (Details) - Schedule of Maturities of Lease Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Lease [Abstract] | ||
Operating leases - 2024 | $ 718,807 | |
Finance leases - 2024 | 1,691,536 | |
Operating leases - 2025 | 284,202 | |
Finance leases - 2025 | ||
Operating leases - 2026 | 160,210 | |
Finance leases - 2026 | ||
Operating leases - 2027 | 31,559 | |
Finance leases - 2027 | ||
Operating leases - 2028 | 19,275 | |
Finance leases - 2028 | ||
Operating leases - Thereafter | 14,457 | |
Finance leases - Thereafter | ||
Operating leases - Total undiscounted cash flows | 1,228,510 | |
Finance leases - Total undiscounted cash flows | 1,691,536 | |
Less: imputed interest - Operating leases | (61,216) | |
Less: imputed interest - Finance leases | (47,672) | |
Present value of lease liabilities - Operating leases | 1,167,294 | |
Present value of lease liabilities - Finance leases | $ 1,643,864 | $ 844,297 |
Lease (Details) - Schedule of S
Lease (Details) - Schedule of Supplemental Cash Flow Information Related to Leases - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease [Abstract] | ||
Operating cash outflows from operating assets | $ 369,608 | $ 230,382 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Intangible Assets, Net [Abstract] | ||
Amortization expenses | $ 472,980 | $ 513,311 |
Intangible Assets, Net (Detai_2
Intangible Assets, Net (Details) - Schedule of Intangible Assets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible Assets, Net [Abstract] | ||
Computer software at cost | $ 139,732 | $ 104,211 |
Sewage discharge permit | 1,715,450 | 1,762,129 |
Intangible assets, gross | 1,855,182 | 1,866,340 |
Accumulated amortization | (1,013,822) | (557,282) |
Intangible assets, net | $ 841,360 | $ 1,309,058 |
Intangible Assets, Net (Detai_3
Intangible Assets, Net (Details) - Schedule of Finite-Lived Intangible Assets | Dec. 31, 2023 USD ($) |
Schedule of Finite Lived Intangible Assets [Abstract] | |
2024 | $ 120,896 |
2025 | 469,557 |
2026 | 200,893 |
2027 | 9,197 |
2028 | 8,236 |
Thereafter | 32,581 |
Total | $ 841,360 |
Acquisition of Subsidiaries (De
Acquisition of Subsidiaries (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Nov. 26, 2021 USD ($) | Nov. 26, 2021 CNY (¥) | Jul. 31, 2021 USD ($) | Jul. 31, 2021 CNY (¥) | Jul. 23, 2021 USD ($) | Jul. 23, 2021 CNY (¥) | Jul. 20, 2021 USD ($) | Jul. 20, 2021 CNY (¥) | Apr. 21, 2021 USD ($) | Apr. 21, 2021 CNY (¥) | Apr. 01, 2021 | Jan. 29, 2022 USD ($) | Jan. 29, 2022 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 CNY (¥) | Jul. 25, 2023 USD ($) | Jul. 25, 2023 CNY (¥) | Oct. 09, 2021 USD ($) | Oct. 09, 2021 CNY (¥) | Jul. 27, 2021 USD ($) | Jul. 27, 2021 CNY (¥) | Apr. 30, 2021 USD ($) | Apr. 30, 2021 CNY (¥) | |
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 75.57% | 75.57% | |||||||||||||||||||||||||
Acquired ownership by cash | $ 1,400,000 | ¥ 9,000,000 | $ 4,044,175 | $ 297,336 | |||||||||||||||||||||||
Registered equity interests | 81.56% | 81.56% | |||||||||||||||||||||||||
Cash paid | $ 500,000 | ¥ 3,000,000 | |||||||||||||||||||||||||
Repayments of loan under agreement | $ 7,410,000 | ¥ 48,000,000 | |||||||||||||||||||||||||
Interest incurred | 100,000 | 900,000 | |||||||||||||||||||||||||
Payments to Acquire Investments | 7,126,798 | ||||||||||||||||||||||||||
Capital contributions | 1,300,000 | ¥ 9,000,000 | $ 200,000 | ¥ 1,200,000 | $ 500,000 | ¥ 3,500,000 | |||||||||||||||||||||
Business combination purchase price allocation, transferred (in Dollars) | $ 1,606,518 | ||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Fixed interest | 540,000 | 3,500,000 | |||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Fixed interest | $ 150,000 | ¥ 1,000,000 | |||||||||||||||||||||||||
Hitrans Loan [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Interest rate | 6% | 6% | |||||||||||||||||||||||||
Hitrans [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 75.57% | 75.57% | 78.95% | 54.39% | 54.39% | ||||||||||||||||||||||
Voting right and right to dividend | 85% | ||||||||||||||||||||||||||
Ownership of equity interest | 85% | ||||||||||||||||||||||||||
Registered equity interests | 60% | 60% | |||||||||||||||||||||||||
Proceeds from loan | $ 20,600,000 | ¥ 131,000,000 | |||||||||||||||||||||||||
Repayments of loan under agreement | $ 10,860,000 | ¥ 70,000,000 | |||||||||||||||||||||||||
Repaid amount | 14,600,000 | 93,000,000 | |||||||||||||||||||||||||
Juzhong Daxin [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 54.39% | 54.39% | |||||||||||||||||||||||||
Security deposit | $ 1,100,000 | ¥ 7,000,000 | $ 3,100,000 | ¥ 20,000,000 | |||||||||||||||||||||||
Registered equity interests | 60% | 60% | |||||||||||||||||||||||||
Cash paid | ¥ | ¥ 3,000,000 | ||||||||||||||||||||||||||
Acquisition costs | $ 780,000 | 5,000,000 | |||||||||||||||||||||||||
Compensation expense | 780,000 | ¥ 5,000,000 | |||||||||||||||||||||||||
Juzhong Daxin [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Security deposit | $ 1,600,000 | 10,000,000 | |||||||||||||||||||||||||
CBAK Power [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 21.18% | 21.18% | |||||||||||||||||||||||||
Security deposit | $ 20,600,000 | 131,000,000 | |||||||||||||||||||||||||
Acquired ownership interest | 60% | 60% | |||||||||||||||||||||||||
Acquired ownership by cash | $ 6,400,000 | ¥ 40,740,000 | |||||||||||||||||||||||||
Registered equity interests | 21.56% | 21.56% | |||||||||||||||||||||||||
Cash paid | $ 500,000 | ¥ 3,000,000 | |||||||||||||||||||||||||
Remitting value | $ 20,600,000 | ¥ 131,000,000 | |||||||||||||||||||||||||
Capital contributions | 2,435,000 | ||||||||||||||||||||||||||
CBAK Power [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Capital contributions | 1,700,000 | 11,100,000 | |||||||||||||||||||||||||
CBAK Power [Member] | Minimum [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Capital contributions | $ 60,000 | ¥ 400,000 | |||||||||||||||||||||||||
Zhejiang Meidu Graphene Technology Co., Ltd. [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 54.39% | 54.39% | |||||||||||||||||||||||||
Acquired ownership by cash | $ 18,500,000 | ¥ 118,000,000 | |||||||||||||||||||||||||
Registered equity interests | 21.56% | 21.56% | |||||||||||||||||||||||||
Hitrans’s Management [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 21.18% | 21.18% | 24.56% | 24.56% | |||||||||||||||||||||||
Registered equity interests | 25% | 25% | |||||||||||||||||||||||||
Mr. Haijun Wu [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 2.46% | 2.46% | |||||||||||||||||||||||||
Registered equity interests | 2.50% | 2.50% | |||||||||||||||||||||||||
New Era Group Zhejiang New Energy Materials Co., Ltd. [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 21.05% | 21.05% | |||||||||||||||||||||||||
Registered equity interests | 15% | 15% | |||||||||||||||||||||||||
Pawn Co [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 24.56% | 24.56% | |||||||||||||||||||||||||
Registered equity interests | 25% | 25% | |||||||||||||||||||||||||
Mr. Ye [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 22.11% | 22.11% | |||||||||||||||||||||||||
Acquired ownership by cash | $ 6,400,000 | ¥ 40,740,000 | |||||||||||||||||||||||||
Registered equity interests | 22.50% | 22.50% | |||||||||||||||||||||||||
Repayments of loan under agreement | $ 18,500,000 | ¥ 118,000,000 | |||||||||||||||||||||||||
Interest incurred | $ 540,000 | ¥ 3,500,000 | |||||||||||||||||||||||||
Payments to Acquire Investments | $ 6,400,000 | ¥ 40,740,000 | |||||||||||||||||||||||||
Meidu Graphene’s [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 54.39% | 54.39% | |||||||||||||||||||||||||
Registered equity interests | 60% | 60% | |||||||||||||||||||||||||
Hitrans Loan [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Proceeds from loan | $ 18,500,000 | ¥ 118,000,000 | |||||||||||||||||||||||||
Remitting value | $ 20,600,000 | ¥ 131,000,000 | |||||||||||||||||||||||||
Repayments of loan under agreement | $ 2,020,000 | ¥ 13,000,000 | |||||||||||||||||||||||||
Mr. Junnan Ye [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 54.39% | 54.39% | |||||||||||||||||||||||||
Registered equity interests | 60% | 60% | |||||||||||||||||||||||||
Cash paid | $ 500,000 | ||||||||||||||||||||||||||
Zhejiang Hitrans [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Repaid amount | $ 18,500,000 | ¥ 118,000,000 | |||||||||||||||||||||||||
Juzhong Daxin [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interest percentage | 85% | ||||||||||||||||||||||||||
CBAK Power [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interest percentage | 81.56% | 81.56% | 85% | 67.33% | 67.33% | ||||||||||||||||||||||
Hitrans Holding [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Equity interests capital percentage | 75.57% | 75.57% | |||||||||||||||||||||||||
Registered equity interests | 81.56% | 81.56% | |||||||||||||||||||||||||
Hitrans’s Management [Member] | |||||||||||||||||||||||||||
Acquisition of Subsidiaries [Line Items] | |||||||||||||||||||||||||||
Cash paid | $ 6,400,000 | ¥ 40,740,000 |
Acquisition of Subsidiaries (_2
Acquisition of Subsidiaries (Details) - Schedule of Aggregate Fair Values of Assets Acquired and Liabilities | Nov. 26, 2021 USD ($) |
Schedule of Aggregate Fair Values of Assets Acquired and Liabilities [Abstract] | |
Cash and bank | $ 7,323,654 |
Debts product | 3,144 |
Trade and bills receivable, net | 37,759,688 |
Inventories | 13,616,922 |
Prepayments and other receivables | 1,384,029 |
Income tax recoverable | 47,138 |
Amount due from trustee | 11,788,931 |
Property, plant and equipment, net | 21,190,890 |
Construction in progress | 2,502,757 |
Intangible assets, net | 1,957,187 |
Prepaid land use rights, noncurrent | 6,276,898 |
Leased assets, net | 48,394 |
Deferred tax assets | 1,715,998 |
Short term bank loan | (8,802,402) |
Other short term loans – CBAK Power | (20,597,522) |
Trade accounts and bills payable | (38,044,776) |
Accrued expenses and other payables | (7,439,338) |
Deferred government grants | (290,794) |
Land appreciation tax | (464,162) |
Deferred tax liabilities | (333,824) |
Net assets | 29,642,812 |
Less: Waiver of dividend payable | 1,250,181 |
Total net assets acquired | 30,892,993 |
Non-controlling interest | (7,547,158) |
Goodwill | 1,606,518 |
Total identifiable net assets | $ 24,952,353 |
Acquisition of Subsidiaries (_3
Acquisition of Subsidiaries (Details) - Schedule of Aggregate Fair Values of Assets Acquired and Liabilities (Parentheticals) | Nov. 26, 2021 |
Schedule of Aggregate Fair Values of Assets Acquired and Liabilities [Abstract] | |
Percentage of non-controlling interest | 24.43% |
Acquisition of Subsidiaries (_4
Acquisition of Subsidiaries (Details) - Schedule of Consideration Transferred to Effect the Acquisition - 12 months ended Dec. 31, 2023 | USD ($) | CNY (¥) |
Schedule of Consideration Transferred to Effect the Acquisition [Line Items] | ||
Total Purchase Consideration | $ 24,952,353 | ¥ 158,744,376 |
Hitrans from Meidu Graphene [Member] | ||
Schedule of Consideration Transferred to Effect the Acquisition [Line Items] | ||
Total Purchase Consideration | 18,547,918 | 118,000,000 |
Hitrans from Hitrans management [Member] | ||
Schedule of Consideration Transferred to Effect the Acquisition [Line Items] | ||
Total Purchase Consideration | $ 6,404,435 | ¥ 40,744,376 |
Acquisition of Subsidiaries (_5
Acquisition of Subsidiaries (Details) - Schedule of Consideration Transferred to Effect the Acquisition (Parentheticals) | 12 Months Ended |
Dec. 31, 2023 | |
Hitrans from Meidu Graphene [Member] | |
Schedule of Consideration Transferred to Effect the Acquisition [Line Items] | |
Percentage of cash consideration for registered equity interest | 60% |
Percentage of cash consideration for paid-up capital | 54.39% |
Hitrans from Hitrans management [Member] | |
Schedule of Consideration Transferred to Effect the Acquisition [Line Items] | |
Percentage of cash consideration for registered equity interest | 21.56% |
Percentage of cash consideration for paid-up capital | 21.18% |
Goodwill (Details)
Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Abstract] | ||
Impairment loss of goodwill | $ 1,556,078 |
Goodwill (Details) - Schedule o
Goodwill (Details) - Schedule of Movement of the Goodwill - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Movement of the Goodwill [Abstract] | ||
Balance as of January 1, 2022 | $ 1,645,232 | |
Impairment of goodwill | (1,556,078) | |
Foreign exchange adjustment | (89,154) | |
Balance as of December 31, 2022 & December 31, 2023 |
Deposit Paid for Acquisition _3
Deposit Paid for Acquisition of Long-term Investments (Details) ¥ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Sep. 27, 2023 USD ($) | Sep. 27, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | |
Deposit Paid for Acquisition of Long-term Investments [Line Items] | |||||
Purchase cost | $ 13,665,499 | $ 35,700,000 | ¥ 260 | $ 9,710,187 | |
Contributed cost | 7,100,000 | ¥ 50.4 | |||
Paid amount | $ 9,600,000 | ¥ 67.8 | |||
Shenzhen BAK Power Battery Co., Ltd. [Member] | |||||
Deposit Paid for Acquisition of Long-term Investments [Line Items] | |||||
Owns individual | 5% | 5% | |||
Shenzhen BAK Battery Co., Ltd. [Member] | |||||
Deposit Paid for Acquisition of Long-term Investments [Line Items] | |||||
Equity transfer agreement description | (i) RMB40 million (approximately $5.5 million) due prior to December 31, 2023; (ii) RMB90 million (approximately $12.4 million) due prior to September 30, 2024, and (iii) the remaining Target Equity balance of RMB130 million (approximately $17.8 million) due following SZ BAK’s successful transfer to Nanjing CBAK of the five percent (5%) equity interest in BAK SZ. Upon Nanjing CBAK having paid RMB130 million of the Target Equity, the parties shall work together to complete the registration of equity change with the local governmental authorities. |
Deposit Paid for Acquisition _4
Deposit Paid for Acquisition of Long-term Investments (Details) - Schedule of Deposit Paid for Acquisition of Long-term Investments - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Deposit Paid for Acquisition of Long-term Investments [Abstract] | ||
Investments in non-marketable equity | $ 7,101,492 |
Trade and Bills Payable (Detail
Trade and Bills Payable (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and Bills Payable [Abstract] | ||
Bills receivable | $ 0.3 | $ 3.4 |
Trade and Bills Payable (Deta_2
Trade and Bills Payable (Details) - Schedule of Trade and Bills Payable - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Trade and Bills Payable [Abstract] | ||
Trade payable | $ 26,764,807 | $ 32,516,445 |
– Bank acceptance bills | 55,664,768 | 34,974,990 |
Trade and bills payable | $ 82,429,575 | $ 67,491,435 |
Loans (Details)
Loans (Details) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aug. 03, 2023 USD ($) | Aug. 03, 2023 CNY (¥) | Jul. 31, 2023 USD ($) | Jul. 31, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Jun. 27, 2023 USD ($) | Jun. 27, 2023 CNY (¥) | Jun. 09, 2023 USD ($) | Jun. 09, 2023 CNY (¥) | May 02, 2023 | Apr. 20, 2023 USD ($) | Apr. 19, 2023 USD ($) | Apr. 19, 2023 CNY (¥) | Mar. 29, 2023 USD ($) | Mar. 29, 2023 CNY (¥) | Jan. 16, 2023 USD ($) | Jan. 16, 2023 CNY (¥) | Jan. 06, 2023 USD ($) | Jan. 06, 2023 CNY (¥) | Dec. 09, 2022 USD ($) | Dec. 09, 2022 CNY (¥) | Sep. 25, 2022 USD ($) | Sep. 25, 2022 CNY (¥) | Jun. 22, 2022 USD ($) | Jun. 22, 2022 CNY (¥) | Apr. 29, 2022 USD ($) | Apr. 29, 2022 CNY (¥) | Mar. 08, 2022 USD ($) | Mar. 08, 2022 CNY (¥) | Feb. 09, 2022 USD ($) | Jan. 17, 2022 USD ($) | Jan. 17, 2022 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 CNY (¥) | Sep. 27, 2023 USD ($) | Aug. 03, 2023 CNY (¥) | Jul. 31, 2023 CNY (¥) | Jun. 30, 2023 CNY (¥) | Jun. 27, 2023 CNY (¥) | Jun. 09, 2023 CNY (¥) | Apr. 20, 2023 CNY (¥) | Apr. 19, 2023 CNY (¥) | Mar. 29, 2023 CNY (¥) | Jan. 31, 2023 USD ($) | Jan. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 09, 2022 CNY (¥) | Sep. 25, 2022 CNY (¥) | Jun. 22, 2022 CNY (¥) | Apr. 28, 2022 USD ($) | Apr. 28, 2022 CNY (¥) | Mar. 21, 2022 USD ($) | Mar. 21, 2022 CNY (¥) | Mar. 08, 2022 CNY (¥) | Feb. 28, 2022 USD ($) | Feb. 28, 2022 CNY (¥) | Feb. 09, 2022 CNY (¥) | Jan. 17, 2022 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | Nov. 16, 2021 USD ($) | Nov. 16, 2021 CNY (¥) | Apr. 19, 2021 USD ($) | Apr. 19, 2021 CNY (¥) | |
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing amount | $ 1,400,000 | $ 1,700,000 | $ 9,900,000 | ¥ 71,600,000 | ¥ 10,000,000 | $ 11,600,000 | ¥ 84,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term borrowings | $ 20,100,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of bearing interest | 3.15% | 3.15% | 3.65% | 3.65% | 4.55% | 4.55% | 4.30% | 102.50% | 120% | 120% | 3.95% | 3.95% | 124% | 105% | 105% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of short-term loans | 3.90% | 3.85% | 3.85% | 4.94% | 3.85% | 3.85% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from bank loan facility | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repaid amount | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayment of term loan | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of guaranteed | 100% | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Facility of borrowed | $ 1,400,000 | ¥ 10,000,000 | $ 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term loan maximum amount | $ 600,000 | ¥ 4,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bills receivable amount | $ 300,000 | $ 3,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking facilities | 2,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest amount | 637,667 | 646,013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances paid | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of bearing interest | 3.55% | 3.55% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of bearing interest | 3.65% | 3.65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Short-Term Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest amount | $ 8,062 | 9,044 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shaoxing Branch of Bank of Communications Co., Ltd [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing amount | $ 22,100,000 | ¥ 160,000,000 | $ 16,600,000 | ¥ 120,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term borrowings | 8,500,000 | ¥ 142.8 | ¥ 59,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by cash | 900,000 | ¥ 6,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount borrowing | 900,000 | ¥ 6,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank of Ningbo Co., Ltd [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term borrowings | 6,400,000 | 2,300,000 | 45,400,000 | 15,900,000 | $ 1,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by cash | $ 6,400,000 | $ 2,300,000 | 45,400,000 | ¥ 15,900,000 | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jiangsu Gaochun Rural Commercial Bank [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing amount | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of bearing interest | 4.81% | 4.81% | 4.60% | 4.60% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by cash | $ 4,300,000 | 30,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of loans | The facility was guaranteed by the Company’s CEO, Mr. Yunfei Li and Mr. Yunfei Li’s wife Ms. Qinghui Yuan. The Company borrowed RMB10 million (approximately $1.4 million) on February 17, 2022 for a term until January 28, 2023. The Company repaid RMB10 million (approximately $1.4 million) on January 16, 2023. On January 17, 2023, the Company borrowed a one-year loan of RMB10 million (approximately $1.4 million) bearing interest at 129% of benchmark rate of PBOC for short-term loans, which is 4.70% per annum for a term until January 13, 2024. | The facility was guaranteed by the Company’s CEO, Mr. Yunfei Li and Mr. Yunfei Li’s wife Ms. Qinghui Yuan. The Company borrowed RMB10 million (approximately $1.4 million) on February 17, 2022 for a term until January 28, 2023. The Company repaid RMB10 million (approximately $1.4 million) on January 16, 2023. On January 17, 2023, the Company borrowed a one-year loan of RMB10 million (approximately $1.4 million) bearing interest at 129% of benchmark rate of PBOC for short-term loans, which is 4.70% per annum for a term until January 13, 2024. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term loan maximum amount | $ 1,300,000 | ¥ 9,000,000 | $ 1,200,000 | ¥ 9,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan borrowed | $ 1,300,000 | 9,000,000 | $ 1,300,000 | ¥ 9,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount borrowing | 4,300,000 | 30,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Zheshang Bank Co Ltd [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing amount | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of bearing interest | 4.50% | 4.50% | 5.50% | 5.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by cash | 24,500,000 | ¥ 174,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from bank loan facility | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of guaranteed | 100% | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term loan maximum amount | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan borrowed | $ 600,000 | $ 1,400,000 | ¥ 4,000,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount borrowing | $ 24,500,000 | ¥ 174,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of bills receivable | 3.65% | 3.65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial and Commercial Bank of China Nanjing Gaochun Branch [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing amount | ¥ | ¥ 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of bearing interest | 3.70% | 3.70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Facility of borrowed | ¥ | ¥ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan amount | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term loan maximum amount | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan borrowed | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Yunfei Li [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of guaranteed | 100% | 100% | 100% | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan borrowed | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Citibank Shaoxing Branch [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term borrowings | $ 700,000 | ¥ 4,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of loans | On November 8, 2022, the Company entered into a short-term loan agreement with China CITIC Bank Shaoxing Branch to August 9, 2023 with a maximum amount of RMB10 million (approximately $1.4 million) bearing interest rate at 4.35% per annum. The Company borrowed RMB10 million (approximately $1.4 million) on the same date. The Company has repaid RMB5 million (approximately $0.7 million), RMB0.2 million (approximately $0.1 million) and RMB4.8, million (approximately $0.7 million) on November 16, 2022, December 27, 2022 and August 9, 2023, respectively. The Company entered into another short-term loan agreement with China CITIC Bank Shaoxing Branch for a one-year short-term loan agreement with a maximum amount of RMB0.2 million (approximately $0.1 million) for December 27, 2022 to December 27, 2023, bearing interest rate at 4.20% per annum. | On November 8, 2022, the Company entered into a short-term loan agreement with China CITIC Bank Shaoxing Branch to August 9, 2023 with a maximum amount of RMB10 million (approximately $1.4 million) bearing interest rate at 4.35% per annum. The Company borrowed RMB10 million (approximately $1.4 million) on the same date. The Company has repaid RMB5 million (approximately $0.7 million), RMB0.2 million (approximately $0.1 million) and RMB4.8, million (approximately $0.7 million) on November 16, 2022, December 27, 2022 and August 9, 2023, respectively. The Company entered into another short-term loan agreement with China CITIC Bank Shaoxing Branch for a one-year short-term loan agreement with a maximum amount of RMB0.2 million (approximately $0.1 million) for December 27, 2022 to December 27, 2023, bearing interest rate at 4.20% per annum. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Citic Bank [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by cash | $ 100,000 | 600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount borrowing | $ 100,000 | ¥ 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Citic Bank [Member] | Letter of Credit [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term loan maximum amount | $ 700,000 | ¥ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan borrowed | $ 200,000 | ¥ 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 2.70% | 2.70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postal Saving Bank Of China [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of loans | the Company obtained a two-year term facility from Postal Savings Bank of China, Nanjing Gaochun Branch with a maximum amount of RMB10 million (approximately $1.4 million) for a period from January 7, 2023 to January 6, 2025. | the Company obtained a two-year term facility from Postal Savings Bank of China, Nanjing Gaochun Branch with a maximum amount of RMB10 million (approximately $1.4 million) for a period from January 7, 2023 to January 6, 2025. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term loan maximum amount | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount borrowing | $ 700,000 | ¥ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank of China Limited [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of bearing interest | 3.55% | 3.55% | 3.65% | 3.65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by cash | 700,000 | 4,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term loan maximum amount | $ 1,400,000 | ¥ 10,000,000 | $ 700,000 | ¥ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan borrowed | $ 1,400,000 | $ 700,000 | ¥ 10,000,000 | ¥ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount borrowing | 700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of bearing interest | 3.65% | 3.65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank of China Gaochun [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term loan maximum amount | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan borrowed | $ 1,400,000 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural Bank of China [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by cash | $ 700,000 | ¥ 4,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount borrowing | $ 700,000 | ¥ 4,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Zheshang Bank Co. Ltd Shangyu [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by cash | 15,000,000 | 106,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount borrowing | 15,500,000 | 109,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bills receivable amount | 300,000 | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Merchants Bank Dalian Branch [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by cash | 1,300,000 | ¥ 9,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount borrowing | $ 1,300,000 | ¥ 9,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Suzhou Zhengyuanwei Needle Ce Co., Ltd [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan agreement description | (d)In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of December 31, 2023, loan amount of RMB0.5 million ($72,368) remained outstanding. | (d)In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of December 31, 2023, loan amount of RMB0.5 million ($72,368) remained outstanding. |
Loans (Details) - Schedule of B
Loans (Details) - Schedule of Bank Borrowings - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Bank Borrowings [Abstract] | ||
Short-term bank borrowings | $ 32,587,676 | $ 14,907,875 |
Loans (Details) - Schedule of F
Loans (Details) - Schedule of Facilities Were Also Secured by the Company’s Assets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Carrying Amounts | $ 69,445,209 | $ 44,238,459 |
Pledged deposits [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Carrying Amounts | 54,167,834 | 30,836,864 |
Bills receivables [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Carrying Amounts | 281,805 | 3,383,130 |
Right-of-use assets [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Carrying Amounts | 5,287,708 | 5,598,716 |
Buildings [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Carrying Amounts | $ 9,707,862 | $ 4,419,749 |
Loans (Details) - Schedule of O
Loans (Details) - Schedule of Other Short-Term Loans - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Short-Term Debt [Line Items] | |||
Advance from related parties | $ 260,536 | $ 323,927 | |
Advances from unrelated third party | 79,016 | 365,169 | |
Other short-term loans | 339,552 | 689,096 | |
Mr. Xiangqian Li, the Company’s Former CEO [Member] | |||
Short-Term Debt [Line Items] | |||
Advance from related parties | [1] | 100,000 | 100,000 |
Mr. Yunfei Li [Member] | |||
Short-Term Debt [Line Items] | |||
Advance from related parties | [2] | 160,536 | 223,927 |
Mr. Wenwu Yu [Member] | |||
Short-Term Debt [Line Items] | |||
Advances from unrelated third party | [3] | 1,385 | 15,896 |
Ms. Longqian Peng [Member] | |||
Short-Term Debt [Line Items] | |||
Advances from unrelated third party | [3] | 7,179 | 276,905 |
Suzhou Zhengyuanwei Needle Ce Co., Ltd [Member] | |||
Short-Term Debt [Line Items] | |||
Advances from unrelated third party | [4] | $ 70,452 | $ 72,368 |
[1] Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand. Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand. Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand. In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of December 31, 2023, loan amount of RMB0.5 million ($72,368) remained outstanding. |
Accrued Expenses and Other Pa_3
Accrued Expenses and Other Payables (Details) - USD ($) | 12 Months Ended | ||||
Dec. 08, 2020 | Nov. 09, 2007 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 21, 2007 | |
Accrued Expenses and Other Payables [Line Items] | |||||
Liquidated damages amount | $ 1,051,000 | ||||
Gross proceeds | 70,000,000 | ||||
Price per share (in Dollars per share) | $ 5.18 | ||||
Cash fee | $ 3,810,000 | 5,000,000 | |||
Liquidated damages | 159,000 | $ 159,000 | $ 561,174 | ||
Private Placement [Member] | |||||
Accrued Expenses and Other Payables [Line Items] | |||||
Gross proceeds | $ 13,650,000 | ||||
Sale of shares of common stock (in Shares) | 3,500,000 | ||||
Price per share (in Dollars per share) | $ 3.9 | ||||
Cash fee | $ 819,000 | $ 5,000,000 | |||
Liquidated damages, description | (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. |
Accrued Expenses and Other Pa_4
Accrued Expenses and Other Payables (Details) - Schedule of Accrued Expenses and Other Payables ¥ in Millions | Dec. 31, 2023 USD ($) | Sep. 27, 2023 USD ($) | Sep. 27, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | |
Schedule of Accrued Expenses and Other Payables [Abstract] | |||||
Construction costs payable | $ 15,571,808 | $ 2,143,730 | |||
Equipment purchase payable | 13,665,499 | $ 35,700,000 | ¥ 260 | 9,710,187 | |
Liquidated damages | [1] | 1,210,119 | 1,210,119 | ||
Accrued staff costs | 3,386,142 | 2,961,781 | |||
Customer deposits | 2,875,131 | 4,845,382 | |||
Deferred revenue (note 2[ ]) | 784,000 | 1,869,525 | |||
Accrued expenses | 2,781,730 | 2,476,605 | |||
Dividend payable to non-controlling interest to Hitrans | 1,256,745 | 1,290,942 | |||
Other payable | 461,366 | 182,915 | |||
Accrued expenses and other payables | 41,992,540 | 26,691,186 | |||
Less: non-current portion | |||||
Deferred revenue | 1,085,525 | ||||
Total | $ 41,992,540 | $ 25,605,661 | |||
[1] 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 $1,051,000. As of December 31, 2022 and 2023, no liquidated damages relating to both events have been paid. |
Balances and Transactions wit_3
Balances and Transactions with Related Parties (Details) ¥ in Millions | 12 Months Ended | |||
Sep. 27, 2023 USD ($) | Sep. 27, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Balances and Transactions with Related Parties [Line Items] | ||||
Purchase price | $ 35,700,000 | ¥ 260 | ||
Currently interest holds percentage | 97% | 97% | ||
Repayment of related party (in Dollars) | $ 1,486,679 | |||
Shenzhen BAK Power Battery Co., Ltd [Member] | ||||
Balances and Transactions with Related Parties [Line Items] | ||||
Equity interest percentage | 5% | 5% | ||
Zhejiang Shengyang Renewable Resources Technology Co., Ltd [Member] | ||||
Balances and Transactions with Related Parties [Line Items] | ||||
Equity interest percentage | 26% | 26% | ||
Fuzhou BAK Battery Co., Ltd. [Member] | ||||
Balances and Transactions with Related Parties [Line Items] | ||||
Equity interest percentage | 51% | |||
Zhejiang Shengyang Renewable Resources Technology Co., Ltd [Member] | ||||
Balances and Transactions with Related Parties [Line Items] | ||||
Purchase price | $ 3,900,000 | ¥ 28.6 | ||
Zhengzhou BAK Battery Co., Ltd. [Member] | ||||
Balances and Transactions with Related Parties [Line Items] | ||||
Repayment of related party (in Dollars) | $ 7,400,000 |
Balances and Transactions wit_4
Balances and Transactions with Related Parties (Details) - Schedule of Principal Related Parties Transactions | 12 Months Ended | |
Dec. 31, 2023 | ||
New Era Group Zhejiang New Energy Materials Co., Ltd. [Member] | ||
Schedule of Principal Related Parties Transactions [Line Items] | ||
Relationship with the Company | Shareholder of company’s subsidiary | |
Zhengzhou BAK Battery Co., Ltd [Member] | ||
Schedule of Principal Related Parties Transactions [Line Items] | ||
Relationship with the Company | Note a | [1] |
Shenzhen BAK Battery Co., Ltd (“SZ BAK”) [Member] | ||
Schedule of Principal Related Parties Transactions [Line Items] | ||
Relationship with the Company | Former subsidiary and refer to Note b | [2] |
Shenzhen BAK Power Battery Co., Ltd (“BAK SZ”) [Member] | ||
Schedule of Principal Related Parties Transactions [Line Items] | ||
Relationship with the Company | Former subsidiary and refer to Note b | [2] |
Zhejiang Shengyang Renewable Resources Technology Co., Ltd. [Member] | ||
Schedule of Principal Related Parties Transactions [Line Items] | ||
Relationship with the Company | Note c | [3] |
Fuzhou BAK Battery Co., Ltd. [Member] | ||
Schedule of Principal Related Parties Transactions [Line Items] | ||
Relationship with the Company | Note d | [4] |
[1] Mr. Xiangqian Li, the Company’s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd. Zhengzhou BAK Battery Co., Ltd is a wholly owned subsidiary of BAK SZ. Mr. Xiangqian Li, the Company’s former CEO, is a director of Shenzhen BAK Battery Co., Ltd and Shenzhen BAK Power Battery Co., Ltd. On September 27, 2023, Nanjing CBAK New Energy Technology Co., Ltd. (“Nanjing CBAK”) entered into an Equity Transfer Agreement (the “Equity Transfer Agreement”) with Shenzhen BAK Battery Co., Ltd. (“SZ BAK”), under which SZ BAK shall sell a five percent (5%) equity interest in Shenzhen BAK Power Battery Co., Ltd. (“BAK SZ”) to Nanjing CBAK for a purchase price of RMB260 million (approximately $35.7 million) (note 13). On September 27, 2023, Hitrans entered into an Equity Transfer Contract (the “Equity Transfer Contract”) with Mr. Shengyang Xu, pursuant to which Hitrans will initially acquire a 26% equity interest in Zhejiang Shengyang Renewable Resources Technology Co., Ltd. (“Zhejiang Shengyang”) from Mr. Xu, an individual who currently holds 97% of Zhejiang Shengyang, for a price of RMB28.6 million (approximately $3.9 million) (the “Initial Acquisition”). Neither Mr. Xu, nor Zhejiang Shengyang is related to the Company. Zhengzhou BAK Battery Co., Ltd has 51% equity interest in Fuzhou BAK Battery Co., Ltd. Zhengzhou BAK Battery Co., Ltd is a wholly owned subsidiary of BAK SZ. |
Balances and Transactions wit_5
Balances and Transactions with Related Parties (Details) - Schedule of Related Party Transactions - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Purchase of batteries from Zhengzhou BAK Battery Co., Ltd [Member] | ||
Schedule of Related Party Transactions [Line Items] | ||
Related party transactions | $ 10,999,732 | $ 26,819,454 |
Purchase of materials from Zhejiang Shengyang Renewable Resources Technology Co., Ltd. [Member] | ||
Schedule of Related Party Transactions [Line Items] | ||
Related party transactions | 12,725,193 | 20,303,783 |
Sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd [Member] | ||
Schedule of Related Party Transactions [Line Items] | ||
Related party transactions | 27,872,002 | 53,236,804 |
Sales of cathode raw materials to Shenzhen BAK Power Battery Co., Ltd [Member] | ||
Schedule of Related Party Transactions [Line Items] | ||
Related party transactions | 66,560 | 8,681,496 |
Sales of batteries to Fuzhou BAK Battery Co., Ltd [Member] | ||
Schedule of Related Party Transactions [Line Items] | ||
Related party transactions | $ 105,010 |
Balances and Transactions wit_6
Balances and Transactions with Related Parties (Details) - Schedule of Receivables from Former Subsidiary - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Shenzhen BAK Power Battery Co., Ltd [Member] | ||
Schedule of Receivables from Former Subsidiary [Line Items] | ||
Receivables | $ 74,946 | $ 5,518,052 |
Balances and Transactions wit_7
Balances and Transactions with Related Parties (Details) - Schedule of Other Balances Due From/ (to) Related Parties - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Trade receivable, net – Zhengzhou BAK Battery Co., Ltd [Member] | |||
Schedule of Other Balances Due From/ (to) Related Parties [Line items] | |||
Related party transactions | [1] | $ 12,441,715 | $ 9,156,383 |
Bills receivable – Issued by Zhengzhou BAK Battery Co., Ltd [Member] | |||
Schedule of Other Balances Due From/ (to) Related Parties [Line items] | |||
Related party transactions | [2] | 2,941,683 | |
Trade payable, net – Zhengzhou BAK Battery Co., Ltd [Member] | |||
Schedule of Other Balances Due From/ (to) Related Parties [Line items] | |||
Related party transactions | [3] | 803,685 | 5,629,343 |
Trade payable, net – Zhejiang Shengyang Renewable Resources Technology Co., Ltd [Member] | |||
Schedule of Other Balances Due From/ (to) Related Parties [Line items] | |||
Related party transactions | 3,489,324 | 3,201,814 | |
Deposit paid for acquisition of long-term investments – Shenzhen BAK Power Battery Cp., Ltd [Member] | |||
Schedule of Other Balances Due From/ (to) Related Parties [Line items] | |||
Related party transactions | 7,101,492 | ||
Dividend payable to non-controlling interest of Hitrans [Member] | |||
Schedule of Other Balances Due From/ (to) Related Parties [Line items] | |||
Related party transactions | $ 1,256,745 | $ 1,290,942 | |
[1] Representing trade receivable from sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $7.4 million to the Company. Representing bills receivable issued by Zhengzhou BAK Battery Co., Ltd. The Company endorsed the bills receivable as of December 31, 2022 to suppliers for settling trade payable subsequent to December 31, 2022. Representing trade payable on purchase of batteries from Zhengzhou BAK Battery Co., Ltd. |
Balances and Transactions wit_8
Balances and Transactions with Related Parties (Details) - Schedule of Payables to a Former Subsidiary - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Shenzhen BAK Power Battery Co., Ltd [Member] | ||
Schedule of Payables to a Former Subsidiary [Line Items] | ||
Payables | $ (411,111) | $ (358,067) |
Deferred Government Grants (Det
Deferred Government Grants (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 02, 2023 USD ($) | Nov. 02, 2023 CNY (¥) | Jun. 23, 2020 USD ($) | Jun. 23, 2020 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | Oct. 17, 2014 CNY (¥) | |
Deferred Government Grants [Abstract] | |||||||
Subsidy received | ¥ 46,150,000 | ||||||
Amount received | $ 6,820 | ¥ 47,100,000 | |||||
Other income | $ 1,600 | ¥ 10,000,000 | |||||
Subsidy | $ 5,900 | ¥ 37,100,000 | |||||
Development cost | $ 1,200 | ¥ 8,400,000 |
Deferred Government Grants (D_2
Deferred Government Grants (Details) - Schedule of Deferred Government Grants - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Deferred Government Grants [Abstract] | ||
Total government grants | $ 6,578,863 | $ 6,876,735 |
Less: Current portion | (375,375) | (1,299,715) |
Non-current portion | $ 6,203,488 | $ 5,577,020 |
Deferred Government Grants (D_3
Deferred Government Grants (Details) - Schedule of Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Straight-Line Basis Over the Estimated Useful Lives [Abstract] | ||
Cost of revenues | $ 1,253,899 | $ 2,146,341 |
Research and development expenses | 16,710 | 17,568 |
General and administrative expenses | 38,261 | 40,226 |
Other income (expenses), net | 153,153 | 2,040,615 |
Total | $ 1,462,023 | $ 4,244,750 |
Product Warranty Provisions (De
Product Warranty Provisions (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Product Warranty Provisions [Abstract] | |
Product warranty provisions, description | The limited cover covers a period of six to twenty four 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. |
Product Warranty Provisions (_2
Product Warranty Provisions (Details) - Schedule of Accrued Warranty Activity - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Accrued Warranty Activity [Abstract] | ||
Balance at beginning of year | $ 476,828 | $ 2,028,266 |
Less: Current portion | (23,870) | (26,215) |
Non-current portion | 525,574 | 450,613 |
Warranty costs incurred | 16,359 | (81,954) |
Provision (reversal) for the year | 66,182 | (1,344,572) |
Foreign exchange adjustment | (9,925) | (124,912) |
Balance at end of year | $ 549,444 | $ 476,828 |
Income Taxes, Deferred Tax As_3
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2025 | |
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Line Items] | ||||
Income tax liability percentage | 80% | |||
Foreign tax credit | 50% | |||
Tax rate | 10% | |||
Net operating loss carry forwards (in Dollars) | $ 103,580,741 | |||
Taxable income (in Dollars) | 102,293 | |||
Capital gains recognized (in Dollars) | $ 103,478,448 | |||
Income Tax Percentage | 50% | |||
Maximum [Member] | ||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Line Items] | ||||
Income tax rate percentage | 35% | |||
Minimum [Member] | ||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Line Items] | ||||
Income tax rate percentage | 21% | |||
Hong Kong Tax [Member] | ||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Line Items] | ||||
Foreign profit tax rate | 16.50% | 16.50% | ||
PRC Tax [Member] | ||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Line Items] | ||||
Foreign profit tax rate | 25% | |||
CBAK Power [Member] | ||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Line Items] | ||||
Foreign profit tax rate | 15% | |||
High-New Technology Enterprise [Member] | ||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Line Items] | ||||
Foreign profit tax rate | 15% | |||
PRC Subsidiaries [Member] | ||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Line Items] | ||||
Net operating loss carry forwards (in Dollars) | $ 65,349,412 | |||
Forecast [Member] | ||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Line Items] | ||||
Tax rate | 15% |
Income Taxes, Deferred Tax As_4
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of Provision for Income Taxes credit - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Provision for Income Taxes credit [Abstract] | ||
Current income tax credit, net | ||
Deferred income tax credit (expenses) | (2,486,145) | 1,228,207 |
Total income tax | $ (2,486,145) | $ 1,228,207 |
Income Taxes, Deferred Tax As_5
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of Provision for Income Taxes Determined at the Statutory Income Tax Rate - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Provision for Income Taxes Determined at the Statutory Income Tax Rate [Abstract] | ||
Income (loss) before income taxes | $ (6,053,182) | $ (12,556,018) |
United States federal corporate income tax rate | 21% | 21% |
Income tax credit computed at United States statutory corporate income tax rate | $ (1,271,168) | $ (2,636,764) |
Rate differential for PRC earnings | (160,672) | (685,944) |
Tax effect of entity at preferential tax rate | 1,918,084 | 683,459 |
Non-deductible (income) expenses | 171,936 | (978,010) |
Share based payments | 257,407 | 13,481 |
Tax effect of utilisation of tax losses previously not recognised | (222,354) | (885,021) |
Valuation allowance on deferred tax assets | 1,792,912 | 3,260,592 |
Income tax (credit) expenses | $ 2,486,145 | $ (1,228,207) |
Income Taxes, Deferred Tax As_6
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Trade accounts receivable | $ 1,156,095 | $ 1,976,354 |
Inventories | 2,942,702 | 554,041 |
Property, plant and equipment | 2,398,035 | 2,353,141 |
Non-marketable equity securities | 157,432 | 161,716 |
Equity method investment | 380,982 | 157,432 |
Intangible assets | 31,601 | 97,468 |
Accrued expenses, payroll and others | 541,665 | 224,795 |
Provision for product warranty | 136,611 | 119,207 |
Net operating loss carried forward | 36,103,945 | 34,379,188 |
Valuation allowance | (43,645,828) | (37,122,551) |
Deferred tax assets, non-current | 203,240 | 2,743,359 |
Deferred tax liabilities, non-current | ||
Long-lived assets arising from acquisitions | $ 203,240 | $ 256,380 |
Statutory Reserves (Details)
Statutory Reserves (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Statutory Reserves [Line Items] | ||
Statutory reserve | $ 1,230,511 | $ 1,230,511 |
PRC Subsidiary [Member] | ||
Statutory Reserves [Line Items] | ||
Reserves percentage | 10% | |
PRC Statutory Reserve [Member] | ||
Statutory Reserves [Line Items] | ||
Reserves percentage | 50% |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | |
Employee Benefit Plan [Abstract] | ||||
Employee benefits expensed | $ 2,952,247 | ¥ 20,877,994 | $ 2,589,157 | ¥ 17,405,185 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||
Aug. 22, 2023 $ / shares shares | Apr. 11, 2023 USD ($) $ / shares shares | Feb. 08, 2021 $ / shares shares | Dec. 08, 2020 shares | Jun. 12, 2015 shares | Jan. 20, 2005 shares | Nov. 29, 2021 $ / shares shares | Oct. 23, 2020 shares | Jun. 30, 2017 shares | Dec. 31, 2016 shares | Apr. 19, 2016 $ / shares shares | Jun. 30, 2015 $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | ||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregated restricted shares issued | shares | 160,000 | 3,000 | 10,000 | 220,000 | |||||||||||||
Common stock price per share | $ / shares | $ 7.83 | $ 0.001 | |||||||||||||||
Fair value price per share | $ / shares | $ 2.68 | ||||||||||||||||
Vested shares issued | shares | 4,167 | 4,167 | |||||||||||||||
Non-cash share based compensation expense | $ | $ 6,529 | $ 40,415 | |||||||||||||||
Aggregate number of shares | shares | 8,939,976 | 9,489,800 | 1,720,087 | ||||||||||||||
Option exercise price | $ / shares | $ 1.96 | ||||||||||||||||
Fair value of volatility | 106.59% | 106.59% | |||||||||||||||
Fair value of risk free interest rate | 3.51% | 3.51% | |||||||||||||||
Fair value dividend rate | 0% | 0% | |||||||||||||||
Restricted share | shares | 40,000 | ||||||||||||||||
Option exercise price per share | $ / shares | $ 0.8681 | ||||||||||||||||
Non-cash share-based compensation expense | $ | $ 831,250 | ||||||||||||||||
Estimated life | 5 years 9 months 29 days | 5 years 9 months 29 days | |||||||||||||||
Share-based compensation expenses | $ 2,952,247 | ¥ 20,877,994 | 2,589,157 | ¥ 17,405,185 | |||||||||||||
Intrinsic value of outstanding stock options | $ | [1] | ||||||||||||||||
Average exercise price | $ / shares | $ 1.05 | ||||||||||||||||
Intrinsic value of exercisable stock options | $ | [1] | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregated restricted shares issued | shares | 3,000 | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregated restricted shares issued | shares | 10,000 | ||||||||||||||||
Options [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Unrecognized stock-based compensation | $ | $ 1,328,299 | ||||||||||||||||
Director [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregated restricted shares issued | shares | 500,000 | ||||||||||||||||
Fair value of volatility | 106.41% | 106.41% | |||||||||||||||
Fair value of risk free interest rate | 1.26% | 1.26% | |||||||||||||||
Fair value dividend rate | 0% | 0% | |||||||||||||||
Executive Officer and Director [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregate number of shares | shares | 350,000 | ||||||||||||||||
Officer [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Stock options | $ | $ 2,805,624 | ||||||||||||||||
Share-based compensation expense | $ | |||||||||||||||||
2015 Equity Incentive Plan [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregated restricted shares issued | shares | 10,000,000 | ||||||||||||||||
Restricted Shares Granted on June 30, 2015 [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregated restricted shares issued | shares | 690,000 | ||||||||||||||||
Vested shares issued | shares | 1,667 | 1,667 | |||||||||||||||
Restricted Stock [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregated restricted shares issued | shares | 460,000 | ||||||||||||||||
Common stock price per share | $ / shares | $ 0.001 | ||||||||||||||||
Fair value price per share | $ / shares | $ 0.95 | $ 3.24 | |||||||||||||||
Option exercise price | $ / shares | $ 0.88 | ||||||||||||||||
Aggregate share | $ | $ 894,000 | ||||||||||||||||
Restricted share | shares | 230,000 | ||||||||||||||||
Option exercise price per share | $ / shares | $ 0.978 | ||||||||||||||||
Non-cash share-based compensation expense | $ | $ 34,086 | ||||||||||||||||
Share-based compensation expenses | $ | $ 9,922 | ||||||||||||||||
Restricted Stock [Member] | Executive Officer and Director [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregated restricted shares issued | shares | 2,124,000 | ||||||||||||||||
Restricted share units granted on August 23, 2019 [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Restricted shares granted under 2015 Plan, descriptions | the Company’s 2015 Plan, the Compensation Committee granted an aggregate of 1,887,000 restricted share units of the Company’s common stock to certain employees, officers and directors of the Company, of which 710,000 restricted share units were granted to the Company’s executive officers and directors. There are two types of vesting schedules, (i) the share units will vest semi-annually in 6 equal installments over a three year period with the first vesting on September 30, 2019; (ii) the share units will vest annual in 3 equal installments over a three year period with the first vesting on March 31, 2021. The fair value of these restricted shares was $0.9 per share on August 23, 2019. | the Company’s 2015 Plan, the Compensation Committee granted an aggregate of 1,887,000 restricted share units of the Company’s common stock to certain employees, officers and directors of the Company, of which 710,000 restricted share units were granted to the Company’s executive officers and directors. There are two types of vesting schedules, (i) the share units will vest semi-annually in 6 equal installments over a three year period with the first vesting on September 30, 2019; (ii) the share units will vest annual in 3 equal installments over a three year period with the first vesting on March 31, 2021. The fair value of these restricted shares was $0.9 per share on August 23, 2019. | |||||||||||||||
Non-cash share based compensation expense | $ | $ 23,778 | ||||||||||||||||
Restricted Shares Granted on October 23, 2020 [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregated restricted shares issued | shares | 100,000 | ||||||||||||||||
Fair value per share | shares | 3 | ||||||||||||||||
Stock Option [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregate number of shares | shares | 2,750,002 | ||||||||||||||||
Intrinsic value of exercisable stock options | $ | |||||||||||||||||
Stock Option [Member] | Director [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregate number of shares | shares | 350,000 | 350,000 | |||||||||||||||
Stock Option [Member] | Officer [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Aggregate number of shares | shares | 2,400,002 | 2,400,002 | |||||||||||||||
Employees Stock Ownership Program on November 29, 2021 [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Fair value of volatility | 106.41% | 106.41% | |||||||||||||||
Fair value of risk free interest rate | 1.26% | 1.26% | |||||||||||||||
Fair value dividend rate | 0% | 0% | |||||||||||||||
Stock options | $ | |||||||||||||||||
Employees Stock Ownership Program on November 29, 2021 [Member] | Director [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Stock options | $ | $ 479,599 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Fair value of volatility | 106.34% | 106.34% | |||||||||||||||
Fair value of risk free interest rate | 4.47% | 4.47% | |||||||||||||||
Fair value dividend rate | 0% | 0% | |||||||||||||||
Stock options | $ | $ 838,190 | ||||||||||||||||
Unrecognized stock-based compensation | $ | |||||||||||||||||
Estimated life | 5 years 9 months 29 days | 5 years 9 months 29 days | |||||||||||||||
Share-based compensation expenses | $ | $ 343,960 | ||||||||||||||||
Fair value of grant date | $ | 56,521 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Options [Member] | |||||||||||||||||
Share-Based Compensation [Line Items] | |||||||||||||||||
Unrecognized stock-based compensation | $ | $ 55,746 | ||||||||||||||||
[1] The intrinsic value of the stock options at December 31, 2023 is the amount by which the market value of the Company’s common stock of $1.05 as of December 31, 2023 exceeds the average exercise price of the option. As of December 31, 2023, the intrinsic value of the outstanding and exercisable stock options was $ nil |
Share-Based Compensation (Det_2
Share-Based Compensation (Details) - Schedule of Non-Vested Restricted Share - Restricted Stock Units (RSUs) [Member] - shares | 4 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
Share-Based Payment Arrangement, Tranche One [Member] | |||
Schedule of Non-Vested Restricted Share [Line Items] | |||
Non-Vested Share Units Beginning Balance | 16,665 | ||
Vested | (16,665) | ||
Non-Vested Share Units Ending Balance | |||
Share-Based Payment Arrangement, Tranche Two [Member] | |||
Schedule of Non-Vested Restricted Share [Line Items] | |||
Vested | (875,000) | ||
Forfeited | (19,000) | ||
Non-Vested Share Units Ending Balance | |||
Granted | 894,000 | ||
Share-Based Payment Arrangement, Tranche Three [Member] | |||
Schedule of Non-Vested Restricted Share [Line Items] | |||
Vested | (20,000) | ||
Forfeited | |||
Non-Vested Share Units Ending Balance | 20,000 | 20,000 | 20,000 |
Granted | 40,000 |
Share-Based Compensation (Det_3
Share-Based Compensation (Details) - Schedule of Stock Option Activity - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | ||
Schedule Of Stock Option Activity Abstract | |||
Number of Shares, Granted | 2,284,000 | ||
Average Exercise Price per Share, Granted | $ 0.97 | ||
Aggregate Intrinsic Value, Granted | [1] | ||
Weighted Average Remaining Contractual Term in Years, Granted | 5 years 9 months 18 days | ||
Number of Shares, Exercised | |||
Average Exercise Price per Share, Exercised | |||
Aggregate Intrinsic Value, Exercised | [1] | ||
Number of Shares, Forfeited | (70,000) | ||
Average Exercise Price per Share, Forfeited | $ 0.98 | ||
Aggregate Intrinsic Value, Forfeited | [1] | ||
Weighted Average Remaining Contractual Term in Years, Forfeited | 5 years 9 months 18 days | ||
Number of Shares, Outstanding ending balance | 1,650,086 | 3,864,086 | |
Average Exercise Price per Share, Outstanding ending balance | $ 1.96 | $ 1.39 | |
Aggregate Intrinsic Value, Outstanding ending balance | [1] | ||
Weighted Average Remaining Contractual Term in Years, Outstanding ending balance | 4 years 8 months 12 days | 4 years 3 months 18 days | |
Number of Shares, Exercisable ending Balance | 549,958 | 549,958 | |
Average Exercise Price per Share, Exercisable ending Balance | $ 1.96 | $ 1.96 | |
Aggregate Intrinsic Value, Exercisable ending Balance | [1] | ||
Weighted Average Remaining Contractual Term in Years, Exercisable ending Balance, | 4 years 8 months 12 days | 3 years 8 months 12 days | |
[1] The intrinsic value of the stock options at December 31, 2023 is the amount by which the market value of the Company’s common stock of $1.05 as of December 31, 2023 exceeds the average exercise price of the option. As of December 31, 2023, the intrinsic value of the outstanding and exercisable stock options was $ nil |
Income (Loss) Per Share (Detail
Income (Loss) Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income (Loss) Per Share [Line Items] | ||
Vested restricted shares granted | 5,384 | 22,501 |
Anti dilutive securities excluded from diluted computation | 3,224,128 | 2,200,044 |
Restricted Stock Units (RSUs) [Member] | ||
Income (Loss) Per Share [Line Items] | ||
Anti dilutive securities excluded from diluted computation | 20,000 |
Income (Loss) Per Share (Deta_2
Income (Loss) Per Share (Details) - Schedule of Calculation of Income (Loss) Per Share - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income (Loss) Per Share [Abstract] | ||
Net loss | $ (8,539,327) | $ (11,327,811) |
Less: Net loss attributable to non-controlling interests | 6,090,270 | 1,879,365 |
Net loss attributable to shareholders of CBAK Energy Technology, Inc. | $ (2,449,057) | $ (9,448,446) |
Weighted average shares used in basic and diluted computation (in Shares) | 89,252,085 | 88,927,671 |
Loss per share of common stock – basic and diluted (in Dollars per share) | $ (0.03) | $ (0.11) |
Income (Loss) Per Share (Deta_3
Income (Loss) Per Share (Details) - Schedule of Calculation of Income (Loss) Per Share (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income (Loss) Per Share [Abstract] | ||
Weighted average shares used in diluted computation | 89,252,085 | 88,927,671 |
Loss per share of common stock – diluted | $ (0.03) | $ (0.11) |
Warrants (Details)
Warrants (Details) - USD ($) | 12 Months Ended | |||||
Feb. 08, 2021 | Dec. 08, 2020 | Nov. 09, 2007 | Jan. 20, 2005 | Dec. 31, 2023 | Apr. 19, 2016 | |
Warrants [Line Items] | ||||||
Stock issued during period, shares | 8,939,976 | 9,489,800 | 1,720,087 | |||
Common stock price (in Dollars per share) | $ 7.83 | $ 0.001 | ||||
Gross proceeds from stock issuance (in Dollars) | $ 17,000,000 | |||||
Warrants issued to purchase common stock | 3,795,920 | |||||
Warrants exercise price (in Dollars per share) | $ 6.46 | |||||
Gross proceeds from private placement (in Dollars) | $ 70,000,000 | |||||
Offering expenses (in Dollars) | $ 3,810,000 | $ 5,000,000 | ||||
Warrant issued | 5,296,579 | |||||
Warrant outstanding | 296,579 | |||||
Private Placement [Member] | ||||||
Warrants [Line Items] | ||||||
Gross proceeds from private placement (in Dollars) | $ 13,650,000 | |||||
Offering expenses (in Dollars) | $ 819,000 | $ 5,000,000 | ||||
Common Stock [Member] | IPO [Member] | ||||||
Warrants [Line Items] | ||||||
Stock issued during period, shares | 9,489,800 | |||||
Common stock price (in Dollars per share) | $ 5.18 | |||||
Gross proceeds from stock issuance (in Dollars) | $ 49,000,000 | |||||
Common Stock [Member] | Securities Purchase Agreement [Member] | ||||||
Warrants [Line Items] | ||||||
Warrants exercise price (in Dollars per share) | $ 6.475 | |||||
Placement Agent Warrants [Member] | ||||||
Warrants [Line Items] | ||||||
Warrants issued to purchase common stock | 379,592 | 446,999 | ||||
Warrants exercise price (in Dollars per share) | $ 6.475 | $ 9.204 | ||||
Series A-1 warrants [Member] | ||||||
Warrants [Line Items] | ||||||
Warrants exercise price (in Dollars per share) | $ 7.67 | |||||
Series A-1 warrants [Member] | Private Placement [Member] | ||||||
Warrants [Line Items] | ||||||
Warrants issued to purchase common stock | 4,469,988 | |||||
Series B Warrants [Member] | ||||||
Warrants [Line Items] | ||||||
Warrants issued to purchase common stock | 4,469,988 | |||||
Warrants exercise price (in Dollars per share) | $ 7.83 | |||||
Series A-2 warrants [Member] | ||||||
Warrants [Line Items] | ||||||
Warrants issued to purchase common stock | 2,234,992 | |||||
Warrants exercise price (in Dollars per share) | $ 7.67 |
Warrants (Details) - Schedule o
Warrants (Details) - Schedule of Warrants Issued - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Warrants Issued in 2020 Financing [Member] | Investor Warrants [Member] | ||
Warrants (Details) - Schedule of Warrants Issued [Line Items] | ||
Market price per share (USD/share) (in Dollars per share) | $ 0.99 | |
Exercise price (USD/price) (in Dollars per share) | $ 6.46 | |
Risk free rate | 4.70% | |
Dividend yield | 0% | |
Expected term/ Contractual life (years) | 10 months 24 days | |
Expected volatility | 75.60% | |
Warrants Issued in 2020 Financing [Member] | Placement Agent Warrants [Member] | ||
Warrants (Details) - Schedule of Warrants Issued [Line Items] | ||
Market price per share (USD/share) (in Dollars per share) | $ 1.05 | $ 0.99 |
Exercise price (USD/price) (in Dollars per share) | $ 6.475 | $ 6.475 |
Risk free rate | 5.30% | 4.60% |
Dividend yield | 0% | 0% |
Expected term/ Contractual life (years) | 4 months 24 days | 1 year 4 months 24 days |
Expected volatility | 53.90% | 82.70% |
Warrants Issued in 2021 Financing [Member] | Investor Warrants [Member] | ||
Warrants (Details) - Schedule of Warrants Issued [Line Items] | ||
Market price per share (USD/share) (in Dollars per share) | $ 1.05 | $ 0.99 |
Exercise price (USD/price) (in Dollars per share) | $ 7.67 | $ 7.67 |
Risk free rate | 5.10% | 4.50% |
Dividend yield | 0% | 0% |
Expected term/ Contractual life (years) | 7 months 6 days | 1 year 7 months 6 days |
Expected volatility | 63% | 80.40% |
Warrants Issued in 2021 Financing [Member] | Placement Agent Warrants [Member] | ||
Warrants (Details) - Schedule of Warrants Issued [Line Items] | ||
Market price per share (USD/share) (in Dollars per share) | $ 1.05 | $ 0.99 |
Exercise price (USD/price) (in Dollars per share) | $ 9.204 | $ 9.204 |
Risk free rate | 5.10% | 4.50% |
Dividend yield | 0% | 0% |
Expected term/ Contractual life (years) | 7 months 6 days | 1 year 7 months 6 days |
Expected volatility | 63% | 80.40% |
Warrants (Details) - Schedule_2
Warrants (Details) - Schedule of the Warrants Liability Measured at Fair Value on a Recurring Basis - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Balance at the beginning of the year | $ 136,000 | $ 5,846,000 |
Warrants issued to institution investors | ||
Warrants issued to placement agent | ||
Warrants redeemed | ||
Fair value change of the issued warrants included in earnings | (136,000) | (5,710,000) |
Balance at end of year/ period | $ 136,000 |
Warrants (Details) - Schedule_3
Warrants (Details) - Schedule of Warrant Activity - Warrant [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Class of Warrant or Right [Line Items] | |
Number of Shares, Outstanding beginning balance | shares | 9,092,499 |
Average Exercise Price per Share, Outstanding beginning balance | $ / shares | $ 7.19 |
Weighted Average Remaining Contractual Term in Years, Outstanding beginning balance | 1 year 3 months 29 days |
Number of Shares, Exercisable beginning Balance | shares | 9,092,499 |
Average Exercise Price per Share, Exercisable beginning Balance | $ / shares | $ 7.19 |
Weighted Average Remaining Contractual Term in Years, Exercisable beginning Balance, | 1 year 3 months 29 days |
Number of Shares, Granted | shares | |
Average Exercise Price, Granted | $ / shares | |
Weighted Average Remaining Contractual Term in Years, Granted | |
Number of Shares, Exercised | shares | |
Average Exercise Price per Share, Exercised | $ / shares | |
Weighted Average Remaining Contractual Term in Years, Exercised | |
Number of Shares, Expired | shares | (3,795,920) |
Average Exercise Price, Expired | $ / shares | $ 6.46 |
Weighted Average Remaining Contractual Term in Years, Expired | |
Number of shares Outstanding, Ending balance | shares | 5,296,579 |
Average Exercise Price per Share, Outstanding Ending balance | $ / shares | $ 7.71 |
Weighted Average Remaining Contractual Term in Years, Outstanding Ending balance | 7 months 6 days |
Number of Shares, Exercisable Ending balance | shares | 5,296,579 |
Average Exercise Price per Share, Exercisable Ending balance | $ / shares | $ 7.71 |
Weighted Average Remaining Contractual Term in Years, Exercisable Ending balance | 7 months 6 days |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 28, 2020 USD ($) | Jun. 28, 2020 CNY (¥) | May 20, 2019 USD ($) | May 20, 2019 CNY (¥) | Apr. 02, 2019 USD ($) | Apr. 02, 2019 CNY (¥) | Jul. 07, 2016 USD ($) | Jul. 07, 2016 CNY (¥) | Aug. 31, 2021 USD ($) | Jun. 30, 2017 USD ($) | Jun. 30, 2017 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Aug. 31, 2021 CNY (¥) | Nov. 08, 2018 USD ($) | Nov. 08, 2018 CNY (¥) | Sep. 07, 2016 USD ($) | Sep. 07, 2016 CNY (¥) | |
Long-Term Purchase Commitment [Line Items] | ||||||||||||||||||||||
Plaintiff sought a total amount | $ 1.5 | ¥ 10,257,030 | ||||||||||||||||||||
Bank deposits | $ 43,914 | $ 108,492 | ||||||||||||||||||||
Equipment expense | 1.3 | 9,072,000 | ||||||||||||||||||||
Interest amount | $ 0.2 | ¥ 1,185,030 | ||||||||||||||||||||
Purchase commitment amount | $ 2,400,000 | ¥ 15,120,000 | ||||||||||||||||||||
Paid percentage | 15% | |||||||||||||||||||||
Shenzhen Huijie [Member] | ||||||||||||||||||||||
Long-Term Purchase Commitment [Line Items] | ||||||||||||||||||||||
Plaintiff sought a total amount | $ 1,241,648 | ¥ 8,430,792 | ||||||||||||||||||||
Bank deposits | $ 1,210,799 | ¥ 8,430,792 | ||||||||||||||||||||
Litigation settlement amount | $ 245,530 | ¥ 1,667,146 | $ 261,316 | ¥ 1,774,337 | $ 900,000 | ¥ 6,135,860 | ||||||||||||||||
Litigation fee | $ 30,826 | ¥ 209,312 | $ 100,000 | |||||||||||||||||||
Construction cost | $ 1,344,605 | ¥ 9,129,868 | ||||||||||||||||||||
Judgement contingency amount, accrual | 276,356 | ¥ 1,876,458 | ||||||||||||||||||||
Construction Costs [Member] | Shenzhen Huijie [Member] | ||||||||||||||||||||||
Long-Term Purchase Commitment [Line Items] | ||||||||||||||||||||||
Plaintiff sought a total amount | 900,000 | 6,100,000 | ||||||||||||||||||||
Interest Expense [Member] | Shenzhen Huijie [Member] | ||||||||||||||||||||||
Long-Term Purchase Commitment [Line Items] | ||||||||||||||||||||||
Plaintiff sought a total amount | 29,812 | 200,000 | ||||||||||||||||||||
Compensation [Member] | Shenzhen Huijie [Member] | ||||||||||||||||||||||
Long-Term Purchase Commitment [Line Items] | ||||||||||||||||||||||
Plaintiff sought a total amount | $ 300,000 | ¥ 1,900,000 | ||||||||||||||||||||
CBAK Power [Member] | ||||||||||||||||||||||
Long-Term Purchase Commitment [Line Items] | ||||||||||||||||||||||
Equipment expense | $ 2,200,000 | ¥ 15,120,000 | ||||||||||||||||||||
Purchase commitment amount | $ 2,200,000 | ¥ 15,120,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of Capital Commitments - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Long-Term Purchase Commitment [Line Items] | ||
Capital commitments | $ 300,099,339 | $ 163,396,170 |
For construction of buildings [Member] | ||
Long-Term Purchase Commitment [Line Items] | ||
Capital commitments | 1,104,571 | 21,406,584 |
For purchases of equipment [Member] | ||
Long-Term Purchase Commitment [Line Items] | ||
Capital commitments | 31,437,525 | 4,249,801 |
Capital injection [Member] | ||
Long-Term Purchase Commitment [Line Items] | ||
Capital commitments | $ 267,557,243 | $ 137,739,785 |
Concentrations and Credit Ris_2
Concentrations and Credit Risk (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||
Concentrations and Credit Risk [Line Items] | ||
Concentration risk percentage | 10% | 10% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer [Member] | Minimum [Member] | ||
Concentrations and Credit Risk [Line Items] | ||
Concentration risk percentage | 10% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Supplier [Member] | ||
Concentrations and Credit Risk [Line Items] | ||
Concentration risk percentage | 10% | 10% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||
Concentrations and Credit Risk [Line Items] | ||
Concentration risk percentage | 10% | 10% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member] | Minimum [Member] | ||
Concentrations and Credit Risk [Line Items] | ||
Concentration risk percentage | 10% | |
Supplier [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Minimum [Member] | ||
Concentrations and Credit Risk [Line Items] | ||
Concentration risk percentage | 10% | |
Supplier [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | ||
Concentrations and Credit Risk [Line Items] | ||
Concentration risk percentage | 10% | 10% |
Concentrations and Credit Ris_3
Concentrations and Credit Risk (Details) - Schedule of Concentration Risk - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Net revenue | [1] | $ 28,071,738 | ||
Concentration risk percentage | [1] | 11.29% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Net revenue | $ 66,881,853 | [1] | ||
Concentration risk percentage | 32.70% | [1] | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer D [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Net revenue | [1] | $ 57,856,658 | ||
Concentration risk percentage | [1] | 23.26% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Zhengzhou BAK Battery Co., Ltd [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Net revenue | $ 27,872,002 | $ 53,236,804 | ||
Concentration risk percentage | 13.60% | 21.40% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Concentration risk percentage | 27.70% | [2] | ||
Trade receivable | $ 7,239,247 | [2] | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Zhengzhou BAK Battery Co., Ltd [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Concentration risk percentage | 47.50% | 43.30% | ||
Trade receivable | $ 12,441,715 | $ 9,156,383 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Concentration risk percentage | [2] | 18.94% | ||
Trade receivable | [2] | $ 4,004,880 | ||
Supplier A [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Concentration risk percentage | 12.10% | 14.46% | ||
Net purchase | $ 18,786,335 | $ 33,781,075 | ||
Supplier A [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Concentration risk percentage | 10.10% | [3] | ||
Trade payable | $ 2,689,740 | [3] | ||
Supplier B [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Concentration risk percentage | 11.50% | [3] | ||
Net purchase | $ 17,786,678 | [3] | ||
Zhengzhou BAK Battery Co., Ltd [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Concentration risk percentage | [3] | 11.48% | ||
Net purchase | [3] | $ 26,819,454 | ||
Zhengzhou BAK Battery Co., Ltd [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Concentration risk percentage | [3] | 17.31% | ||
Trade payable | [3] | $ 5,629,343 | ||
Supplier C [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Concentration risk percentage | [3] | 10.58% | ||
Net purchase | [3] | $ 24,720,344 | ||
Supplier C [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Concentration risk percentage | [3] | 12.50% | ||
Trade payable | [3] | $ 4,064,942 | ||
Zhejiang Shengyang Renewable Resources Technology Co., Ltd [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | ||||
Schedule of Concentration Risk [Line Items] | ||||
Concentration risk percentage | 13% | [3] | ||
Trade payable | $ 3,498,324 | [3] | ||
[1] Comprised less than 10% of net revenue for the respective period. Comprised less than 10% of net accounts receivable for the respective period. Comprised less than 10% of net purchase for the respective period. |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information [Abstract] | |
Number of operating segments | 2 |
Segment Information (Details) -
Segment Information (Details) - Schedule of Operating Decision Maker Evaluates Performance based on Each Reporting Segment - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
CBAT [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Net revenues | $ 132,993,518 | $ 94,715,189 | |
Cost of revenues | (101,413,350) | (86,333,047) | |
Gross profit | 31,580,168 | 8,382,142 | |
Total operating expenses | (20,861,844) | (13,489,453) | |
Operating income (loss) | 10,718,324 | (5,107,311) | |
Finance income (expenses), net | 337,243 | 929,756 | |
Other income (expenses), net | 2,906,648 | (3,590,693) | |
Income tax expenses | |||
Net income (loss) | 13,962,215 | (7,768,248) | |
Identifiable long-lived assets | 100,815,622 | ||
Total assets | 196,166,083 | ||
Hitrans [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Net revenues | 71,444,847 | 154,010,296 | |
Cost of revenues | (71,300,692) | (144,297,114) | |
Gross profit | 144,155 | 9,713,182 | |
Total operating expenses | (17,159,677) | (14,993,719) | |
Operating income (loss) | (17,015,522) | (5,280,537) | |
Finance income (expenses), net | 95,816 | (438,387) | |
Other income (expenses), net | (2,276,918) | (3,661,782) | |
Income tax expenses | (2,486,145) | 1,228,207 | |
Net income (loss) | (21,682,769) | (8,152,499) | |
Identifiable long-lived assets | 42,249,656 | ||
Total assets | 84,950,872 | ||
Corporate Unallocated [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Net revenues | [1] | ||
Cost of revenues | [1] | ||
Gross profit | [1] | ||
Total operating expenses | [1] | (954,614) | (1,116,755) |
Operating income (loss) | [1] | (954,614) | (1,116,755) |
Finance income (expenses), net | [1] | (159) | (309) |
Other income (expenses), net | [1] | 136,000 | 5,710,000 |
Income tax expenses | [1] | ||
Net income (loss) | [1] | (818,773) | 4,592,936 |
Identifiable long-lived assets | [1] | ||
Total assets | [1] | 38,305 | |
Consolidated [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Net revenues | 204,438,365 | 248,725,485 | |
Cost of revenues | (172,714,042) | (230,630,161) | |
Gross profit | 31,724,323 | 18,095,324 | |
Total operating expenses | (38,976,135) | (29,599,927) | |
Operating income (loss) | (7,251,812) | (11,504,603) | |
Finance income (expenses), net | 432,900 | 491,060 | |
Other income (expenses), net | 765,730 | (1,542,475) | |
Income tax expenses | (2,486,145) | 1,228,207 | |
Net income (loss) | (8,539,327) | $ (11,327,811) | |
Identifiable long-lived assets | 143,065,278 | ||
Total assets | $ 281,155,260 | ||
[1]The Company does not allocate its assets located and expenses incurred outside China to its reportable segments because these assets and activities are managed at a corporate level. |
Segment Information (Details)_2
Segment Information (Details) - Schedule of Revenue from These Products - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
High power lithium batteries used in: | ||
Total consolidated revenue | $ 204,438,365 | $ 248,725,485 |
Electric Vehicles [Member] | ||
High power lithium batteries used in: | ||
Total consolidated revenue | 2,883,385 | 4,694,694 |
Light Electric Vehicles [Member] | ||
High power lithium batteries used in: | ||
Total consolidated revenue | 5,607,435 | 6,415,277 |
Residential energy supply and uninterruptable supplies [Member] | ||
High power lithium batteries used in: | ||
Total consolidated revenue | 124,502,698 | 83,603,046 |
Trading of raw materials used in lithium batteries [Member] | ||
High power lithium batteries used in: | ||
Total consolidated revenue | 2,172 | |
High Power Lithium Batteries [Member] | ||
High power lithium batteries used in: | ||
Total consolidated revenue | 132,993,518 | 94,715,189 |
Cathode [Member] | ||
High power lithium batteries used in: | ||
Total consolidated revenue | 39,845,626 | 75,331,144 |
Precursor [Member] | ||
High power lithium batteries used in: | ||
Total consolidated revenue | 31,599,221 | 78,679,152 |
Materials used in Manufacturing of Lithium Batteries [Member] | ||
High power lithium batteries used in: | ||
Total consolidated revenue | $ 71,444,847 | $ 154,010,296 |
Segment Information (Details)_3
Segment Information (Details) - Schedule of Operations are Located in the PRC - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenues | $ 204,438,365 | $ 248,725,485 |
Mainland China [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenues | 119,307,085 | 198,114,578 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenues | 78,575,290 | 50,378,076 |
USA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenues | 5,216 | 36,525 |
Others [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenues | $ 6,550,774 | $ 196,306 |
CBAK Energy Technology, Inc. _3
CBAK Energy Technology, Inc. (Parent Company) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CBAK Energy Technology, Inc. (Parent Company) (Details) [Line Items] | ||
Tax net profits rate | 10% | |
Capital percentage | 50% | |
Additional transfers amount | $ 166,414,198 | $ 219,322,375 |
Appropriation from retained earnings | $ 1,230,511 | $ 1,230,511 |
Minimum [Member] | ||
CBAK Energy Technology, Inc. (Parent Company) (Details) [Line Items] | ||
Capital percentage | 25% | |
Maximum [Member] | ||
CBAK Energy Technology, Inc. (Parent Company) (Details) [Line Items] | ||
Capital percentage | 50% |
CBAK Energy Technology, Inc. _4
CBAK Energy Technology, Inc. (Parent Company) (Details) - Schedule of Statements of Operations - Parent Company [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CBAK Energy Technology, Inc. (Parent Company) (Details) - Schedule of Statements of Operations [Line Items] | ||
REVENUE, net | ||
OPERATING EXPENSES: | ||
Salaries and consulting expenses | 1,386,099 | 227,588 |
General and administrative | 794,262 | 889,169 |
Total operating expenses | (2,180,361) | (1,116,757) |
LOSS FROM OPERATIONS | (2,180,361) | (1,116,757) |
Changes in fair value of warrants liability | 136,000 | 5,710,000 |
INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY | (2,044,361) | 4,593,243 |
EQUITY IN LOSS OF SUBSIDIARIES | (609,897) | (14,041,689) |
NET LOSS ATTRIBUTABLE TO SHAREHOLDERS | $ (2,654,258) | $ (9,448,446) |
CBAK Energy Technology, Inc. _5
CBAK Energy Technology, Inc. (Parent Company) (Details) - Schedule of Balance Sheets - Parent Company [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Interests in subsidiaries | $ 114,257,553 | $ 119,120,917 |
Cash and cash equivalents | 26,922 | 118,559 |
Total assets | 114,284,475 | 119,239,476 |
CURRENT LIABILITIES: | ||
Accrued expenses and other payables | 1,586,745 | 1,608,102 |
Warrants liability | 136,000 | |
Total current liabilities | 1,586,745 | 1,744,102 |
SHAREHOLDERS’ EQUITY | 112,697,730 | 117,495,374 |
Total liabilities and shareholders’ equity | $ 114,284,475 | $ 119,239,476 |
CBAK Energy Technology, Inc. _6
CBAK Energy Technology, Inc. (Parent Company) (Details) - Schedule of Statements of Cash Flows - Parent Company [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (2,449,057) | $ (9,448,446) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Equity in income (loss) of subsidiaries | (815,098) | (14,041,689) |
Share based compensation | 1,225,747 | 64,193 |
Changes in fair value of warrants liability | (136,000) | (5,710,000) |
Accrued expenses and other payable | (21,357) | (2,127) |
Net cash used in operating activities | (2,195,765) | (29,138,069) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Increase in interest in subsidiaries | 2,104,128 | 28,540,148 |
Net cash used in investing activities | 2,104,128 | 28,540,148 |
CHANGE IN CASH AND CASH EQUIVALENTS | (91,637) | (597,921) |
CASH AND CASH EQUIVALENTS, beginning of year | 118,559 | 716,480 |
CASH AND CASH EQUIVALENTS, end of year | $ 26,922 | $ 118,559 |
Subsequent Events (Details)
Subsequent Events (Details) ¥ in Millions, $ in Millions | Mar. 29, 2024 USD ($) | Mar. 18, 2024 USD ($) | Jan. 11, 2024 USD ($) | Mar. 18, 2025 USD ($) | Mar. 18, 2025 CNY (¥) | Mar. 07, 2025 USD ($) | Mar. 07, 2025 CNY (¥) | Feb. 02, 2025 USD ($) | Feb. 02, 2025 CNY (¥) | Jan. 17, 2025 USD ($) | Jan. 17, 2025 CNY (¥) | Jan. 11, 2025 CNY (¥) | Sep. 13, 2024 USD ($) | Sep. 13, 2024 CNY (¥) | Aug. 28, 2024 USD ($) | Aug. 28, 2024 CNY (¥) | Aug. 20, 2024 USD ($) | Aug. 20, 2024 CNY (¥) | Mar. 29, 2024 CNY (¥) | Mar. 18, 2024 CNY (¥) | Mar. 13, 2024 USD ($) | Mar. 13, 2024 CNY (¥) | Mar. 08, 2024 USD ($) | Mar. 08, 2024 CNY (¥) | Feb. 28, 2024 USD ($) | Feb. 28, 2024 CNY (¥) | Feb. 20, 2024 USD ($) | Feb. 20, 2024 CNY (¥) | Feb. 02, 2024 USD ($) | Feb. 02, 2024 CNY (¥) | Feb. 01, 2024 USD ($) | Feb. 01, 2024 CNY (¥) | Jan. 24, 2024 USD ($) | Jan. 24, 2024 CNY (¥) | Jan. 11, 2024 CNY (¥) | Apr. 28, 2022 USD ($) | Mar. 21, 2022 USD ($) | Mar. 21, 2022 CNY (¥) | Jan. 17, 2022 USD ($) | Jan. 17, 2022 CNY (¥) | Apr. 19, 2021 USD ($) | Apr. 19, 2021 CNY (¥) |
Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Borrowing facility | $ 1.7 | $ 9.9 | ¥ 71.6 | $ 1.4 | ¥ 10 | $ 11.6 | ¥ 84.4 | |||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Borrowing facility | $ 2.8 | $ 2.1 | $ 2.1 | ¥ 20 | ¥ 14.7 | $ 0.3 | ¥ 2 | ¥ 3 | $ 1.1 | ¥ 8 | ¥ 5 | $ 4.2 | ¥ 30 | $ 2.8 | ¥ 20 | $ 0.7 | ¥ 5 | ¥ 15 | ||||||||||||||||||||||||
Interest rate | 3.45% | 3.45% | 3.45% | 3.45% | 3.10% | 3.10% | 3.10% | 3.10% | 4.10% | 4.10% | ||||||||||||||||||||||||||||||||
Debt instrument period | 1 year | 1 year | ||||||||||||||||||||||||||||||||||||||||
Shaoxing Branch of Bank of Communications [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Interest rate | 3.45% | 4.05% | 4.05% | 3.10% | 3.10% | 3.45% | 3.45% | 3.45% | ||||||||||||||||||||||||||||||||||
Debt instrument period | 1 year | 1 year | ||||||||||||||||||||||||||||||||||||||||
Forecast [Member] | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Borrowing facility | $ 2.1 | $ 2.1 | ¥ 14.7 | $ 0.4 | ¥ 3 | $ 4.2 | ¥ 30 | $ 0.7 | ¥ 5 | ¥ 15 | $ 0.3 | ¥ 2 | ¥ 8 | $ 0.7 | ¥ 5 | |||||||||||||||||||||||||||
Forecast [Member] | Shaoxing Branch of Bank of Communications [Member] | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Borrowing facility | $ 1.1 | $ 0.4 | $ 0.7 |