Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 29, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Highpower International, Inc. | ||
Entity Central Index Key | 1,368,308 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 34.7 | ||
Trading Symbol | HPJ | ||
Entity Common Stock, Shares Outstanding | 15,101,679 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $ 5,849,967 | $ 14,611,892 |
Restricted cash | 11,656,204 | 15,396,827 |
Accounts receivable, net | 36,139,866 | 32,316,607 |
Notes receivable | 1,757,709 | 621,110 |
Prepayments | 5,354,552 | 3,283,520 |
Other receivables | 706,352 | 665,828 |
Inventories | 19,218,331 | 22,268,069 |
Total Current Assets | 80,682,981 | 89,163,853 |
Property, plant and equipment, net | 47,464,186 | 50,437,718 |
Land use right, net | 3,963,003 | 4,305,317 |
Intangible asset, net | 550,000 | 600,000 |
Deferred tax assets | 1,544,314 | 1,647,184 |
TOTAL ASSETS | 134,204,484 | 146,154,072 |
Current Liabilities: | ||
Accounts payable | 36,077,396 | 44,562,647 |
Deferred income | 879,944 | 1,887,409 |
Short-term loan | 13,839,341 | 15,195,040 |
Notes payable | 30,490,166 | 29,903,248 |
Other payables and accrued liabilities | 6,292,492 | 5,896,547 |
Income taxes payable | 1,783,013 | 1,968,656 |
Current portion of long-term loan | 1,845,245 | 1,959,248 |
Total Current Liabilities | 91,207,597 | 101,372,795 |
Warrant Liability | 140,549 | 1,067,674 |
Long-term loan | 0 | 1,959,247 |
TOTAL LIABILITIES | $ 91,348,146 | $ 104,399,716 |
COMMITMENTS AND CONTINGENCIES | ||
Stockholders' equity | ||
Preferred stock (Par value: $0.0001, Authorized: 10,000,000 shares, Issued and outstanding: none) | $ 0 | $ 0 |
Common stock (Par value: $0.0001, Authorized: 100,000,000 shares, 15,101,679 shares issued and outstanding at December 31, 2015 and 15,084,746 shares issued and outstanding at December 31, 2014) | 1,510 | 1,508 |
Additional paid-in capital | 11,227,979 | 10,530,430 |
Statutory and other reserves | 4,042,429 | 3,611,501 |
Retained earnings | 24,098,175 | 20,675,021 |
Accumulated other comprehensive income | 2,632,762 | 5,628,657 |
Total equity for the Company's stockholders | 42,002,855 | 40,447,117 |
Non-controlling interest | 853,483 | 1,307,239 |
TOTAL EQUITY | 42,856,338 | 41,754,356 |
TOTAL LIABILITIES AND EQUITY | $ 134,204,484 | $ 146,154,072 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value per share | $ 0.0001 | $ 0.0001 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 15,101,679 | 15,084,746 |
Common Stock, shares outstanding | 15,101,679 | 15,084,746 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | $ 146,181,011 | $ 147,088,166 |
Cost of sales | (118,234,935) | (116,937,363) |
Gross profit | 27,946,076 | 30,150,803 |
Research and development expenses | (7,631,181) | (7,709,618) |
Selling and distribution expenses | (6,728,692) | (6,551,755) |
General and administrative expenses | (12,895,649) | (12,893,378) |
Foreign currency transaction gain | 2,474,154 | 273,900 |
Loss on derivative instruments | 0 | (54,406) |
Total operating expenses | (24,781,368) | (26,935,257) |
Income from operations | 3,164,708 | 3,215,546 |
Gain on change of fair value of warrant liability | 927,125 | 106,278 |
Other income | 1,189,324 | 1,707,516 |
Interest expenses | (1,002,151) | (1,838,155) |
Income before taxes | 4,279,006 | 3,191,185 |
Income taxes expenses | (818,736) | (590,318) |
Net income | 3,460,270 | 2,600,867 |
Less: net loss attributable to non-controlling interest | (393,812) | (152,369) |
Net income attributable to the Company | 3,854,082 | 2,753,236 |
Comprehensive income | ||
Net income | 3,460,270 | 2,600,867 |
Foreign currency translation loss | (3,055,839) | (156,926) |
Comprehensive income | 404,431 | 2,443,941 |
Less: comprehensive loss attributable to non-controlling interest | (453,756) | (89,093) |
Comprehensive income attributable to the Company | $ 858,187 | $ 2,533,034 |
Earnings per share of common stock attributable to the Company | ||
- Basic | $ 0.26 | $ 0.19 |
- Diluted | $ 0.25 | $ 0.18 |
Weighted average number of common stock outstanding | ||
- Basic | 15,096,166 | 14,739,073 |
- Diluted | 15,286,196 | 15,154,239 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Statutory and other reserves [Member] | Retained Earnings [Member] | Accumulated other comprehensive income [Member] | Non-controlling interest [Member] |
Balance at Dec. 31, 2013 | $ 34,694,100 | $ 0 | $ 1,398 | $ 6,011,305 | $ 3,142,411 | $ 18,390,875 | $ 5,848,859 | $ 1,299,252 |
Balance (in shares) at Dec. 31, 2013 | 13,978,106 | |||||||
Proceeds from stock issuance, net | 3,459,212 | $ 100 | 3,459,112 | |||||
Proceeds from stock issuance, net (in shares) | 1,000,000 | |||||||
Change in non-controlling interest | 0 | 0 | $ 0 | (97,080) | 0 | 0 | 0 | 97,080 |
Foreign currency translation adjustments | (156,926) | 0 | 0 | 0 | 0 | 0 | (220,202) | 63,276 |
Share-based compensation expenses | 1,157,103 | 0 | $ 10 | 1,157,093 | 0 | 0 | 0 | 0 |
Share-based compensation expenses (in shares) | 106,640 | |||||||
Transfer to statutory and other reserves | 0 | 0 | $ 0 | 0 | 469,090 | (469,090) | 0 | 0 |
Net income | 2,600,867 | 0 | 0 | 0 | 0 | 2,753,236 | 0 | (152,369) |
Balance at Dec. 31, 2014 | 41,754,356 | 0 | $ 1,508 | 10,530,430 | 3,611,501 | 20,675,021 | 5,628,657 | 1,307,239 |
Balance (in shares) at Dec. 31, 2014 | 15,084,746 | |||||||
Proceeds from stock issuance, net | 44,534 | $ 2 | 44,532 | |||||
Proceeds from stock issuance, net (in shares) | 16,933 | |||||||
Change in non-controlling interest | 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Foreign currency translation adjustments | (3,055,839) | 0 | 0 | 0 | 0 | 0 | (2,995,895) | (59,944) |
Share-based compensation expenses | 653,017 | 0 | $ 0 | 653,017 | 0 | 0 | 0 | 0 |
Share-based compensation expenses (in shares) | 0 | |||||||
Transfer to statutory and other reserves | 0 | 0 | $ 0 | 0 | 430,928 | (430,928) | 0 | 0 |
Net income | 3,460,270 | 0 | 0 | 0 | 0 | 3,854,082 | 0 | (393,812) |
Balance at Dec. 31, 2015 | $ 42,856,338 | $ 0 | $ 1,510 | $ 11,227,979 | $ 4,042,429 | $ 24,098,175 | $ 2,632,762 | $ 853,483 |
Balance (in shares) at Dec. 31, 2015 | 15,101,679 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | ||
Net income | $ 3,460,270 | $ 2,600,867 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,939,882 | 4,201,533 |
Allowance for doubtful accounts | 949 | 768 |
Loss on disposal of property, plant and equipment | 233,296 | 227,264 |
Loss on derivative instruments | 0 | 62,801 |
Deferred income tax | 9,107 | (845,068) |
Share based payment | 653,017 | 1,288,916 |
Gain on change of fair value of warrant liability | (927,125) | (106,278) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,446,752) | 1,472,589 |
Notes receivable | (1,222,793) | 388,137 |
Prepayments | (2,352,667) | 1,661,111 |
Other receivable | (82,649) | 391,965 |
Inventories | 1,831,737 | (2,602,659) |
Accounts payable | (3,322,054) | 5,672,372 |
Deferred income | 1,890,332 | 1,880,776 |
Other payables and accrued liabilities | 755,757 | (1,867,493) |
Income taxes payable | (74,111) | 691,949 |
Net cash flows (used in) provided by operating activities | 346,196 | 15,119,550 |
Cash flows from investing activities | ||
Acquisition of plant and equipment | (11,256,553) | (8,881,328) |
Net cash flows used in investing activities | (11,256,553) | (8,881,328) |
Cash flows from financing activities | ||
Proceeds from short-term bank loans | 14,430,014 | 20,346,228 |
Repayment of short-term bank loans | (13,438,449) | (41,122,204) |
Repayment of long-term bank loans | (1,924,002) | (1,952,362) |
Proceeds from notes payable | 63,544,496 | 52,258,487 |
Repayment of notes payable | (61,118,292) | (47,536,694) |
Proceeds from issuance of capital stock and warrants, net | 44,534 | 4,633,164 |
Change in restricted cash | 2,966,205 | 13,038,071 |
Net cash flows provided by (used in) financing activities | 4,504,506 | (335,310) |
Effect of foreign currency translation on cash | (2,356,074) | 735,521 |
Net (decrease) increase in cash | (8,761,925) | 6,638,433 |
Cash - beginning of year | 14,611,892 | 7,973,459 |
Cash - end of year | 5,849,967 | 14,611,892 |
Cash paid for: | ||
Income taxes | 883,740 | 743,437 |
Interest expenses | 1,002,151 | 1,912,584 |
Non-cash transactions | ||
Reduction of property, plant and equipment cost by realizing deferred income | $ 2,547,545 | $ 672,675 |
Principal activities and organi
Principal activities and organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization and basis of presentation [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Principal activities and organization The consolidated financial statements include the financial statements of Highpower International, Inc. ("Highpower") and its subsidiaries, Hong Kong Highpower Technology Company Limited ("HKHTC"), Shenzhen Highpower Technology Company Limited ("SZ Highpower"), Highpower Energy Technology (Huizhou) Company Limited ("HZ Highpower"), Springpower Technology (Shenzhen) Company Limited ("SZ Springpower"), Ganzhou Highpower Technology Company Limited ("GZ Highpower"), Icon Energy System Company Limited ("ICON") and Huizhou Highpower Technology Co., Ltd (HZ HTC). Highpower and its subsidiaries are collectively referred to as the "Company". Highpower was incorporated in the State of Delaware on January 3, 2006. HKHTC was incorporated in Hong Kong on July 4, 2003. All other subsidiaries are incorporated in the People’s Republic of China (“PRC”). On May 15, 2013, GZ Highpower increased its paid-in capital from RMB15,000,000 ($2,381,293) to RMB30,000,000 ($4,807,847). SZ Highpower holds 60% of the equity interest of GZ Highpower, and four founding management members of GZ Highpower hold the remaining 40%. On November 13, 2014, GZ Highpower increased its paid-in capital from RMB30,000,000 ($4,898,119) to RMB40,000,000 ($6,530,825) and the additional capital of RMB10,000,000 was contributed by SZ Highpower. As of December 31, 2014, SZ Highpower holds 70% of the equity interest of GZ Highpower, and four founding management members of GZ Highpower hold the remaining 30%. In April 2014, the Company and certain institutional investors entered into a securities purchase agreement, pursuant to which the Company sold 1,000,000 500,000 5.05 5.05 0.50 4,633,164 HZ Highpower was dissolved in September 2015. Place and date Attributable equity Name of company incorporation interest held Principal activities Hong Kong Highpower Technology Co., Ltd Hong Kong 100% Investment holding and marketing of batteries ("HKHTC") July 4, 2003 Shenzhen Highpower Technology Co., Ltd PRC 100% Manufacturing & marketing of NiMH batteries ("SZ Highpower") October 8, 2002 Highpower Energy Technology (Huizhou) Co., Ltd PRC 100% Dissolved ("HZ Highpower") January 29, 2008 Springpower Technology (Shenzhen) Co., Ltd PRC 100% Research & manufacturing of lithium batteries ("SZ Springpower") June 4, 2008 Ganzhou Highpower Technology Co., Ltd PRC 70% Processing, marketing and research of battery materials ("GZ Highpower") September 21, 2010 Icon Energy System Co., Ltd. PRC 100% Design and production of advanced battery packs and systems ("ICON") February 23, 2011 Huizhou Highpower Technology Co., Ltd PRC 100% Manufacturing & marketing of lithium batteries ("HZ HTC") March 8, 2012 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of significant accounting policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies The consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles ("U.S. GAAP"). The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. Non-controlling interests represent the equity interest in the GZ Highpower that is not attributable to the Company. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenues; the allowance for doubtful receivables; recoverability of the carrying amount of inventory; fair values of financial instruments; and the assessment of deferred tax assets or liabilities. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of accounts receivable. The Company extends credit based on an evaluation of the customer’s financial condition, generally without requiring collateral or other security. In order to minimize the credit risk, the management of the Company has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. Further, the Company reviews the recoverable amount of each individual trade debt at each balance sheet date to ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the management of the Company considers that the Company’s credit risk is significantly reduced. No customer accounted for 10% or more of net sales during the year ended December 31, 2015 and 2014. No supplier accounted for 10% or more of total purchase amount during the year ended December 31, 2015 and 2014. As of December 31, 2015, there was one major customer accounted for 11.3 Cash include all cash and deposits in banks with initial maturities of three months or less. Restricted cash include time deposits and cash security for bank acceptance bills. Accounts receivable are stated at the original amount less an allowance for doubtful receivables, if any, based on a review of all outstanding amounts at period end. An allowance is also made when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. Bad debts are written off when identified. The Company extends unsecured credit to customers in the normal course of business and believes all accounts receivable in excess of the allowances for doubtful receivables to be fully collectible. The Company does not accrue interest on trade accounts receivable. Notes receivable, net Notes receivable represent banks’ and commercial acceptances that have been arranged with third-party financial institutions by certain customers to settle their purchases from us. These banks’ acceptances are non-interest bearing and are collectible within six months. Inventories are stated at lower of cost or market. Cost is determined using the weighted average method. Inventory includes raw materials, packing materials, consumables, work in progress and finished goods. The variable production overhead is allocated to each unit of production on the basis of the actual use of the production facilities. The allocation of fixed production overhead to the costs of conversion is based on the normal capacity of the production facilities. Property, plant and equipment, net are stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance, repairs and betterments, including replacement of minor items, are charged to expense; major additions to physical properties are capitalized. Buildings 2.5%-5 % Furniture, fixtures and office equipment 20 % Leasehold improvement 20%-50 % Machinery and equipment 10 % Motor vehicles 20 % Upon sale or disposal, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount less proceeds from disposal is charged or credited to income. Construction in progress represents capital expenditures for direct costs of construction or acquisition and design fees incurred, and the interest expenses directly related to the construction. Capitalization of these costs ceases and the construction in progress is transferred to the appropriate category of property, plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Construction in progress is not depreciated. Land use rights represent payments for the rights to use certain parcels of land for a certain period of time in the PRC. Land use rights are carried at cost and charged to expense on a straight-line basis over the period the rights are granted. Intangible assets represent a royalty-bearing, non-exclusive license to use certain patents owned by an unrelated party ("License Provider"), to manufacture rechargeable nickel metal hydride batteries for portable consumer applications (“Consumer Batteries”) in the PRC, and a royalty-bearing, non-exclusive worldwide license to use certain patents owned by License Provider to manufacture, sell and distribute Consumer Batteries. The value of the licenses was established based on historic acquisition costs. An exclusive proprietary technology contributed by the four founding management members of GZ Highpower in exchange for the paid-in capital of GZ Highpower is recorded at the four management members’ historical cost basis of nil. Intangible assets are amortized over their estimated useful lives of 20 Government grants are recognized when received and all the conditions for their receipt have been met. Specifically, government grants whose primary condition is that the Company should purchase, construct or otherwise acquire non-current assets is recognized on the consolidated balance sheet as deferred income and deducted in calculating the carrying amount of the related asset. The revenue from such grants is recognized in profit or loss over the life of the related depreciable asset as a reduction of depreciation expense. As of December 31, 2015 and 2014, the Company recorded deferred income of $ 879,944 1,887,409 Government grants as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related benefit are recognized as other income in the period in which they become receivable. Approximately $ 563,485 330,302 The Company recognizes revenue when persuasive evidence of an arrangement exists, the sales price is fixed or determinable, delivery of the product has occurred, title and risk of loss have transferred to the customers and collectability of the receivable is reasonably assured. The majority of domestic sales contracts transfer title and risk of loss to customers upon receipt. The majority of oversea sales contracts transfer title and risk of loss to customers when goods were delivered to the carriers. Revenue is presented net of any sales tax and value added tax. The Company does not have arrangements for returns from customers and does not have any future obligations directly or indirectly related to product resale by customers. The Company has no sales incentive programs. 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. Shipping and handling expenses are recorded as selling expenses when occurred. Shipping and handling expenses relating to sales were $ 1,015,996 971,240 Research and development expenses include expenses directly attributable to the conduct of research and development programs, including the expenses of salaries, employee benefits, materials, supplies, and maintenance of research equipment. All expenses associated with research and development are expensed as incurred. Advertising, which generally represents the cost of promotions to create or stimulate a positive image of the Company or a desire to buy the Company’s products and services, are expensed as incurred. No significant advertising expense was recorded for the years ended December 31, 2015 and 2014. The Company recognizes compensation expense associated with the issuance of equity instruments to employees for their services. The fair value of the equity instruments is estimated on the date of grant and is expensed in the financial statements over the vesting period. The input assumptions used in determining fair value are the expected life, expected volatility, risk-free rate and the dividend yield. Share-based compensation associated with the issuance of equity instruments to non-employees is measured at the fair value of the equity instrument issued or committed to be issued, as this is more reliable than the fair value of the services received. The fair value is measured at the date that the commitment for performance by the counterparty has been reached or the counterparty's performance is complete. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies the liability for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized and recorded as necessary in the provision for income taxes. There were no uncertain tax positions as of December 31, 2015 and 2014. Recognized revenue, expenses, gains and losses are included in net income or loss. Although certain changes in assets and liabilities are reported as separate components of the equity section of the consolidated balance sheet, such items, along with net income or loss, are components of comprehensive income or loss. The components of other comprehensive income or loss are consisted solely of foreign currency translation adjustments, net of the income tax effect. Highpower’s functional currency is the United States dollar ("US$"). HKHTC's functional currency is the Hong Kong dollar ("HK$"). The functional currency of the Company’s subsidiaries in the PRC is the Renminbi ("RMB"). Most of the Company’s oversea sales are priced and settled with US$. At the date a foreign currency transaction is recognized, each asset, liability, revenue, expense, gain, or loss arising from the transaction is measured initially in the functional currency of the recording entity by use of the exchange rate in effect at that date. The increase or decrease in expected functional currency cash flows upon settlement of a transaction resulting from a change in exchange rates between the functional currency and the currency in which the transaction is denominated is recognized as foreign currency transaction gain or loss that is included in determining net income for the period in which the exchange rate changes. At each balance sheet date, recorded balances that are denominated in a foreign currency are adjusted to reflect the current exchange rate. The Company’s reporting currency is US$. Assets and liabilities of HKHTC and the PRC subsidiaries are translated at the current exchange rate at the balance sheet dates, revenues and expenses are translated at the average exchange rates during the reporting periods, and equity accounts are translated at historical rates. Translation adjustments are reported in other comprehensive income. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company’s reportable segments are based on products, geography, legal structure, management structure, or any other manner in which management disaggregates a company. Therefore the Company categorizes its business into three The carrying values of the Company’s financial instruments, including cash, restricted cash, trade and other receivables, deposits, trade and other payables and bank borrowings, approximate their fair values due to the short-term maturity of such instruments. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Company establishes a fair value hierarchy that requires maximizing the use of observable inputs and minimizing the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company measures fair value using three levels of inputs that may be used to measure fair value: -Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. -Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. -Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. 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 fair values of these warrants have been determined using the Black-Scholes pricing model. The Black-Scholes pricing model provides for assumptions regarding volatility, call and put features and risk-free interest rates within the total period to maturity. These values are subject to a significant degree of judgment on the part of the Company. From time to time the Company may utilize foreign currency forward contracts to reduce the impact of foreign currency exchange rate risk. Management considered that the foreign currency forwards did not meet the criteria for designated hedging instruments and hedged transactions to qualify for cash flow hedge or fair value hedge accounting. The currency forwards therefore are accounted for as derivatives, with fair value changes reported as gain (loss) of derivative instruments in the income statement. Basic earnings per share (“EPS”) are computed by dividing income attributable to holders of common shares by the weighted average number of common shares outstanding during the year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be anti-dilutive. In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, or ASU 2014-09. This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to correlate with the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year, while allowing a company to adopt the new revenue standard early but not before the original effective date. This guidance will be effective as to us on January 1, 2018 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are evaluating the impact of adopting ASU 2014-09 on our consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740). To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash flows. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. Under this ASU, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. The Company plans to early adopt this standard beginning with the 2016 fiscal year, but does not expect the adoption of this standard to have a material impact on the Company's consolidated financial position, results of operations, or related disclosures. On February 25, 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). It requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year entity). Early application is permitted for all public business entities and all nonpublic business entities upon issuance. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial condition, results of operations and cash flows. We do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows. |
Restricted cash
Restricted cash | 12 Months Ended |
Dec. 31, 2015 | |
Restricted cash [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | Restricted cash December 31, December 31, 2015 2014 $ $ Securities for bank acceptance bill 11,392,231 10,689,297 Time deposits 263,973 4,707,530 11,656,204 15,396,827 During the year ended December 31, 2015, the Company repaid a series of short-term borrowings which resulted in a decrease in time deposits as of December 31, 2015. |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2015 | |
Accounts receivable, net [Abstract] | |
Accounts Receivable [Text Block] | 4. Accounts receivable, net December 31, December 31, 2015 2014 $ $ Accounts receivable 38,211,951 34,816,914 Less: allowance for doubtful debts 2,072,085 2,500,307 36,139,866 32,316,607 The Company recorded bad debt expense of $ 949 768 403,735 2,950 |
Prepayments
Prepayments | 12 Months Ended |
Dec. 31, 2015 | |
Prepayments [Abstract] | |
Prepaid Expense [Text Block] | 5. Prepayments December 31, December 31, 2015 2014 $ $ Purchase deposits paid 3,752,125 1,793,599 Value-added tax prepayment 546,358 384,008 Rental deposit 414,843 266,556 Deferred insurance fee 206,424 97,005 Advances to staff for operations 39,886 122,452 Other deposits and prepayments 394,916 619,900 5,354,552 3,283,520 Other deposits and prepayments represent deferred expenses and prepayments to services providers. |
Other receivables
Other receivables | 12 Months Ended |
Dec. 31, 2015 | |
Other receivables [Abstract] | |
Other Receivables [Text Block] | 6. Other receivables December 31, December 31, 2015 2014 $ $ Compensation receivable for land occupation 486,370 516,418 Others 219,982 149,410 706,352 665,828 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Inventory Disclosure [Text Block] | 7. Inventories December 31, December 31, 2015 2014 $ $ Raw materials 4,320,455 4,341,675 Work in progress 4,568,530 3,949,778 Finished goods 9,994,401 13,685,166 Packing materials 17,167 20,137 Consumables 317,778 271,313 19,218,331 22,268,069 Where there is evidence that the utility of inventories, in their disposal in the ordinary course of business, will be less than cost, whether due to physical deterioration, obsolescence, changes in price levels, or other causes, the inventories are written down to fair value. $ 1,451,553 777,638 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, plant and equipment, net [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 8. Property, plant and equipment December 31, December 31, 2015 2014 $ $ Cost Construction in progress 1,678,961 715,821 Furniture, fixtures and office equipment 3,882,594 3,754,990 Leasehold improvement 4,092,668 3,763,290 Machinery and equipment 29,295,041 28,180,306 Motor vehicles 1,643,173 1,479,921 Building 23,046,056 25,414,914 63,638,493 63,309,242 Less: accumulated depreciation 16,174,307 12,871,524 47,464,186 50,437,718 The Company recorded depreciation expenses of $ 4,794,162 4,054,403 During the years ended December 31, 2015 and 2014, the Company deducted deferred income related to government grants of $ 2,547,545 672,675 The buildings comprising the Huizhou facilities were pledged as collateral for bank loans as of December 31, 2015. The carrying amount of the building was $ 9,715,879 10,573,369 As of December 31, 2015, the buildings comprising the Ganzhou facilities were pledged as collateral for line of credit, which were used for short-term loans and bank guarantee promissory notes. The carrying amount of the building was $ 2,703,743 |
Land use rights
Land use rights | 12 Months Ended |
Dec. 31, 2015 | |
Land use rights, net [Abstract] | |
Land Use Rights Disclosure [Text Block] | 9. Land use rights December 31, December 31, 2015 2014 $ $ Cost Land located in Huizhou 3,301,923 3,505,921 Land located in Ganzhou 1,288,146 1,367,729 4,590,069 4,873,650 Accumulated amortization (627,066) (568,333) Net 3,963,003 4,305,317 As of December 31, 2015 land use rights of the Company included certain parcels of land located in Huizhou City, Guangdong Province, PRC and Ganzhou City, Jiangxi Province, PRC. Land use rights for land in Huizhou City with an area of approximately 126,605 58,669 May 23, 2057 January 4, 2062 Land use rights are being amortized annually using the straight-line method over a contract term of 50 2016 95,720 2017 95,720 2018 95,720 2019 95,720 2020 95,720 Thereafter 3,484,403 3,963,003 The Company recorded amortization expenses of $ 95,720 97,130 The land use right for land located in Huizhou City was pledged as collateral for bank loans as of December 31, 2015 and December 31, 2014. The land use right for Land located in Ganzhou City was pledged as collateral for bank loans as of December 31, 2015. |
Intangible asset
Intangible asset | 12 Months Ended |
Dec. 31, 2015 | |
Intangible asset [Abstract] | |
Intangible Assets Disclosure [Text Block] | 10. Intangible asset December 31, December 31, 2015 2014 $ $ Cost Consumer battery license fee 1,000,000 1,000,000 Accumulated amortization (450,000) (400,000) Net 550,000 600,000 The Company is amortizing the $ 1,000,000 20 As of December 31, 2015, the Company had an exclusive proprietary technology with historical cost of zero but still in use. The exclusive proprietary technology was contributed by four founding management members of GZ Highpower in exchange for the paid-in capital of GZ Highpower. The historical cost basis was recorded at $nil at the four management members’ historical cost basis. Amortization expenses included in selling and distribution costs for the years ended December 31, 2015 and 2014 were $ 50,000 50,000 |
Other payables and accrued liab
Other payables and accrued liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other payables and accrued liabilities [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 11. Other payables and accrued liabilities December 31, December 31, 2015 2014 $ $ Accrued expenses 3,816,940 3,649,806 Royalty payable 461,055 580,032 VAT payable 959,422 405,859 Sales deposits received 562,696 911,947 Other payables 492,379 348,903 6,292,492 5,896,547 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2015 | |
Taxation [Abstract] | |
Income Tax Disclosure [Text Block] | 12. Taxation The Company and its subsidiaries file tax returns separately. 1) VAT Pursuant to the Provisional Regulation of the PRC on VAT and the related implementing rules, all entities and individuals ("taxpayers") that are engaged in the sale of products in the PRC are generally required to pay VAT at a rate of 17 2) Income tax United States Highpower was incorporated in Delaware and is subject to U.S. federal income tax with a system of graduated tax rates ranging from 15 35 Hong Kong HKHTC, which was incorporated in Hong Kong, is subject to a corporate income tax rate of 16.5 PRC In accordance with the relevant tax laws and regulations of the PRC, a company registered in the PRC is subject to income taxes within the PRC at the applicable tax rate on taxable income. In China, the companies granted with National High-tech Enterprise (“NHTE”) status enjoy 15 25 For the year ended December 31, 2015 2014 $ $ Current 809,629 1,435,386 Deferred 9,107 (845,068) Total 818,736 590,318 For the year ended December 31, 2015 2014 $ $ Income before tax 4,279,006 3,191,185 Provision for income taxes at applicable income tax rate 988,833 587,347 Effect of preferential tax rate 60,060 (607,461) R&D expenses eligible for super deduction (546,156) (98,605) Non-deductible expenses 59,122 58,643 Change in valuation allowance 256,877 650,394 Effective enterprise income tax 818,736 590,318 3) Deferred tax assets Deferred tax assets and deferred tax liabilities reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purpose and the tax bases used for income tax purpose. December 31, December 31, 2015 2014 $ $ Tax loss carry-forward 3,382,543 3,798,290 Allowance for doubtful receivables 47,197 111,637 Allowance for inventory obsolescence 217,733 138,458 Difference for sales cut-off 33,071 20,572 Deferred income 131,992 283,111 Property, plant and equipment subsidized by government grant 490,883 100,901 Total gross deferred tax assets 4,303,419 4,452,969 Valuation allowance (2,759,105) (2,805,785) Total net deferred tax assets 1,544,314 1,647,184 |
Notes payable
Notes payable | 12 Months Ended |
Dec. 31, 2015 | |
Notes payable [Abstract] | |
Notes Payable Disclosure [Text Block] | 13. Notes payable Notes payable are presented to certain suppliers as a payment against the outstanding trade payables. Notes payable are mainly bank guarantee promissory notes which are non-interest bearing and generally mature within six months. The outstanding bank guarantee promissory notes are secured by restricted cash deposited in banks and $ 991,833 30,379,170 29,380,782 As of December 31, 2015, the Company issued $ 110,996 522,466 |
Short-term loans
Short-term loans | 12 Months Ended |
Dec. 31, 2015 | |
Short-term loans [Abstract] | |
Short-term Debt [Text Block] | 14. Short-term loans December 31, December 31, 2015 2014 $ $ Short- term bank loans guaranteed and repayable within one year 13,839,341 15,195,040 As of December 31, 2015, the above bank borrowings were for working capital and capital expenditure purposes and were secured by personal guarantees executed by certain directors of the Company, a land use right with a carrying amount of $ 3,963,003 12,419,622 The loans as of December 31, 2015 were primarily obtained from four banks with interest rates ranging from 4.35 6.06 739,662 1,472,013 |
Lines of credit
Lines of credit | 12 Months Ended |
Dec. 31, 2015 | |
Lines of credit [Abstract] | |
Line Of Credit Facilities [Text Block] | 15. Lines of credit The Company entered into various credit contracts and revolving lines of credit, which were used for short-term loans and bank acceptance bills. December 31, 2015 Unused line of Lender Starting date Maturity date Line of credit credit $ $ Bank of China 7/13/2015 9/13/2016 13,762,455 4,707,595 Bank of China 7/1/2015 6/30/2016 11,203,276 155,498 Ping An Bank Co., Ltd 12/10/2015 12/9/2016 10,763,931 3,878,818 China Minsheng Banking Corp., LTD. 7/16/2015 7/16/2016 4,393,441 1,916,253 Industrial Bank CO., LTD. 7/15/2015 7/15/2016 9,226,227 7,079,785 China Everbright Bank 6/23/2015 6/22/2016 7,688,523 3,647,289 Industrial and Commercial Bank of China 10/1/2015 10/1/2016 7,688,523 4,613,113 Jiang Su Bank Co., Ltd 11/4/2015 11/3/2016 2,306,557 995,703 Hongkong and Shanghai Banking Corporation Limited 9/1/2015 7/15/2016 8,000,000 8,000,000 Total 75,032,933 34,994,054 December 31, 2014 Unused line of Lender Starting date Maturity date Line of credit credit $ $ Bank of China 3/10/2014 3/10/2015 12,653,474 424,823 Bank of China 7/23/2014 7/23/2015 3,965,144 67,516 Ping An Bank Co., Ltd 10/20/2014 10/19/2015 11,428,945 295,818 China Minsheng Banking Corp., LTD 5/22/2014 5/22/2015 3,265,413 - Shenzhen Baoan Guiyin County Bank 11/19/2014 11/18/2015 4,734,848 1,750,151 Industrial and Commercial Bank of China 7/26/2012 7/25/2015 6,530,826 3,918,496 China Citic Bank 6/25/2014 6/25/2015 8,046,910 6,788,093 Industrial Bank Co., Ltd 10/23/2014 10/23/2015 6,530,825 4,430,636 Jiang Su Bank Co., Ltd 10/28/2014 9/11/2015 4,898,119 4,898,119 Total 62,054,504 22,573,652 The lines of credits from Bank of China, Ping An Bank Co., Ltd, China Minsheng Banking Corp., LTD., Industrial Bank CO., LTD., China Everbright Bank and Industrial and Commercial Bank of China are guaranteed by the Company’s Chief Executive Officer, Mr. Dang Yu Pan. The lines of credits from Jiang Su Bank Co., Ltd are guaranteed by the Company’s Chief Executive Officer, Mr. Dang Yu Pan, and his wife. Certain of the agreements governing the Company’s loans include standard affirmative and negative covenants, including restrictions on granting additional pledges on the Company’s property and incurring additional debt and obligations to provide advance notice of major corporate actions, and other covenants including: that the borrower may not serve as a guarantor for more than double its net assets; that the borrower is restricted in certain circumstances from using the loans in connection with related party transactions or other transactions with affiliates; that the borrower must provide monthly reports to certain lenders describing the actual use of loans; that the borrower may need to obtain approval to engage in major corporate transactions; and that the borrower may need to obtain approval to increase overseas investments, guarantee additional debt or incur additional debt by an amount which exceeds 20 |
Long-term loans
Long-term loans | 12 Months Ended |
Dec. 31, 2015 | |
Long-term loans [Abstract] | |
Long-term Debt [Text Block] | 16. Long-term loans December 31, December 31, 2015 2014 $ $ Long term loans from Bank of China 1,845,245 3,918,495 Less: current portion of long-term borrowings 1,845,245 1,959,248 Long-term borrowings, net of current portion - 1,959,247 On January 13, 2012, the Company borrowed $ 8,198,065 50 5.23 110 The interest expenses were $ 219,704 366,142 The principal is to be repaid quarterly from September 30, 2012. 2 6 $ 2016 1,845,245 1,845,245 |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 17. Share-based compensation 2008 Omnibus Incentive Plan The 2008 Omnibus Incentive Plan (the "2008 Plan") was approved by the Company’s Board of Directors on October 29, 2008 to be effective at such date, subject to approval of the Company’s stockholders, which occurred on December 11, 2008. The 2008 Plan has a ten year term. The 2008 Plan reserves two million shares of common stock for issuance, subject to adjustment in the event of a recapitalization in accordance with the terms of the 2008 Plan. The 2008 Plan authorizes the issuance of awards including stock options, restricted stock units (RSUs), restricted stock, unrestricted stock, stock appreciation rights (SARs) and other equity and/or cash performance incentive awards to employees, directors, and consultants of the Company. Subject to certain restrictions, the Compensation Committee of the Board of Directors has broad discretion to establish the terms and conditions for awards under the 2008 Plan, including the number of shares, vesting conditions and the required service or performance criteria. Options and SARs may have a contractual term of up to ten years three five 583,141 Weighted Remaining Number of Average Contractual Shares Exercise Price Term in Years $ Outstanding, January 1, 2014 1,105,000 2.87 8.51 Granted - - - Exercised (200,000) 2.41 - Forfeited (44,714) 2.63 - Canceled (100,000) 3.55 - Outstanding, December 31, 2014 760,286 2.92 7.78 Exercisable, December 31, 2014 413,620 3.16 6.98 Weighted Remaining Number of Average Exercise Contractual Shares Price Term in Years $ Outstanding, January 1, 2015 760,286 2.92 7.78 Granted 75,000 4.43 - Exercised (16,933) 2.63 - Forfeited (26,336) 2.63 - Canceled (5,091) 2.63 - Outstanding, December 31, 2015 786,926 3.08 6.90 Exercisable, December 31, 2015 587,407 3.16 6.56 The aggregate intrinsic value of options vested and expected to vest as of December 31, 2015 and December 31, 2014 was approximately $ 178,000 1.43 During the year ended December 31, 2015, the Company granted options to purchase 75,000 4.43 16,933 26,336 20,166 7,735 5,091 7,340 During the year ended December 31, 2014, the Company did not grant any new options to employees. One employee exercised his options to purchase 200,000 106,640 44,714 100,000 The estimated fair value of share-based compensation to employees is recognized as a charge against income on a ratable basis over the requisite service period, which is generally the vesting period of the award. Restricted Stock Awards Granted to Employees During the year ended December 31, 2013 the Company granted 246,000 30 30 40 Weighted Average Remaining Number of Exercise Contractual Shares Price Term in Years $ Outstanding, January 1, 2015 98,400 2.81 0.77 Granted - - Released (98,400) 2.81 Forfeited - - - Outstanding, December 31, 2015 - - - Expected to vest, December 31, 2015 - - - Share-based Compensation to Nonemployees On July 15, 2013, the Company entered into an agreement with a consulting firm. In return for the consulting firm’s financial advisory service in the coming two years, the Company issued an aggregate of 150,000 171,000 The Company also agreed to issue another 150,000 Also, in connection with this consulting agreement, on January 17, 2014 the Company issued five year warrants to purchase 200,000 390,000 For the years ended December 31, 2015 2014 Expected volatility N/A 83.6 % Risk-free interest rate N/A 1.64 % Expected term from grant date (in years) N/A 5.0 Dividend rate N/A - Fair value N/A $ 1.95 Expected Term The expected term of the warrants issued during the year ended December 31, 2014, represents the remaining contractual term of the warrants. Expected Volatility The expected volatility used for the year ended December 31, 2014 is based upon the Company’s own trading history. Risk-Free Interest Rate The risk-free interest rate assumption is based on U.S. Treasury instruments with a term consistent with the remaining contractual term of the warrants outstanding during the first quarter of 2014. Dividend Yield The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model. Forfeitures The Company estimates forfeitures at the time of grant and revises the estimates in subsequent periods if actual forfeitures differ from what was estimated. The forfeiture rate is applied to stock options and restricted stock awards. The Company uses historical data to estimate pre-vesting forfeitures and records stock-based compensation expense only for those awards that are expected to vest. All stock-based payment awards are amortized on a ratable basis over the requisite service periods of the awards, which are generally the vesting periods. The Company records stock-based compensation expense only for those awards that are expected to vest. Total Share-based Compensation Expenses As of December 31, 2015 the gross amount of unrecognized share-based compensation expense relating to unvested share-based awards held by employees was approximately $ 304,000 1.13 In connection with the grant of stock options, restricted stock awards and warrants to employees and nonemployees, the Company recorded stock-based compensation charges of $ 653,000 767,000 522,000 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings per share [Abstract] | |
Earnings Per Share [Text Block] | 18. Earnings per share Basic earnings per common share are computed by dividing income available to common stockholders by the weighted-averages number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock outstanding that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, restricted shares. The dilutive effect of potential dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. The Company excludes potential common stocks in the diluted EPS computation in periods of losses from continuing operations, as their effect would be anti-dilutive. Year ended December 31, 2015 2014 $ $ Numerator: Net income attributable to the Company 3,854,082 2,753,236 Denominator: Weighted-average shares outstanding - Basic 15,096,166 14,739,073 -diluted 15,286,196 15,154,239 Earnings per common share - Basic 0.26 0.19 - diluted 0.25 0.18 Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. 786,926 31,427 16,933 190,029 540,001 760,286 144,714 200,000 415,166 540,001 |
Securities Offering Transaction
Securities Offering Transaction | 12 Months Ended |
Dec. 31, 2015 | |
Securities Offering Transaction [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 19. Securities Offering Transaction In April 2014, the Company and certain institutional investors entered into a securities purchase agreement, pursuant to which the Company sold 1,000,000 500,000 5.05 5.05 0.50 4,633,164 The warrants have an initial exercise price of $ 6.33 The warrants were classified as a liability. The aggregate fair value of the warrant liability at issuance dates was $ 1,173,952 3,459,212 April 17, 2014 Expected volatility 85.76 % Risk-free interest rate 0.9 % Expected term (in years) 3.0 Dividend rate - Fair value $ 2.3 The fair value of the warrant liability is re-measured at each reporting period and recorded as a gain or loss on fair value of warrant liability. As of December 31, 2015 and December 31, 2014 the fair value of warrant liability was $ 140,549 1,067,674 927,125 106,278 Year ended December 31, 2015 2014 Expected volatility 79.85 % 86.4 % Risk-free interest rate 0.56 % 0.79 % Expected term (in years) 1.30 2.29 Dividend rate - - Fair value $ 0.81 $ 2.14 In conjunction with the securities offering transaction, the Company issued three year warrants to investment bankers to purchase 40,000 6.33 94,982 |
Defined contribution plan
Defined contribution plan | 12 Months Ended |
Dec. 31, 2015 | |
Defined contribution plan [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 20. Defined contribution 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 employees. Chinese labor regulations require that the PRC operating subsidiaries of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. Except for pension benefits, medical care, employee housing fund and other welfare benefits mentioned above, the Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were $ 1,868,879 1,489,130 |
Non-controlling interest
Non-controlling interest | 12 Months Ended |
Dec. 31, 2015 | |
Non-controlling interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 21. Non-controlling interest GZ Highpower is the Company’s majority-owned subsidiary which is consolidated in the Company’s financial statements with a non-controlling interest recognized. GZ Highpower is engaged in processing, marketing and research of battery materials. On May 15, 2013, GZ Highpower increased its paid-in capital from RMB 15,000,000 2,381,293 30,000,000 4,807,847 60 40 30,000,000 4,898,119 40,000,000 6,530,825 10,000,000 70 30 As of December 31, 2015 and 2014, non-controlling interest related to GZ Highpower in the consolidated balance sheet was $ 853,483 1,307,239 For the years ended December 31, 2015 and 2014, non-controlling interest related to GZ Highpower in the consolidated statements of operations was loss of $ 393,812 152,369 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 22. Commitments and contingencies The Company leases factory and office premises under various non-cancelable operating lease agreements that expire at various dates through years 2016 2026 $ 2016 1,677,739 2017 654,363 2018 338,549 2019 338,549 2020 338,549 Thereafter 1,805,596 5,153,345 Rent expenses for the years ended December 31, 2015 and 2014 were $ 1,639,444 1,589,757 Capital commitments The Company has no capital commitments as of December 31, 2015 and 2014, respectively. Contingencies On January 14, 2016, FirsTrust China, Ltd filed an amended complaint in the Delaware Chancery Court (amending its initial complaint filed February 25, 2015) naming Highpower as the defendant asserting a cause of action for breach of contract and conversion of stock, and seeking damages in the form of issuance of 150,000 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2015 | |
Segment information [Abstract] | |
Segment Reporting Disclosure [Text Block] | 23. Segment information The reportable segments are components of the Company that offer different products and are separately managed, with separate financial information available that is separately evaluated regularly by the Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, in determining the performance of the business. The Company categorizes its business into three reportable segments, namely (i) Lithium Batteries; (ii) Ni-MH Batteries; and (iii) New Materials. The CODM evaluates performance based on each reporting segment’s net sales, cost of sales, gross profit and total assets. For the years ended December 31, 2015 2014 $ $ Net sales Lithium Batteries 78,624,405 68,434,832 Ni-MH Batteries 64,566,252 74,971,144 New Materials 2,990,354 3,682,190 Total 146,181,011 147,088,166 Cost of Sales Lithium Batteries 63,644,284 54,072,611 Ni-MH Batteries 50,842,135 59,546,738 New Materials 3,748,516 3,318,014 Total 118,234,935 116,937,363 Gross Profit Lithium Batteries 14,980,121 14,362,221 Ni-MH Batteries 13,724,117 15,424,406 New Materials (758,162) 364,176 Total 27,946,076 30,150,803 December 31, December 31, 2015 2014 $ $ Total Assets Lithium Batteries 82,006,317 86,339,973 Ni-MH Batteries 41,590,201 50,275,286 New Materials 10,607,966 9,538,813 Total 134,204,484 146,154,072 All long-lived assets of the Company are located in the PRC. For the years ended December 31, 2015 2014 $ $ Net sales China mainland 68,201,408 69,271,339 Asia, others 43,547,384 37,699,071 Europe 26,101,398 29,853,397 North America 7,450,898 9,335,245 South America 499,669 426,664 Africa 190,489 289,104 Others 189,765 213,346 146,181,011 147,088,166 December 31, December 31, 2015 2014 $ $ Accounts receivable China mainland 23,832,388 17,282,481 Asia, others 6,443,781 8,662,503 Europe 5,324,389 5,747,058 North America 433,458 296,572 South America - 211,391 Africa 55,240 81,962 Others 50,610 34,640 36,139,866 32,316,607 |
Summary of significant accoun30
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of significant accounting policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles ("U.S. GAAP"). |
Consolidation, Policy [Policy Text Block] | Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. Non-controlling interests represent the equity interest in the GZ Highpower that is not attributable to the Company. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenues; the allowance for doubtful receivables; recoverability of the carrying amount of inventory; fair values of financial instruments; and the assessment of deferred tax assets or liabilities. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of accounts receivable. The Company extends credit based on an evaluation of the customer’s financial condition, generally without requiring collateral or other security. In order to minimize the credit risk, the management of the Company has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. Further, the Company reviews the recoverable amount of each individual trade debt at each balance sheet date to ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the management of the Company considers that the Company’s credit risk is significantly reduced. No customer accounted for 10% or more of net sales during the year ended December 31, 2015 and 2014. No supplier accounted for 10% or more of total purchase amount during the year ended December 31, 2015 and 2014. As of December 31, 2015, there was one major customer accounted for 11.3 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Cash include all cash and deposits in banks with initial maturities of three months or less. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash Restricted cash include time deposits and cash security for bank acceptance bills. |
Receivables, Policy [Policy Text Block] | Accounts receivable, net Accounts receivable are stated at the original amount less an allowance for doubtful receivables, if any, based on a review of all outstanding amounts at period end. An allowance is also made when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. Bad debts are written off when identified. The Company extends unsecured credit to customers in the normal course of business and believes all accounts receivable in excess of the allowances for doubtful receivables to be fully collectible. The Company does not accrue interest on trade accounts receivable. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Notes receivable, net Notes receivable represent banks’ and commercial acceptances that have been arranged with third-party financial institutions by certain customers to settle their purchases from us. These banks’ acceptances are non-interest bearing and are collectible within six months. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at lower of cost or market. Cost is determined using the weighted average method. Inventory includes raw materials, packing materials, consumables, work in progress and finished goods. The variable production overhead is allocated to each unit of production on the basis of the actual use of the production facilities. The allocation of fixed production overhead to the costs of conversion is based on the normal capacity of the production facilities. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Property, plant and equipment, net are stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance, repairs and betterments, including replacement of minor items, are charged to expense; major additions to physical properties are capitalized. Buildings 2.5%-5 % Furniture, fixtures and office equipment 20 % Leasehold improvement 20%-50 % Machinery and equipment 10 % Motor vehicles 20 % Upon sale or disposal, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount less proceeds from disposal is charged or credited to income. Construction in progress represents capital expenditures for direct costs of construction or acquisition and design fees incurred, and the interest expenses directly related to the construction. Capitalization of these costs ceases and the construction in progress is transferred to the appropriate category of property, plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Construction in progress is not depreciated. |
Land Use Rights [Policy Text Block] | Land use rights, net Land use rights represent payments for the rights to use certain parcels of land for a certain period of time in the PRC. Land use rights are carried at cost and charged to expense on a straight-line basis over the period the rights are granted. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible assets Intangible assets represent a royalty-bearing, non-exclusive license to use certain patents owned by an unrelated party ("License Provider"), to manufacture rechargeable nickel metal hydride batteries for portable consumer applications (“Consumer Batteries”) in the PRC, and a royalty-bearing, non-exclusive worldwide license to use certain patents owned by License Provider to manufacture, sell and distribute Consumer Batteries. The value of the licenses was established based on historic acquisition costs. An exclusive proprietary technology contributed by the four founding management members of GZ Highpower in exchange for the paid-in capital of GZ Highpower is recorded at the four management members’ historical cost basis of nil. Intangible assets are amortized over their estimated useful lives of 20 |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Government grants Government grants are recognized when received and all the conditions for their receipt have been met. Specifically, government grants whose primary condition is that the Company should purchase, construct or otherwise acquire non-current assets is recognized on the consolidated balance sheet as deferred income and deducted in calculating the carrying amount of the related asset. The revenue from such grants is recognized in profit or loss over the life of the related depreciable asset as a reduction of depreciation expense. As of December 31, 2015 and 2014, the Company recorded deferred income of $ 879,944 1,887,409 Government grants as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related benefit are recognized as other income in the period in which they become receivable. Approximately $ 563,485 330,302 |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition The Company recognizes revenue when persuasive evidence of an arrangement exists, the sales price is fixed or determinable, delivery of the product has occurred, title and risk of loss have transferred to the customers and collectability of the receivable is reasonably assured. The majority of domestic sales contracts transfer title and risk of loss to customers upon receipt. The majority of oversea sales contracts transfer title and risk of loss to customers when goods were delivered to the carriers. Revenue is presented net of any sales tax and value added tax. The Company does not have arrangements for returns from customers and does not have any future obligations directly or indirectly related to product resale by customers. The Company has no sales incentive programs. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales 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. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and handling Shipping and handling expenses are recorded as selling expenses when occurred. Shipping and handling expenses relating to sales were $ 1,015,996 971,240 |
Research and Development Expense, Policy [Policy Text Block] | Research and development Research and development expenses include expenses directly attributable to the conduct of research and development programs, including the expenses of salaries, employee benefits, materials, supplies, and maintenance of research equipment. All expenses associated with research and development are expensed as incurred. |
Advertising Costs, Policy [Policy Text Block] | Advertising Advertising, which generally represents the cost of promotions to create or stimulate a positive image of the Company or a desire to buy the Company’s products and services, are expensed as incurred. No significant advertising expense was recorded for the years ended December 31, 2015 and 2014. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation The Company recognizes compensation expense associated with the issuance of equity instruments to employees for their services. The fair value of the equity instruments is estimated on the date of grant and is expensed in the financial statements over the vesting period. The input assumptions used in determining fair value are the expected life, expected volatility, risk-free rate and the dividend yield. Share-based compensation associated with the issuance of equity instruments to non-employees is measured at the fair value of the equity instrument issued or committed to be issued, as this is more reliable than the fair value of the services received. The fair value is measured at the date that the commitment for performance by the counterparty has been reached or the counterparty's performance is complete. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. |
Income Tax Uncertainties, Policy [Policy Text Block] | Uncertain tax positions The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies the liability for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized and recorded as necessary in the provision for income taxes. There were no uncertain tax positions as of December 31, 2015 and 2014. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income Recognized revenue, expenses, gains and losses are included in net income or loss. Although certain changes in assets and liabilities are reported as separate components of the equity section of the consolidated balance sheet, such items, along with net income or loss, are components of comprehensive income or loss. The components of other comprehensive income or loss are consisted solely of foreign currency translation adjustments, net of the income tax effect. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation and transactions Highpower’s functional currency is the United States dollar ("US$"). HKHTC's functional currency is the Hong Kong dollar ("HK$"). The functional currency of the Company’s subsidiaries in the PRC is the Renminbi ("RMB"). Most of the Company’s oversea sales are priced and settled with US$. At the date a foreign currency transaction is recognized, each asset, liability, revenue, expense, gain, or loss arising from the transaction is measured initially in the functional currency of the recording entity by use of the exchange rate in effect at that date. The increase or decrease in expected functional currency cash flows upon settlement of a transaction resulting from a change in exchange rates between the functional currency and the currency in which the transaction is denominated is recognized as foreign currency transaction gain or loss that is included in determining net income for the period in which the exchange rate changes. At each balance sheet date, recorded balances that are denominated in a foreign currency are adjusted to reflect the current exchange rate. The Company’s reporting currency is US$. Assets and liabilities of HKHTC and the PRC subsidiaries are translated at the current exchange rate at the balance sheet dates, revenues and expenses are translated at the average exchange rates during the reporting periods, and equity accounts are translated at historical rates. Translation adjustments are reported in other comprehensive income. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company’s reportable segments are based on products, geography, legal structure, management structure, or any other manner in which management disaggregates a company. Therefore the Company categorizes its business into three |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments The carrying values of the Company’s financial instruments, including cash, restricted cash, trade and other receivables, deposits, trade and other payables and bank borrowings, approximate their fair values due to the short-term maturity of such instruments. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Company establishes a fair value hierarchy that requires maximizing the use of observable inputs and minimizing the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company measures fair value using three levels of inputs that may be used to measure fair value: -Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. -Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. -Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
Warrant Liabilities Policy [Policy Text Block] | Warrant Liabilities 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 fair values of these warrants have been determined using the Black-Scholes pricing model. The Black-Scholes pricing model provides for assumptions regarding volatility, call and put features and risk-free interest rates within the total period to maturity. These values are subject to a significant degree of judgment on the part of the Company. |
Derivatives, Policy [Policy Text Block] | Derivatives From time to time the Company may utilize foreign currency forward contracts to reduce the impact of foreign currency exchange rate risk. Management considered that the foreign currency forwards did not meet the criteria for designated hedging instruments and hedged transactions to qualify for cash flow hedge or fair value hedge accounting. The currency forwards therefore are accounted for as derivatives, with fair value changes reported as gain (loss) of derivative instruments in the income statement. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share Basic earnings per share (“EPS”) are computed by dividing income attributable to holders of common shares by the weighted average number of common shares outstanding during the year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be anti-dilutive. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting pronouncements In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, or ASU 2014-09. This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to correlate with the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year, while allowing a company to adopt the new revenue standard early but not before the original effective date. This guidance will be effective as to us on January 1, 2018 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are evaluating the impact of adopting ASU 2014-09 on our consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740). To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash flows. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. Under this ASU, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. The Company plans to early adopt this standard beginning with the 2016 fiscal year, but does not expect the adoption of this standard to have a material impact on the Company's consolidated financial position, results of operations, or related disclosures. On February 25, 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). It requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year entity). Early application is permitted for all public business entities and all nonpublic business entities upon issuance. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial condition, results of operations and cash flows. We do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows. |
Principal activities and orga31
Principal activities and organization (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization and basis of presentation [Abstract] | |
Schedule of Subsidiaries and Principal Activities [Table Text Block] | The subsidiaries of the Company and their principal activities are described as follows: Place and date Attributable equity Name of company incorporation interest held Principal activities Hong Kong Highpower Technology Co., Ltd Hong Kong 100% Investment holding and marketing of batteries ("HKHTC") July 4, 2003 Shenzhen Highpower Technology Co., Ltd PRC 100% Manufacturing & marketing of NiMH batteries ("SZ Highpower") October 8, 2002 Highpower Energy Technology (Huizhou) Co., Ltd PRC 100% Dissolved ("HZ Highpower") January 29, 2008 Springpower Technology (Shenzhen) Co., Ltd PRC 100% Research & manufacturing of lithium batteries ("SZ Springpower") June 4, 2008 Ganzhou Highpower Technology Co., Ltd PRC 70% Processing, marketing and research of battery materials ("GZ Highpower") September 21, 2010 Icon Energy System Co., Ltd. PRC 100% Design and production of advanced battery packs and systems ("ICON") February 23, 2011 Huizhou Highpower Technology Co., Ltd PRC 100% Manufacturing & marketing of lithium batteries ("HZ HTC") March 8, 2012 |
Summary of significant accoun32
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of significant accounting policies [Abstract] | |
Schedule Of Composite Depreciation Rate [Table Text Block] | Depreciation of property, plant and equipment is provided using the straight-line method over their estimated useful lives at the following annual rates: Buildings 2.5%-5 % Furniture, fixtures and office equipment 20 % Leasehold improvement 20%-50 % Machinery and equipment 10 % Motor vehicles 20 % |
Restricted cash (Tables)
Restricted cash (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restricted cash [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | December 31, December 31, 2015 2014 $ $ Securities for bank acceptance bill 11,392,231 10,689,297 Time deposits 263,973 4,707,530 11,656,204 15,396,827 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts receivable, net [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of December 31, 2015 and December 31, 2014, accounts receivable consisted of the following: December 31, December 31, 2015 2014 $ $ Accounts receivable 38,211,951 34,816,914 Less: allowance for doubtful debts 2,072,085 2,500,307 36,139,866 32,316,607 |
Prepayments (Tables)
Prepayments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Prepayments [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, December 31, 2015 2014 $ $ Purchase deposits paid 3,752,125 1,793,599 Value-added tax prepayment 546,358 384,008 Rental deposit 414,843 266,556 Deferred insurance fee 206,424 97,005 Advances to staff for operations 39,886 122,452 Other deposits and prepayments 394,916 619,900 5,354,552 3,283,520 |
Other receivables (Tables)
Other receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other receivables [Abstract] | |
Schedule Of Other Accounts Receivable [Table Text Block] | December 31, December 31, 2015 2014 $ $ Compensation receivable for land occupation 486,370 516,418 Others 219,982 149,410 706,352 665,828 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, December 31, 2015 2014 $ $ Raw materials 4,320,455 4,341,675 Work in progress 4,568,530 3,949,778 Finished goods 9,994,401 13,685,166 Packing materials 17,167 20,137 Consumables 317,778 271,313 19,218,331 22,268,069 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, plant and equipment, net [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, 2015 2014 $ $ Cost Construction in progress 1,678,961 715,821 Furniture, fixtures and office equipment 3,882,594 3,754,990 Leasehold improvement 4,092,668 3,763,290 Machinery and equipment 29,295,041 28,180,306 Motor vehicles 1,643,173 1,479,921 Building 23,046,056 25,414,914 63,638,493 63,309,242 Less: accumulated depreciation 16,174,307 12,871,524 47,464,186 50,437,718 |
Land use rights (Tables)
Land use rights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Land use rights are being amortized annually using the straight-line method over a contract term of 50 2016 95,720 2017 95,720 2018 95,720 2019 95,720 2020 95,720 Thereafter 3,484,403 3,963,003 |
Land Use Right [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, December 31, 2015 2014 $ $ Cost Land located in Huizhou 3,301,923 3,505,921 Land located in Ganzhou 1,288,146 1,367,729 4,590,069 4,873,650 Accumulated amortization (627,066) (568,333) Net 3,963,003 4,305,317 |
Intangible asset (Tables)
Intangible asset (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, December 31, 2015 2014 $ $ Cost Consumer battery license fee 1,000,000 1,000,000 Accumulated amortization (450,000) (400,000) Net 550,000 600,000 |
Other payables and accrued li41
Other payables and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other payables and accrued liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, December 31, 2015 2014 $ $ Accrued expenses 3,816,940 3,649,806 Royalty payable 461,055 580,032 VAT payable 959,422 405,859 Sales deposits received 562,696 911,947 Other payables 492,379 348,903 6,292,492 5,896,547 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Taxation [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision for income taxes expenses are: For the year ended December 31, 2015 2014 $ $ Current 809,629 1,435,386 Deferred 9,107 (845,068) Total 818,736 590,318 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation of income taxes expenses computed at the statutory tax rate applicable to the Company to income tax expenses is as follows: For the year ended December 31, 2015 2014 $ $ Income before tax 4,279,006 3,191,185 Provision for income taxes at applicable income tax rate 988,833 587,347 Effect of preferential tax rate 60,060 (607,461) R&D expenses eligible for super deduction (546,156) (98,605) Non-deductible expenses 59,122 58,643 Change in valuation allowance 256,877 650,394 Effective enterprise income tax 818,736 590,318 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The following represents the tax effect of each major type of temporary difference. December 31, December 31, 2015 2014 $ $ Tax loss carry-forward 3,382,543 3,798,290 Allowance for doubtful receivables 47,197 111,637 Allowance for inventory obsolescence 217,733 138,458 Difference for sales cut-off 33,071 20,572 Deferred income 131,992 283,111 Property, plant and equipment subsidized by government grant 490,883 100,901 Total gross deferred tax assets 4,303,419 4,452,969 Valuation allowance (2,759,105) (2,805,785) Total net deferred tax assets 1,544,314 1,647,184 |
Short-term loans (Tables)
Short-term loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Short-term loans [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | December 31, December 31, 2015 2014 $ $ Short- term bank loans guaranteed and repayable within one year 13,839,341 15,195,040 |
Lines of credit (Tables)
Lines of credit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Lines of credit [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | The following tables summarize the unused lines of credit as of December 31, 2015 and 2014: December 31, 2015 Unused line of Lender Starting date Maturity date Line of credit credit $ $ Bank of China 7/13/2015 9/13/2016 13,762,455 4,707,595 Bank of China 7/1/2015 6/30/2016 11,203,276 155,498 Ping An Bank Co., Ltd 12/10/2015 12/9/2016 10,763,931 3,878,818 China Minsheng Banking Corp., LTD. 7/16/2015 7/16/2016 4,393,441 1,916,253 Industrial Bank CO., LTD. 7/15/2015 7/15/2016 9,226,227 7,079,785 China Everbright Bank 6/23/2015 6/22/2016 7,688,523 3,647,289 Industrial and Commercial Bank of China 10/1/2015 10/1/2016 7,688,523 4,613,113 Jiang Su Bank Co., Ltd 11/4/2015 11/3/2016 2,306,557 995,703 Hongkong and Shanghai Banking Corporation Limited 9/1/2015 7/15/2016 8,000,000 8,000,000 Total 75,032,933 34,994,054 December 31, 2014 Unused line of Lender Starting date Maturity date Line of credit credit $ $ Bank of China 3/10/2014 3/10/2015 12,653,474 424,823 Bank of China 7/23/2014 7/23/2015 3,965,144 67,516 Ping An Bank Co., Ltd 10/20/2014 10/19/2015 11,428,945 295,818 China Minsheng Banking Corp., LTD 5/22/2014 5/22/2015 3,265,413 - Shenzhen Baoan Guiyin County Bank 11/19/2014 11/18/2015 4,734,848 1,750,151 Industrial and Commercial Bank of China 7/26/2012 7/25/2015 6,530,826 3,918,496 China Citic Bank 6/25/2014 6/25/2015 8,046,910 6,788,093 Industrial Bank Co., Ltd 10/23/2014 10/23/2015 6,530,825 4,430,636 Jiang Su Bank Co., Ltd 10/28/2014 9/11/2015 4,898,119 4,898,119 Total 62,054,504 22,573,652 |
Long-term loans (Tables)
Long-term loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term loans [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, December 31, 2015 2014 $ $ Long term loans from Bank of China 1,845,245 3,918,495 Less: current portion of long-term borrowings 1,845,245 1,959,248 Long-term borrowings, net of current portion - 1,959,247 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The repayment schedule of the principal is summarized as in below table: $ 2016 1,845,245 1,845,245 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Options Granted to Employees Weighted Remaining Number of Average Contractual Shares Exercise Price Term in Years $ Outstanding, January 1, 2014 1,105,000 2.87 8.51 Granted - - - Exercised (200,000) 2.41 - Forfeited (44,714) 2.63 - Canceled (100,000) 3.55 - Outstanding, December 31, 2014 760,286 2.92 7.78 Exercisable, December 31, 2014 413,620 3.16 6.98 Weighted Remaining Number of Average Exercise Contractual Shares Price Term in Years $ Outstanding, January 1, 2015 760,286 2.92 7.78 Granted 75,000 4.43 - Exercised (16,933) 2.63 - Forfeited (26,336) 2.63 - Canceled (5,091) 2.63 - Outstanding, December 31, 2015 786,926 3.08 6.90 Exercisable, December 31, 2015 587,407 3.16 6.56 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes the restricted stock awards activities for the nine months ended December 31, 2015: Weighted Average Remaining Number of Exercise Contractual Shares Price Term in Years $ Outstanding, January 1, 2015 98,400 2.81 0.77 Granted - - Released (98,400) 2.81 Forfeited - - - Outstanding, December 31, 2015 - - - Expected to vest, December 31, 2015 - - - |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The shares were fully vested upon issuance and the aggregate fair value of the warrants was approximately $ 390,000 For the years ended December 31, 2015 2014 Expected volatility N/A 83.6 % Risk-free interest rate N/A 1.64 % Expected term from grant date (in years) N/A 5.0 Dividend rate N/A - Fair value N/A $ 1.95 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings per share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2015 and 2014. Year ended December 31, 2015 2014 $ $ Numerator: Net income attributable to the Company 3,854,082 2,753,236 Denominator: Weighted-average shares outstanding - Basic 15,096,166 14,739,073 -diluted 15,286,196 15,154,239 Earnings per common share - Basic 0.26 0.19 - diluted 0.25 0.18 |
Securities Offering Transacti48
Securities Offering Transaction (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Securities Offering Transaction [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The fair values of the warrants as of April 17, 2014 were calculated using the Black-Scholes pricing model with the following assumptions: April 17, 2014 Expected volatility 85.76 % Risk-free interest rate 0.9 % Expected term (in years) 3.0 Dividend rate - Fair value $ 2.3 The fair values of the warrants were calculated using the Black-Scholes pricing model with the following assumptions as of December 31, 2015 and 2014: Year ended December 31, 2015 2014 Expected volatility 79.85 % 86.4 % Risk-free interest rate 0.56 % 0.79 % Expected term (in years) 1.30 2.29 Dividend rate - - Fair value $ 0.81 $ 2.14 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and contingencies [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum future commitments under these agreements as of December 31, 2015 are as follows: $ 2016 1,677,739 2017 654,363 2018 338,549 2019 338,549 2020 338,549 Thereafter 1,805,596 5,153,345 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Net sales, cost of sales, gross profit and total assets by segments is set out as follows: For the years ended December 31, 2015 2014 $ $ Net sales Lithium Batteries 78,624,405 68,434,832 Ni-MH Batteries 64,566,252 74,971,144 New Materials 2,990,354 3,682,190 Total 146,181,011 147,088,166 Cost of Sales Lithium Batteries 63,644,284 54,072,611 Ni-MH Batteries 50,842,135 59,546,738 New Materials 3,748,516 3,318,014 Total 118,234,935 116,937,363 Gross Profit Lithium Batteries 14,980,121 14,362,221 Ni-MH Batteries 13,724,117 15,424,406 New Materials (758,162) 364,176 Total 27,946,076 30,150,803 December 31, December 31, 2015 2014 $ $ Total Assets Lithium Batteries 82,006,317 86,339,973 Ni-MH Batteries 41,590,201 50,275,286 New Materials 10,607,966 9,538,813 Total 134,204,484 146,154,072 |
Revenue from External Customers by Geographic Areas [Table Text Block] | For the years ended December 31, 2015 2014 $ $ Net sales China mainland 68,201,408 69,271,339 Asia, others 43,547,384 37,699,071 Europe 26,101,398 29,853,397 North America 7,450,898 9,335,245 South America 499,669 426,664 Africa 190,489 289,104 Others 189,765 213,346 146,181,011 147,088,166 December 31, December 31, 2015 2014 $ $ Accounts receivable China mainland 23,832,388 17,282,481 Asia, others 6,443,781 8,662,503 Europe 5,324,389 5,747,058 North America 433,458 296,572 South America - 211,391 Africa 55,240 81,962 Others 50,610 34,640 36,139,866 32,316,607 |
Principal activities and orga51
Principal activities and organization (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | May. 15, 2013 | |
Hong Kong Highpower Technology Co., Ltd ("HKHTC") [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Date of incorporation | Jul. 4, 2003 | ||
Attributable equity interest held | 100.00% | ||
Shenzhen Highpower Technology Co., Ltd ("SZ Highpower") [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Date of incorporation | Oct. 8, 2002 | ||
Attributable equity interest held | 100.00% | ||
Highpower Energy Technology (Huizhou) Co., Ltd ("HZ Highpower") [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Date of incorporation | Jan. 29, 2008 | ||
Attributable equity interest held | 100.00% | ||
Springpower Technology (Shenzhen) Co., Ltd ("SZ Springpower") [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Date of incorporation | Jun. 4, 2008 | ||
Attributable equity interest held | 100.00% | ||
Ganzhou Highpower Technology Co., Ltd ("GZ Highpower") [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Date of incorporation | Sep. 21, 2010 | ||
Attributable equity interest held | 70.00% | 70.00% | 60.00% |
Icon Energy System Co., Ltd. ("ICON") [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Date of incorporation | Feb. 23, 2011 | ||
Attributable equity interest held | 100.00% | ||
Huizhou Highpower Technology Co., Ltd ("HZ HTC") [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Date of incorporation | Mar. 8, 2012 | ||
Attributable equity interest held | 100.00% |
Principal activities and orga52
Principal activities and organization (Details Textual) | 1 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 13, 2014USD ($) | Nov. 13, 2014CNY (¥) | Dec. 31, 2013USD ($) | Dec. 31, 2013CNY (¥) | May. 15, 2013USD ($) | May. 15, 2013CNY (¥) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Additional Paid in Capital | $ | $ 11,227,979 | $ 10,530,430 | |||||||
Stock Issued During Period, Shares, New Issues | shares | 1,000,000 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 500,000 | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 5.05 | ||||||||
Proceeds From Sale Of Common Stock And Warrants, Gross | $ | $ 5,050,000 | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 0.50 | ||||||||
Proceeds from Issuance of Common Stock | $ | $ 4,633,164 | $ 44,534 | $ 4,633,164 | ||||||
Ganzhou Highpower Technology Co., Ltd ("GZ Highpower") [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 70.00% | 70.00% | 60.00% | 60.00% | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 40.00% | 40.00% | ||||||
Additional Paid in Capital | $ 6,530,825 | ¥ 40,000,000 | $ 4,898,119 | ¥ 30,000,000 | |||||
Ganzhou Highpower Technology Co., Ltd ("GZ Highpower") [Member] | Minimum [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Additional Paid in Capital | 4,898,119 | 30,000,000 | $ 2,381,293 | ¥ 15,000,000 | |||||
Ganzhou Highpower Technology Co., Ltd ("GZ Highpower") [Member] | Maximum [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Additional Paid in Capital | $ 6,530,825 | 40,000,000 | $ 4,807,847 | ¥ 30,000,000 | |||||
Ganzhou Highpower Technology Co., Ltd ("GZ Highpower") [Member] | Shenzhen Highpower Technology Company Limited [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Additional Paid in Capital | ¥ | ¥ 10,000,000 |
Summary of significant accoun53
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 2.50% |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 5.00% |
Furniture, Fixtures and Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 20.00% |
Leasehold Improvement [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 20.00% |
Leasehold Improvement [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 50.00% |
Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 10.00% |
Motor Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 20.00% |
Summary of significant accoun54
Summary of significant accounting policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2015USD ($)segments | Dec. 31, 2014USD ($) | |
Significant Accounting Policies [Line Items] | ||
Deferred Revenue, Current | $ 879,944 | $ 1,887,409 |
Deferred Revenue, Revenue Recognized | $ 563,485 | 330,302 |
Number of Reportable Segments | segments | 3 | |
Shipping, Handling and Transportation Costs | $ 1,015,996 | $ 971,240 |
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentration Risk, Percentage | 11.30% |
Restricted cash (Details)
Restricted cash (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 11,656,204 | $ 15,396,827 |
Securities for Bank Acceptance Bill [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 11,392,231 | 10,689,297 |
Time Deposits [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 263,973 | $ 4,707,530 |
Accounts receivable, net (Detai
Accounts receivable, net (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable | $ 38,211,951 | $ 34,816,914 |
Less: allowance for doubtful debts | 2,072,085 | 2,500,307 |
Accounts receivable, net | $ 36,139,866 | $ 32,316,607 |
Accounts receivable, net (Det57
Accounts receivable, net (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Provision for Doubtful Accounts | $ 949 | $ 768 |
Allowance for Doubtful Accounts Receivable, Write-offs | $ 403,735 | $ 2,950 |
Prepayments (Details)
Prepayments (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Purchase deposits paid | $ 3,752,125 | $ 1,793,599 |
Value-added tax prepayment | 546,358 | 384,008 |
Rental deposit | 414,843 | 266,556 |
Deferred insurance fee | 206,424 | 97,005 |
Advances to staff for operations | 39,886 | 122,452 |
Other deposits and prepayments | 394,916 | 619,900 |
Total prepayments | $ 5,354,552 | $ 3,283,520 |
Other receivables (Details)
Other receivables (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation receivable for land occupation | $ 486,370 | $ 516,418 |
Others | 219,982 | 149,410 |
Total Other receivables | $ 706,352 | $ 665,828 |
Inventories (Details)
Inventories (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Raw materials | $ 4,320,455 | $ 4,341,675 |
Work in progress | 4,568,530 | 3,949,778 |
Finished goods | 9,994,401 | 13,685,166 |
Packing materials | 17,167 | 20,137 |
Consumables | 317,778 | 271,313 |
Inventories | $ 19,218,331 | $ 22,268,069 |
Inventories (Details Textual)
Inventories (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory Write-down | $ 1,451,553 | $ 777,638 |
Property, plant and equipment62
Property, plant and equipment (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Cost | ||
Construction in progress | $ 1,678,961 | $ 715,821 |
Furniture, fixtures and office equipment | 3,882,594 | 3,754,990 |
Leasehold improvement | 4,092,668 | 3,763,290 |
Machinery and equipment | 29,295,041 | 28,180,306 |
Motor vehicles | 1,643,173 | 1,479,921 |
Building | 23,046,056 | 25,414,914 |
Property, plant and equipment, cost | 63,638,493 | 63,309,242 |
Less: accumulated depreciation | 16,174,307 | 12,871,524 |
Property, plant and equipment, net | $ 47,464,186 | $ 50,437,718 |
Property, plant and equipment63
Property, plant and equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 4,794,162 | $ 4,054,403 |
Property, Plant and Equipment, Transfers and Changes | 2,547,545 | 672,675 |
Pledged Assets Not Separately Reported Property Plant And Equipment | 12,419,622 | |
Huizhou Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Pledged Assets Not Separately Reported Property Plant And Equipment | 9,715,879 | $ 10,573,369 |
Ganzhou Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Pledged Assets Not Separately Reported Property Plant And Equipment | $ 2,703,743 |
Land use rights (Details)
Land use rights (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Net | $ 3,963,003 | $ 4,305,317 |
Land Use Right [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,590,069 | 4,873,650 |
Accumulated amortization | (627,066) | (568,333) |
Net | 3,963,003 | 4,305,317 |
Land Use Right, Land Located in Huizhou [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 3,301,923 | 3,505,921 |
Land Use Right Land, Located in Ganzhou [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 1,288,146 | $ 1,367,729 |
Land use rights (Details 1)
Land use rights (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Estimated amortization for the coming years is as follows | ||
Net | $ 3,963,003 | $ 4,305,317 |
Land Use Right [Member] | ||
Estimated amortization for the coming years is as follows | ||
2,016 | 95,720 | |
2,017 | 95,720 | |
2,018 | 95,720 | |
2,019 | 95,720 | |
2,020 | 95,720 | |
Thereafter | 3,484,403 | |
Net | $ 3,963,003 | $ 4,305,317 |
Land use rights (Details Textua
Land use rights (Details Textual) | 12 Months Ended | |
Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Land Use Right [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 50 years | |
Amortization of Intangible Assets | $ | $ 95,720 | $ 97,130 |
Land Use Right, Land Located in Huizhou [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Area of Land | 126,605 | |
Rights Expiry Date | May 23, 2057 | |
Land Use Right Land, Located in Ganzhou [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Area of Land | 58,669 | |
Rights Expiry Date | Jan. 4, 2062 |
Intangible asset (Details)
Intangible asset (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, net | $ 550,000 | $ 600,000 |
Consumer Battery License Fee [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,000,000 | 1,000,000 |
Accumulated amortization | (450,000) | (400,000) |
Intangible asset, net | $ 550,000 | $ 600,000 |
Intangible asset (Details Textu
Intangible asset (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Consumer Battery License Fee [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Amortization of Intangible Assets | $ 50,000 | $ 50,000 |
Finite-Lived Intangible Assets, Gross | 1,000,000 | $ 1,000,000 |
Proprietary Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 0 |
Other payables and accrued li69
Other payables and accrued liabilities (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Other payables and accrued liabilities [Line Items] | ||
Accrued expenses | $ 3,816,940 | $ 3,649,806 |
Royalty payable | 461,055 | 580,032 |
VAT payable | 959,422 | 405,859 |
Sales deposits received | 562,696 | 911,947 |
Other payables | 492,379 | 348,903 |
Other payables and accrued liabilities | $ 6,292,492 | $ 5,896,547 |
Taxation (Details)
Taxation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Taxation [Line Items] | ||
Current | $ 809,629 | $ 1,435,386 |
Deferred | 9,107 | (845,068) |
Effective enterprise income tax | $ 818,736 | $ 590,318 |
Taxation (Details 1)
Taxation (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Taxation [Line Items] | ||
Income before tax | $ 4,279,006 | $ 3,191,185 |
Provision for income taxes at applicable income tax rate | 988,833 | 587,347 |
Effect of preferential tax rate | 60,060 | (607,461) |
R&D expenses eligible for super deduction | (546,156) | (98,605) |
Non-deductible expenses | 59,122 | 58,643 |
Change in valuation allowance | 256,877 | 650,394 |
Effective enterprise income tax | $ 818,736 | $ 590,318 |
Taxation (Details 2)
Taxation (Details 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Taxation [Line Items] | ||
Tax loss carry-forward | $ 3,382,543 | $ 3,798,290 |
Allowance for doubtful receivables | 47,197 | 111,637 |
Allowance for inventory obsolescence | 217,733 | 138,458 |
Difference for sales cut-off | 33,071 | 20,572 |
Deferred income | 131,992 | 283,111 |
Property, plant and equipment subsidized by government grant | 490,883 | 100,901 |
Total gross deferred tax assets | 4,303,419 | 4,452,969 |
Valuation allowance | (2,759,105) | (2,805,785) |
Total net deferred tax assets | $ 1,544,314 | $ 1,647,184 |
Taxation (Details Textual)
Taxation (Details Textual) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Taxation [Line Items] | |
Value Added Tax Percentage Of Revenue | 17.00% |
HONG KONG | |
Schedule Of Taxation [Line Items] | |
Corporate Income Tax Percentage | 16.50% |
CHINA | National High-tech Enterprise [Member] | |
Schedule Of Taxation [Line Items] | |
Income Tax Exemption Percentage | 15.00% |
Income Tax Exemption Percentage After Expiration | 25.00% |
Maximum [Member] | |
Schedule Of Taxation [Line Items] | |
Graduated Tax Rate Percentage | 35.00% |
Minimum [Member] | |
Schedule Of Taxation [Line Items] | |
Graduated Tax Rate Percentage | 15.00% |
Notes payable (Details Textual)
Notes payable (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | ||
Short-term Bank Loans and Notes Payable | $ 30,379,170 | $ 29,380,782 |
Other Short-term Borrowings | 110,996 | $ 522,466 |
Huizhou Highpower Technology Co., Ltd ("HZ HTC") [Member] | ||
Short-term Debt [Line Items] | ||
Pledged Assets, Not Separately Reported, Finance Receivables | $ 991,833 |
Short-term loans (Details)
Short-term loans (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | ||
Short- term bank loans guaranteed and repayable within one year | $ 13,839,341 | $ 15,195,040 |
Short-term loans (Details Textu
Short-term loans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | ||
Pledged Assets Not Separately Reported Property Plant And Equipment | $ 12,419,622 | |
Interest Expense, Short-term Borrowings, Total | 739,662 | $ 1,472,013 |
Short-term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Guarantor Obligations, Liquidation Proceeds, Monetary Amount | $ 3,963,003 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.35% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.06% |
Lines of credit (Details)
Lines of credit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Line of credit | $ 75,032,933 | $ 62,054,504 |
Unused line of credit | $ 34,994,054 | $ 22,573,652 |
Bank of China [Member] | ||
Line of Credit Facility [Line Items] | ||
Starting date | Jul. 13, 2015 | Mar. 10, 2014 |
Maturity date | Sep. 13, 2016 | Mar. 10, 2015 |
Line of credit | $ 13,762,455 | $ 12,653,474 |
Unused line of credit | $ 4,707,595 | $ 424,823 |
Bank of China [Member] | ||
Line of Credit Facility [Line Items] | ||
Starting date | Jul. 1, 2015 | Jul. 23, 2014 |
Maturity date | Jun. 30, 2016 | Jul. 23, 2015 |
Line of credit | $ 11,203,276 | $ 3,965,144 |
Unused line of credit | $ 155,498 | $ 67,516 |
Ping An Bank Co., Ltd [Member] | ||
Line of Credit Facility [Line Items] | ||
Starting date | Dec. 10, 2015 | Oct. 20, 2014 |
Maturity date | Dec. 9, 2016 | Oct. 19, 2015 |
Line of credit | $ 10,763,931 | $ 11,428,945 |
Unused line of credit | $ 3,878,818 | $ 295,818 |
China Minsheng Banking Corp., LTD [Member] | ||
Line of Credit Facility [Line Items] | ||
Starting date | Jul. 16, 2015 | May 22, 2014 |
Maturity date | Jul. 16, 2016 | May 22, 2015 |
Line of credit | $ 4,393,441 | $ 3,265,413 |
Unused line of credit | $ 1,916,253 | $ 0 |
Shenzhen Baoan Guiyin County Bank [Member] | ||
Line of Credit Facility [Line Items] | ||
Starting date | Nov. 19, 2014 | |
Maturity date | Nov. 18, 2015 | |
Line of credit | $ 4,734,848 | |
Unused line of credit | $ 1,750,151 | |
Industrial and Commercial Bank of China [Member] | ||
Line of Credit Facility [Line Items] | ||
Starting date | Oct. 1, 2015 | Jul. 26, 2012 |
Maturity date | Oct. 1, 2016 | Jul. 25, 2015 |
Line of credit | $ 7,688,523 | $ 6,530,826 |
Unused line of credit | $ 4,613,113 | $ 3,918,496 |
China Citic Bank [Member] | ||
Line of Credit Facility [Line Items] | ||
Starting date | Jun. 25, 2014 | |
Maturity date | Jun. 25, 2015 | |
Line of credit | $ 8,046,910 | |
Unused line of credit | $ 6,788,093 | |
Industrial Bank Co., LTD [Member] | ||
Line of Credit Facility [Line Items] | ||
Starting date | Jul. 15, 2015 | Oct. 23, 2014 |
Maturity date | Jul. 15, 2016 | Oct. 23, 2015 |
Line of credit | $ 9,226,227 | $ 6,530,825 |
Unused line of credit | $ 7,079,785 | $ 4,430,636 |
Jiang Su Bank Co., LTD [Member] | ||
Line of Credit Facility [Line Items] | ||
Starting date | Nov. 4, 2015 | Oct. 28, 2014 |
Maturity date | Nov. 3, 2016 | Sep. 11, 2015 |
Line of credit | $ 2,306,557 | $ 4,898,119 |
Unused line of credit | $ 995,703 | $ 4,898,119 |
China Everbright Bank [Member] | ||
Line of Credit Facility [Line Items] | ||
Starting date | Jun. 23, 2015 | |
Maturity date | Jun. 22, 2016 | |
Line of credit | $ 7,688,523 | |
Unused line of credit | $ 3,647,289 | |
Hongkong and Shanghai Banking Corporation Limited [Member] | ||
Line of Credit Facility [Line Items] | ||
Starting date | Sep. 1, 2015 | |
Maturity date | Jul. 15, 2016 | |
Line of credit | $ 8,000,000 | |
Unused line of credit | $ 8,000,000 |
Lines of credit (Details Textua
Lines of credit (Details Textual) | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |
Debt Covenant Percentage Of Total Net Assets | 20.00% |
Long-term loans (Details)
Long-term loans (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long term loans from Bank of China | $ 1,845,245 | $ 3,918,495 |
Less: current portion of long-term borrowings | 1,845,245 | 1,959,248 |
Long- term bank loans, net of current portion | $ 0 | $ 1,959,247 |
Long-term loans (Details 1)
Long-term loans (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,016 | $ 1,845,245 | |
Long-tem debt | $ 1,845,245 | $ 3,918,495 |
Long-term loans (Details Textua
Long-term loans (Details Textual) - Bank Of China [Member] ¥ in Millions | 1 Months Ended | 12 Months Ended | ||||
Dec. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jan. 13, 2012USD ($) | Jan. 13, 2012CNY (¥) | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 8,198,065 | ¥ 50 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.23% | |||||
Debt Instrument Basis Multiple | 110.00% | |||||
Debt Instrument, Frequency of Periodic Payment | Quarterly | |||||
Interest Expense, Long-term Debt, Total | $ 219,704 | $ 366,142 | ||||
Debt Instrument Periodic Payment Principal Percent Year One | 2.00% | 2.00% | ||||
Debt Instrument Periodic Payment Principal Percent Thereafter | 6.00% | |||||
Debt Instrument, Term | 5 years |
Share-based Compensation (Detai
Share-based Compensation (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Forfeited | (31,427) | (144,714) | |
Stock Options Related to Employees [Member] | |||
Number of Shares | |||
Outstanding, beginning balance | 760,286 | 1,105,000 | |
Granted | 75,000 | 0 | |
Exercised | (16,933) | (200,000) | |
Forfeited | (26,336) | (44,714) | |
Canceled | (5,091) | (100,000) | |
Outstanding, ending balance | 786,926 | 760,286 | 1,105,000 |
Exercisable, ending balance | 587,407 | 413,620 | |
Weighted Average Exercise Price | |||
Outstanding, beginning balance | $ 2.92 | $ 2.87 | |
Granted | 4.43 | 0 | |
Exercised | 2.63 | 2.41 | |
Forfeited | 2.63 | 2.63 | |
Canceled | 2.63 | 3.55 | |
Outstanding, ending balance | 3.08 | 2.92 | $ 2.87 |
Exercisable, ending balance | $ 3.16 | $ 3.16 | |
Remaining Contractual Term in Years | |||
Outstanding | 6 years 10 months 24 days | 7 years 9 months 11 days | 8 years 6 months 4 days |
Exercisable, ending balance | 6 years 6 months 22 days | 6 years 11 months 23 days |
Share-based Compensation (Det83
Share-based Compensation (Details 1) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Outstanding, beginning balance | 98,400 | ||
Granted | 0 | 246,000 | |
Released | (98,400) | ||
Forfeited | 0 | ||
Outstanding, ending balance | 0 | 98,400 | |
Expected to vest | 0 | ||
Weighted Average Exercise Price | |||
Outstanding, beginning balance | $ 2.81 | ||
Granted | 0 | ||
Released | 2.81 | ||
Forfeited | 0 | ||
Outstanding, ending balance | 0 | $ 2.81 | |
Expected to vest | $ 0 | ||
Remaining Contractual Term in Years | |||
Outstanding | 0 years | 9 months 7 days | |
Expected to vest | 0 years |
Share-based Compensation (Det84
Share-based Compensation (Details 3) - Non Employee Stock Option [Member] | 12 Months Ended |
Dec. 31, 2014$ / shares | |
Weighted Average Assumptions for Fair Values of Stock Options | |
Expected volatility | 83.60% |
Risk-free interest rate | 1.64% |
Expected term from grant date (in years) | 5 years |
Dividend rate | 0.00% |
Fair value | $ 1.95 |
Share-based Compensation (Det85
Share-based Compensation (Details Textual) - USD ($) | Jan. 17, 2014 | Apr. 30, 2014 | Aug. 15, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 31,427 | 144,714 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 304,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 17 days | |||||
Share-based Compensation | $ 653,017 | $ 1,288,916 | ||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 40,000 | 150,000 | ||||
Share-based Goods and Nonemployee Services Transaction, Stockholders' Equity | $ 171,000 | |||||
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance | 150,000 | |||||
Vesting Immediately [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 5,091 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 7,735 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 7,340 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 20,166 | |||||
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 106,640 | |||||
Stock Options Related to Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 178,000 | $ 1,430,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 75,000 | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 4.43 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 26,336 | 44,714 | ||||
Share-based Compensation | $ 653,000 | $ 767,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 16,933 | 200,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 786,926 | 760,286 | 1,105,000 | |||
Stock Options Related to Employees [Member] | Vested [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 100,000 | |||||
Restricted Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 246,000 | ||||
Restricted Stock Awards [Member] | Vesting Immediately [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||
Restricted Stock Awards [Member] | First Anniversary of Grant Date [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||
Restricted Stock Awards [Member] | Second Anniversary of Grant Date [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | |||||
Warrant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 200,000 | |||||
Share-based Goods and Nonemployee Services Transaction, Stockholders' Equity | $ 390,000 | |||||
Non Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation | $ 0 | $ 522,000 | ||||
2008 Omnibus Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 583,141 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
2008 Omnibus Incentive Plan [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2 | |||||
2008 Omnibus Incentive Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
2008 Omnibus Incentive Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Earnings per share (Details)
Earnings per share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | ||
Net income attributable to the Company | $ 3,854,082 | $ 2,753,236 |
Denominator: | ||
Weighted-average shares outstanding - Basic | 15,096,166 | 14,739,073 |
Weighted-average shares outstanding -diluted | 15,286,196 | 15,154,239 |
Earnings per common share - Basic | $ 0.26 | $ 0.19 |
Earnings per common share - diluted | $ 0.25 | $ 0.18 |
Earnings per share (Details Tex
Earnings per share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 190,029 | 415,166 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 16,933 | 200,000 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 786,926 | 760,286 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 31,427 | 144,714 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 540,001 | 540,001 |
Securities Offering Transacti88
Securities Offering Transaction (Details) - Investor Warrants [Member] - $ / shares | Apr. 17, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Expected volatility | 85.76% | 79.85% | 86.40% |
Risk-free interest rate | 0.90% | 0.56% | 0.79% |
Expected term (in years) | 3 years | 1 year 3 months 18 days | 2 years 3 months 14 days |
Dividend rate | 0.00% | 0.00% | 0.00% |
Fair value | $ 2.3 | $ 0.81 | $ 2.14 |
Securities Offering Transacti89
Securities Offering Transaction (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2014 | Aug. 15, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 1,000,000 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 500,000 | |||
Shares Issued, Price Per Share | $ 5.05 | |||
Proceeds From Sale Of Common Stock And Warrants, Gross | $ 5,050,000 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.50 | |||
Proceeds from Issuance of Common Stock | $ 4,633,164 | $ 44,534 | $ 4,633,164 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.33 | |||
Warrants and Rights Outstanding | $ 1,173,952 | 140,549 | 1,067,674 | |
Stock Issued During Period, Value, New Issues | $ 3,459,212 | 44,534 | 3,459,212 | |
Fair Value Adjustment of Warrants | $ (927,125) | $ (106,278) | ||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 40,000 | 150,000 | ||
Issuance of Stock and Warrants for Services or Claims | $ 94,982 | |||
Banker Warrants [Member] | ||||
Class of Stock [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.33 |
Defined contribution plan (Deta
Defined contribution plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan, Cost Recognized | $ 1,868,879 | $ 1,489,130 |
Non-controlling interest (Detai
Non-controlling interest (Details Textual) | 12 Months Ended | |||||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 13, 2014USD ($) | Nov. 13, 2014CNY (¥) | Dec. 31, 2013USD ($) | Dec. 31, 2013CNY (¥) | May. 15, 2013USD ($) | May. 15, 2013CNY (¥) | |
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Additional Paid in Capital | $ 11,227,979 | $ 10,530,430 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 853,483 | 1,307,239 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (393,812) | (152,369) | ||||||
Ganzhou Highpower Technology Company Limited [Member] | ||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Additional Paid in Capital | $ 6,530,825 | ¥ 40,000,000 | $ 4,898,119 | ¥ 30,000,000 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 853,483 | 1,307,239 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 393,812 | $ 152,369 | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 70.00% | 70.00% | 60.00% | 60.00% | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 40.00% | 40.00% | |||||
Ganzhou Highpower Technology Company Limited [Member] | Minimum [Member] | ||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Additional Paid in Capital | 4,898,119 | 30,000,000 | $ 2,381,293 | ¥ 15,000,000 | ||||
Ganzhou Highpower Technology Company Limited [Member] | Maximum [Member] | ||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Additional Paid in Capital | $ 6,530,825 | 40,000,000 | $ 4,807,847 | ¥ 30,000,000 | ||||
Ganzhou Highpower Technology Company Limited [Member] | Shenzhen Highpower Technology Company Limited [Member] | ||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Additional Paid in Capital | ¥ | ¥ 10,000,000 |
Commitments and contingencies92
Commitments and contingencies (Details) | Dec. 31, 2015USD ($) |
2,016 | $ 1,677,739 |
2,017 | 654,363 |
2,018 | 338,549 |
2,019 | 338,549 |
2,020 | 338,549 |
Thereafter | 1,805,596 |
Total minimum future commitments | $ 5,153,345 |
Commitments and contingencies93
Commitments and contingencies (Details Textual) - USD ($) | Feb. 04, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 14, 2016 |
Commitments and Contingencies Disclosure [Line Items] | ||||
Operating Leases, Rent Expense | $ 1,639,444 | $ 1,589,757 | ||
Subsequent Event [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Loss Contingency Damages, Shares | 150,000 | |||
Loss Contingency, Actions Taken by Defendant | return of the 200,000 warrants and 150,000 shares of Highpower stock previously issued to FirsTrust, plus interest, attorneys’ fees and costs and expenses. The Company believes that it has meritorious defenses to this claim and intends to defend the claim vigorously. | |||
Minimum [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Lease Expiration Year | 2,016 | |||
Maximum [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Lease Expiration Year | 2,026 |
Segment information (Details)
Segment information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 146,181,011 | $ 147,088,166 |
Cost of Sales | 118,234,935 | 116,937,363 |
Gross profit | 27,946,076 | 30,150,803 |
Lithium Batteries [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 78,624,405 | 68,434,832 |
Cost of Sales | 63,644,284 | 54,072,611 |
Gross profit | 14,980,121 | 14,362,221 |
Ni-MH Batteries [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 64,566,252 | 74,971,144 |
Cost of Sales | 50,842,135 | 59,546,738 |
Gross profit | 13,724,117 | 15,424,406 |
New Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,990,354 | 3,682,190 |
Cost of Sales | 3,748,516 | 3,318,014 |
Gross profit | $ (758,162) | $ 364,176 |
Segment information (Details 1)
Segment information (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 134,204,484 | $ 146,154,072 |
Lithium Batteries [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 82,006,317 | 86,339,973 |
Ni-MH Batteries [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 41,590,201 | 50,275,286 |
New Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 10,607,966 | $ 9,538,813 |
Segment information (Details 2)
Segment information (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 146,181,011 | $ 147,088,166 |
China Mainland [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 68,201,408 | 69,271,339 |
Asia, others [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 43,547,384 | 37,699,071 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 26,101,398 | 29,853,397 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 7,450,898 | 9,335,245 |
South America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 499,669 | 426,664 |
Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 190,489 | 289,104 |
Others [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 189,765 | $ 213,346 |
Segment information (Details 3)
Segment information (Details 3) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | $ 36,139,866 | $ 32,316,607 |
China Mainland [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 23,832,388 | 17,282,481 |
Asia, others [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 6,443,781 | 8,662,503 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 5,324,389 | 5,747,058 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 433,458 | 296,572 |
South America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 0 | 211,391 |
Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 55,240 | 81,962 |
Others [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | $ 50,610 | $ 34,640 |