Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 16, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Highpower International, Inc. | |
Entity Central Index Key | 1,368,308 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | HPJ | |
Entity Common Stock, Shares Outstanding | 15,101,679 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash | $ 6,749,909 | $ 5,849,967 |
Restricted cash | 9,250,815 | 11,656,204 |
Accounts receivable, net | 30,004,722 | 36,139,866 |
Notes receivable | 1,795,942 | 1,757,709 |
Prepayments | 5,979,026 | 5,354,552 |
Other receivables | 791,895 | 706,352 |
Inventories | 19,922,932 | 19,218,331 |
Total Current Assets | 74,495,241 | 80,682,981 |
Property, plant and equipment, net | 47,655,212 | 47,464,186 |
Land use right, net | 3,967,322 | 3,963,003 |
Other assets | 537,500 | 550,000 |
Deferred tax assets | 1,683,069 | 1,544,314 |
TOTAL ASSETS | 128,338,344 | 134,204,484 |
Current Liabilities: | ||
Accounts payable | 33,970,319 | 36,077,396 |
Deferred income | 861,369 | 879,944 |
Short-term loan | 15,406,054 | 13,839,341 |
Notes payable | 25,177,482 | 30,490,166 |
Other payables and accrued liabilities | 6,882,074 | 6,292,492 |
Income taxes payable | 1,885,389 | 1,783,013 |
Current portion of long-term loan | 1,393,512 | 1,845,245 |
Total Current Liabilities | 85,576,199 | 91,207,597 |
Warrant Liability | 21,080 | 140,549 |
TOTAL LIABILITIES | 85,597,279 | 91,348,146 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
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 March 31, 2016 and December 31, 2015) | 1,510 | 1,510 |
Additional paid-in capital | 11,338,689 | 11,227,979 |
Statutory and other reserves | 4,042,429 | 4,042,429 |
Retained earnings | 23,755,567 | 24,098,175 |
Accumulated other comprehensive income | 2,878,209 | 2,632,762 |
Total equity for the stockholders of Highpower International Inc. | 42,016,404 | 42,002,855 |
Non-controlling interest | 724,661 | 853,483 |
TOTAL EQUITY | 42,741,065 | 42,856,338 |
TOTAL LIABILITIES AND EQUITY | $ 128,338,344 | $ 134,204,484 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 15,101,679 |
Common Stock, shares outstanding | 15,101,679 | 15,101,679 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net sales | $ 29,097,055 | $ 32,137,648 |
Cost of sales | (23,220,016) | (26,581,934) |
Gross profit | 5,877,039 | 5,555,714 |
Research and development expenses | (1,622,883) | (1,674,124) |
Selling and distribution expenses | (1,535,036) | (1,798,722) |
General and administrative expenses | (3,069,714) | (3,024,751) |
Foreign currency transaction (loss) gain | (90,436) | 370,311 |
Total operating expenses | (6,318,069) | (6,127,286) |
Loss from operations | (441,030) | (571,572) |
Change in fair value of warrant liability | 119,469 | 346,299 |
Other income | 155,928 | 230,092 |
Interest expenses | (274,992) | (268,642) |
Net loss before taxes | (440,625) | (263,823) |
Income taxes (expenses) benefit | (35,504) | 95,256 |
Net loss | (476,129) | (168,567) |
Less: net loss attributable to non-controlling interest | (133,521) | (45,209) |
Net loss attributable to Highpower International Inc. | (342,608) | (123,358) |
Comprehensive loss | ||
Net loss | (476,129) | (168,567) |
Foreign currency translation gain (loss) | 250,146 | (204,761) |
Comprehensive loss | (225,983) | (373,328) |
Less: comprehensive loss attributable to non-controlling interest | (128,822) | (49,173) |
Comprehensive loss attributable to Highpower International Inc. | $ (97,161) | $ (324,155) |
Loss per share of common stock attributable to Highpower International Inc. | ||
- Basic and Diluted | $ (0.02) | $ (0.01) |
Weighted average number of common stock outstanding | ||
- Basic and Diluted | 15,101,679 | 15,086,169 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net loss | $ (476,129) | $ (168,567) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,256,379 | 1,246,043 |
Allowance for doubtful accounts | 0 | 21 |
Loss on disposal of property, plant and equipment | 52,218 | 11,709 |
Deferred income tax | 127,117 | (187,373) |
Share based payment | 110,710 | 121,361 |
Change in fair value of warrant liability | (119,469) | (346,299) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 6,287,966 | 1,576,803 |
Notes receivable | (25,833) | (2,309,732) |
Prepayments | (582,543) | (1,434,905) |
Other receivable | (79,930) | 33,367 |
Inventories | (566,489) | 434,169 |
Accounts payable | (2,600,952) | (5,404,188) |
Other payables and accrued liabilities | 544,018 | (127,282) |
Income taxes payable | 89,225 | 39,612 |
Net cash flows provided by (used in) operating activities | 4,016,288 | (6,515,261) |
Cash flows from investing activities | ||
Acquisitions of plant and equipment | (1,059,030) | (1,664,663) |
Net cash flows used in investing activities | (1,059,030) | (1,664,663) |
Cash flows from financing activities | ||
Proceeds from short-term bank loans | 1,457,726 | 0 |
Repayment of long-term bank loans | (460,335) | (488,250) |
Proceeds from notes payable | 9,482,054 | 16,882,947 |
Repayment of notes payable | (14,956,180) | (12,237,353) |
Proceeds from exercise of employee options | 0 | 9,339 |
Change in restricted cash | 2,463,747 | (609,041) |
Net cash flows (used in) provided by financing activities | (2,012,988) | 3,557,642 |
Effect of foreign currency translation on cash and cash equivalents | (44,328) | (66,650) |
Net increase (decrease) in cash and cash equivalents | 899,942 | (4,688,932) |
Cash and cash equivalents - beginning of period | 5,849,967 | 14,611,892 |
Cash and cash equivalents - end of period | 6,749,909 | 9,922,960 |
Cash paid for: | ||
Income taxes | 73,396 | 52,505 |
Interest expenses | 274,992 | 268,642 |
Non-cash transactions | ||
Reduction of property, plant and equipment cost by realizing deferred income | $ 20,892 | $ 0 |
Organization and basis of prese
Organization and basis of presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization and basis of presentation [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and basis of presentation 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"), 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 RMB 15,000,000 2,381,293 30,000,000 4,807,847 30,000,000 4,898,119 40,000,000 6,530,825 10,000,000 70 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 Highpower Energy Technology (Huizhou) Company Limited (“HZ Highpower”) which was formed by HKHTC in 2008, was dissolved in September 2015. The subsidiary did not commence operation since establishment. Therefore, the Company did not consider it as a strategic shift. The subsidiaries of the Company and their principal activities are described as follows: Name of company Place and date Attributable equity Principal activities HKHTC Hong Kong 100 % Investment holding and marketing of batteries SZ Highpower PRC 100 % Manufacturing & marketing of NiMH batteries SZ Springpower PRC 100 % Research & manufacturing of lithium batteries GZ Highpower PRC 70 % Processing, marketing and research of battery materials ICON PRC 100 % Design and production of advanced battery packs and systems HZ HTC PRC 100 % Manufacturing & marketing of lithium batteries |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2016 | |
Summary of significant accounting policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies The accompanying consolidated balance sheet as of December 31, 2015, which has been derived from audited financial statements, and the unaudited interim consolidated financial statements as of March 31, 2016 and for the three ended March 31, 2016 and 2015 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and disclosures, which are normally included in financial statements prepared in accordance with United States generally accepted accounting principles (U.S. GAAP), have been condensed or omitted pursuant to such rules and regulations. The interim financial information should be read in conjunction with the Financial Statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, previously filed with the SEC on March 29, 2016. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair presentation of the Company’s consolidated financial position as of March 31, 2016, its consolidated results of operations and cash flows for the three months ended March 31, 2016 and 2015, as applicable, have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. Principles of consolidation The consolidated financial statements include the accounts of Highpower 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 significantly 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 total sales during the three months ended March 31, 2016 and 2015. There was one major supplier that accounted for 14.4 There was one major customer that accounted for 11.5 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 included in notes payable. 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 against the allowance after all collection efforts have ceased. 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 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 one year. 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. 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 Shorter of the remaining lease terms or estimated useful lives 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. Other assets Other 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. 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 subsequently deducted in calculating the carrying amount of the related asset after the purchase, construction or acquisition completed. As of March 31, 2016 and December 31, 2015, the Company recorded deferred income of $ 861,369 879,944 Government grants for the purpose of giving immediate financial support to the Company by local government are recognized as other income when received. In the three months ended March 31, 2016 and 2015, $ 6,669 109,295 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 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. 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, 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, is expensed as incurred. No significant advertising expense was recorded for the three months ended March 31, 2016 and 2015. 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 earlier of 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 March 31, 2016 and December 31, 2015. 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 reportable segments, namely (i) Lithium Batteries; (ii) Ni-MH Batteries; and (iii) New Material. 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. Basic loss per share is computed by dividing loss attributable to holders of common shares by the weighted average number of common shares outstanding during the year. Diluted earnings per share (“EPS”) reflect 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. In April 2016, the FASB issued Accounting Standards Update 2016-10, Revenue from Contracts with Customers, or ASU 2016-10. These new standards will identify performance obligations. The Company is currently 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 adopting ASU 2016-02 on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update (ASU) 2016-09, CompensationStock Compensation (Topic 718). Under this update, share-based payment transactions simplified several aspects of the accounting, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. The Company is currently evaluating the impact of adopting ASU 2016-09 on our consolidated financial statements. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Restricted cash [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | Restricted cash As of March 31, 2016 and December 31, 2015, restricted cash consisted of the following: March 31, December 31, 2016 2015 (Unaudited) $ $ Securities for bank acceptance bill 9,250,815 11,392,231 Time deposits - 263,973 9,250,815 11,656,204 |
Accounts receivable, net
Accounts receivable, net | 3 Months Ended |
Mar. 31, 2016 | |
Accounts receivable, net [Abstract] | |
Accounts Receivable [Text Block] | 4. Accounts receivable, net As of March 31, 2016 and December 31, 2015, accounts receivable consisted of the following: March 31, December 31, 2016 2015 (Unaudited) $ $ Accounts receivable 32,077,851 38,211,951 Less: allowance for doubtful debts 2,073,129 2,072,085 30,004,722 36,139,866 |
Prepayments
Prepayments | 3 Months Ended |
Mar. 31, 2016 | |
Prepayments [Abstract] | |
Prepaid Expense [Text Block] | 5. Prepayments March 31, December 31, 2016 2015 (Unaudited) $ $ Purchase deposits paid 4,424,535 3,752,125 Value-added tax (“VAT”) prepayment 118,580 546,358 Rental deposit 417,625 414,843 Prepaid insurance fee 287,969 206,424 Advances to employee for daily operations 349,562 39,886 Other deposits and prepayments 380,755 394,916 5,979,026 5,354,552 Other deposits and prepayments represent prepaid expenses and prepayments to services providers. |
Other receivables
Other receivables | 3 Months Ended |
Mar. 31, 2016 | |
Other receivables [Abstract] | |
Other Receivables [Text Block] | 6. Other receivables March 31, December 31, 2016 2015 (Unaudited) $ $ Compensation receivable for land occupation 489,736 486,370 Others 302,159 219,982 791,895 706,352 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventories [Abstract] | |
Inventory Disclosure [Text Block] | 7. Inventories March 31, December 31, 2016 2015 (Unaudited) $ $ Raw materials 6,295,049 4,320,455 Work in progress 3,809,284 4,568,530 Finished goods 9,481,031 9,994,401 Packing materials 18,608 17,167 Consumables 318,960 317,778 19,922,932 19,218,331 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 net realizable value. $ 991,784 1,451,553 |
Property, plant and equipment,
Property, plant and equipment, net | 3 Months Ended |
Mar. 31, 2016 | |
Property, plant and equipment, net [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 8. Property, plant and equipment, net March 31, December 31, 2016 2015 (Unaudited) $ $ Cost Construction in progress 1,253,755 1,678,961 Furniture, fixtures and office equipment 4,007,455 3,882,594 Leasehold improvement 5,120,342 4,092,668 Machinery and equipment 29,518,487 29,295,041 Motor vehicles 1,691,856 1,643,173 Buildings 23,451,888 23,046,056 65,043,783 63,638,493 Less: accumulated depreciation 17,388,571 16,174,307 47,655,212 47,464,186 The Company recorded depreciation expenses of $ 1,220,977 1,209,252 During the three months ended March 31, 2016, the Company deducted deferred income related to government grants of $ 20,892 2,547,545 The buildings comprising the Huizhou facilities have been pledged as collateral for bank loans as of March 31, 2016 and December 31, 2015. acceptance bills drawn under certain lines of credit (see Note 15) as of March 31, 2016 and December 31, 2015. |
Land use rights, net
Land use rights, net | 3 Months Ended |
Mar. 31, 2016 | |
Land use rights, net [Abstract] | |
Land Use Rights Disclosure [Text Block] | 9. Land use rights, net March 31, December 31, 2016 2015 (Unaudited) $ $ Cost Land located in Huizhou 3,324,776 3,301,923 Land located in Ganzhou 1,297,061 1,288,146 4,621,837 4,590,069 Accumulated amortization (654,515) (627,066) Net 3,967,322 3,963,003 As of March 31, 2016, 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 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 $ Remaining 2016 68,705 2017 91,607 2018 91,607 2019 91,607 2020 91,607 thereafter 3,532,189 3,967,322 The Company recorded amortization expenses of $ 22,902 24,291 The land use right for land located in Huizhou City was pledged as collateral for bank loans as of March 31, 2016 and December 31, 2015. As of March 31, 2016 and December 31, 2015, the land use right for land located in Ganzhou City was pledged as collateral for line of credit, which was used for short-term loans and bank acceptance bills. |
Other assets
Other assets | 3 Months Ended |
Mar. 31, 2016 | |
Intangible asset [Abstract] | |
Intangible Assets Disclosure [Text Block] | 10. Other assets March 31, December 31, 2016 2015 (Unaudited) $ $ Cost Consumer battery license fee 1,000,000 1,000,000 Accumulated amortization (462,500) (450,000) Net 537,500 550,000 The Company is amortizing the $ 1,000,000 20 As of March 31, 2016 and December 31, 2015, the Company has 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 research and development expenses were $ 12,500 |
Other payables and accrued liab
Other payables and accrued liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Other payables and accrued liabilities [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Other payables and accrued liabilities March 31, December 31, 2016 2015 (Unaudited) $ $ Accrued expenses 3,526,616 3,816,940 Royalty payable 464,246 461,055 VAT payable 759,350 959,422 Sales deposits received 801,859 562,696 Other payables 1,330,003 492,379 6,882,074 6,292,492 Other payables mainly represent department expenses payable and scholarship funds payable. |
Taxation
Taxation | 3 Months Ended |
Mar. 31, 2016 | |
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 is 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 these subsidiaries fail to renew NHTE status, they will be subject to income tax at a rate of 25 All the PRC subsidiaries received NHTE status and enjoy 15 1) Three months ended March 31, 2016 2015 (Unaudited) (Unaudited) $ $ Current 162,621 92,117 Deferred (127,117) (187,373) Total income taxes expenses (benefit) 35,504 (95,256) 2) Three months ended March 31, 2016 2015 (Unaudited) (Unaudited) $ $ Loss before tax (440,625) (263,823) Provision for income taxes at applicable income tax rate (103,599) (86,173) Effect of preferential tax rate (23,670) (6,295) Non-deductible expenses 17,620 14,954 Change in valuation allowance 145,153 (17,742) Effective enterprise income taxes expenses (benefit) 35,504 (95,256) 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. March 31 December 31, 2016 2015 (Unaudited) $ $ Tax loss carry-forward 3,736,800 3,382,543 Allowance for doubtful receivables 47,523 47,197 Allowance for inventory obsolescence 148,768 217,733 Difference for sales cut-off 30,023 33,071 Deferred income 129,205 131,992 Property, plant and equipment subsidized by government grant 494,883 490,883 Total gross deferred tax assets 4,587,202 4,303,419 Valuation allowance (2,904,133) (2,759,105) Total net deferred tax assets 1,683,069 1,544,314 The deferred tax assets arising from net operating losses will expire from 2018 if not utilized. As of March 31, 2016, valuation allowance was provided against deferred tax assets in entities where it was determined it was more likely than not that the benefits of the deferred tax assets will not be realized. The Company had deferred tax assets which consisted of tax loss carry-forwards and others, which can be carried forward to offset future taxable income. The management determines it is more likely than not that part of deferred tax assets could not be utilized, so allowance was provided as of March 31, 2016 and December 31, 2015. |
Notes payable
Notes payable | 3 Months Ended |
Mar. 31, 2016 | |
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 acceptance bills which are non-interest bearing and generally mature within six months. The outstanding bank acceptance bills are secured by restricted cash deposited in banks. Outstanding bank acceptance bills were $ 25,065,717 30,379,170 As of March 31, 2016 and December 31, 2015, the outstanding trade acceptances to suppliers were $ 111,765 110,996 |
Short-term loans
Short-term loans | 3 Months Ended |
Mar. 31, 2016 | |
Short-term loans [Abstract] | |
Short-term Debt [Text Block] | 14. Short-term loans March 31, December 31, 2016 2015 (Unaudited) $ $ Short- term bank loans guaranteed and repayable within one year 15,406,054 13,839,341 As of March 31, 2016, 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, land use right with a carrying amount of $ 3,967,322 12,566,740 These short-term loans are drawn from the lines of credit (Note 15). The loans as of March 31, 2016 were primarily obtained from three banks with interest rates ranging from 4.35 6.06 207,108 201,014 |
Lines of credit
Lines of credit | 3 Months Ended |
Mar. 31, 2016 | |
Lines of credit [Abstract] | |
Line Of Credit Facilities [Text Block] | Lines of credit March 31, 2016 (Unaudited) Lender Starting Maturity Line of credit Unused line of $ $ Bank of China 7/13/2015 9/13/2016 13,857,707 5,204,681 Bank of China 7/1/2015 6/30/2016 11,280,815 2,651,596 Ping An Bank Co., Ltd 12/10/2015 12/9/2016 10,838,430 3,264,890 China Minsheng Banking Corp., LTD 7/16/2015 7/16/2016 4,423,849 3,601,771 Industrial Bank CO., LTD. 7/15/2015 7/15/2016 9,290,083 7,159,752 China Everbright Bank 6/13/2015 6/22/2016 7,741,736 2,402,503 Industrial and Commercial Bank of China 10/1/2015 10/1/2016 7,741,736 4,645,041 Jiang Su Bank Co., Ltd (i) 11/4/2015 11/3/2016 2,862,379 10,642 Hong Kong and Shanghai Banking Corporation 9/1/2015 7/15/2016 8,000,000 8,000,000 Total 76,036,735 36,940,876 (i) The lines of credit from the bank are terminated at the maturity date. Jiang Su Bank Co., Ltd provided a $ 2.3 2.3 35 2.86 December 31, 2015 Lender Starting Maturity Line of Unused line of $ $ 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 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, Industrial and Commercial Bank of China, and Hongkong and Shanghai Banking Corporation Limited 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. |
Long-term loans
Long-term loans | 3 Months Ended |
Mar. 31, 2016 | |
Long-term loans [Abstract] | |
Long-term Debt [Text Block] | 16. Long-term loans March 31, December 31, (Unaudited) $ $ Long-term loans from Bank of China 1,393,512 1,845,245 Less: current portion of long-term borrowings 1,393,512 1,845,245 Long- term bank loans, net of current portion - - On January 13, 2012, the Company borrowed $ 8,198,065 50 110 The interest expenses were $ 25,636 67,628 The principal is to be repaid quarterly from September 30, 2012. 2 6 |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 17. Share-based Compensation The 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 and generally vest over three to five years with an exercise price equal to the fair market value on the date of grant. Incentive stock options (ISOs) granted must have an exercise price equal to or greater than the fair market value of the Company’s common stock on the date of grant. Repricing of stock options and SARs is permitted without stockholder approval. If a particular award agreement so provides, certain change in control transactions may cause such awards granted under the 2008 Plan to vest at an accelerated rate, unless the awards are continued or substituted for in connection with the transaction. As of March 31, 2016, 393,141 Number of Weighted Remaining $ 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 Number of Weighted Remaining $ Outstanding, January 1, 2016 786,926 3.08 6.90 Granted 190,000 2.66 - Outstanding, March 31, 2016 976,926 3.00 7.26 Exercisable, March 31, 2016 617,407 3.21 6.49 The aggregate intrinsic value of options vested and expected to vest as of March 31, 2016 and December 31, 2015 was approximately $ 1,000 178,000 During the three months ended March 31, 2016, the Company granted options to purchase 190,000 2.66 During the three months ended March 31, 2015, the Company did not grant any new options to employees. Three employees exercised their options to purchase 3,551 The estimated fair value of share-based compensation to employees is recognized on a ratable basis over the requisite service period, which is generally the vesting period of the award. Restricted Stock Awards Granted to Employees There were no RSAs granted to employees during the three months ended March 31, 2016. Total Share-based Compensation Expenses As of March 31, 2016 the gross amount of unrecognized share-based compensation expense relating to unvested share-based awards held by employees was approximately $ 484,000 1.81 In connection with the grant of stock options, restricted stock awards and warrants to employees, the Company recorded stock-based compensation expenses of $ 110,710 121,361 |
Loss per share
Loss per share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings per share [Abstract] | |
Earnings Per Share [Text Block] | Loss per share Basic loss per common share is computed by dividing loss available to common stockholders by the weighted-average 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 and 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 stock in the diluted EPS computation in periods of losses from continuing operations, as their effect would be anti-dilutive. Three months ended March 31, 2016 2015 (Unaudited) (Unaudited) $ $ Numerator: Net loss attributable to Highpower (342,608) (123,358) Denominator: Weighted-average shares outstanding - Basic and Diluted 15,101,679 15,086,169 Loss per common share - Basic and Diluted (0.02) (0.01) 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. There were 1,716,927 1,406,736 |
Securities Offering Transaction
Securities Offering Transaction | 3 Months Ended |
Mar. 31, 2016 | |
Securities Offering Transaction [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 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 March 31, 2016 and December 31, 2015 the fair value of warrant liability was $ 21,080 140,549 119,469 346,299 March 31, 2016 December 31,2015 Expected volatility 69.45 % 79.85 % Risk-free interest rate 0.6 % 0.56 % Expected term (in years) 1.05 1.30 Dividend rate - - Fair value $ 0.04 $ 0.81 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 $ 335,558 412,688 |
Non-controlling interest
Non-controlling interest | 3 Months Ended |
Mar. 31, 2016 | |
Non-controlling interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 21. Non-controlling interest As of March 31, 2016 and December 31, 2015, non-controlling interest related to the 30 724,661 853,483 Non-controlling interest related to GZ Highpower in the consolidated statements of operations was loss of $ 133,521 45,209 |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 22. Commitments and contingencies Operating leases commitments The Company leases factory and office premises under various non-cancelable operating lease agreements that expire at various dates through years 2016 2026 $ Remaining 2016 1,230,144 2017 658,892 2018 340,892 2019 340,892 2020 340,892 2021 and after 1,874,908 4,786,620 Rent expenses for the three months ended March 31, 2016 and 2015 were $ 405,573 404,194 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 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. |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2016 | |
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. Three months ended March 31, 2016 2015 (Unaudited) (Unaudited) $ $ Net sales Lithium Batteries 15,314,945 16,820,628 Ni-MH Batteries 12,856,325 14,759,470 New Materials 925,785 557,550 Total 29,097,055 32,137,648 Cost of Sales Lithium Batteries 12,507,331 14,333,392 Ni-MH Batteries 9,605,806 11,715,453 New Materials 1,106,879 533,089 Total 23,220,016 26,581,934 Gross Profit Lithium Batteries 2,807,614 2,487,236 Ni-MH Batteries 3,250,519 3,044,017 New Materials (181,094) 24,461 Total 5,877,039 5,555,714 March 31, 2016 December 31,2015 (Unaudited) $ $ Total Assets Lithium Batteries 81,831,102 82,006,317 Ni-MH Batteries 36,166,431 41,590,201 New Materials 10,340,811 10,607,966 Total 128,338,344 134,204,484 Three months ended March 31, 2016 2015 (Unaudited) (Unaudited) $ $ Net sales China Mainland 8,529,079 14,025,332 Asia, others 11,980,367 10,441,887 Europe 6,315,779 5,816,186 North America 1,634,146 1,556,611 South America 464,897 153,929 Africa 24,033 103,807 Others 148,754 39,896 29,097,055 32,137,648 March 31, 2016 December 31, 2015 (Unaudited) $ $ Accounts receivable China Mainland 25,311,894 23,832,388 Asia, others 4,032,416 6,443,781 Europe 505,618 5,324,389 North America 122,191 433,458 South America 20,635 - Africa - 55,240 Others 11,968 50,610 30,004,722 36,139,866 |
Subsequent event
Subsequent event | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent event [Abstract] | |
Subsequent Events [Text Block] | 24. Subsequent event On April 1, 2016, the Company entered into an investment agreement to invest RMB 5 million (equal to $0.8 million) to Huizhou Yipeng Energy Technology Co. Ltd. (“Yipeng”) in exchange of 5.26% of the equity of Yipeng and become the noncontrolling shareholder. On May 2, 2016, Yipeng completed the business registration and was a related party of the Company from then on. The Company has evaluated subsequent events through the issuance of the consolidated financial statements and no other subsequent event is identified. |
Summary of significant accoun30
Summary of significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Summary of significant accounting policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying consolidated balance sheet as of December 31, 2015, which has been derived from audited financial statements, and the unaudited interim consolidated financial statements as of March 31, 2016 and for the three ended March 31, 2016 and 2015 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and disclosures, which are normally included in financial statements prepared in accordance with United States generally accepted accounting principles (U.S. GAAP), have been condensed or omitted pursuant to such rules and regulations. The interim financial information should be read in conjunction with the Financial Statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, previously filed with the SEC on March 29, 2016. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair presentation of the Company’s consolidated financial position as of March 31, 2016, its consolidated results of operations and cash flows for the three months ended March 31, 2016 and 2015, as applicable, have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements include the accounts of Highpower 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 significantly 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 total sales during the three months ended March 31, 2016 and 2015. There was one major supplier that accounted for 14.4 There was one major customer that accounted for 11.5 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 included in notes payable. |
Receivables, Policy [Policy Text Block] | Accounts receivable 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 against the allowance after all collection efforts have ceased. 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 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 one year. |
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. 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 Shorter of the remaining lease terms or estimated useful lives 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 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] | Other assets Other 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. |
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 subsequently deducted in calculating the carrying amount of the related asset after the purchase, construction or acquisition completed. As of March 31, 2016 and December 31, 2015, the Company recorded deferred income of $ 861,369 879,944 Government grants for the purpose of giving immediate financial support to the Company by local government are recognized as other income when received. In the three months ended March 31, 2016 and 2015, $ 6,669 109,295 |
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. |
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, is expensed as incurred. No significant advertising expense was recorded for the three months ended March 31, 2016 and 2015. |
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 earlier of 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 March 31, 2016 and December 31, 2015. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive loss 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 reportable segments, namely (i) Lithium Batteries; (ii) Ni-MH Batteries; and (iii) New Material. |
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. |
Earnings Per Share, Policy [Policy Text Block] | Loss per share Basic loss per share is computed by dividing loss attributable to holders of common shares by the weighted average number of common shares outstanding during the year. Diluted earnings per share (“EPS”) reflect 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. In April 2016, the FASB issued Accounting Standards Update 2016-10, Revenue from Contracts with Customers, or ASU 2016-10. These new standards will identify performance obligations. The Company is currently 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 adopting ASU 2016-02 on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update (ASU) 2016-09, CompensationStock Compensation (Topic 718). Under this update, share-based payment transactions simplified several aspects of the accounting, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. The Company is currently evaluating the impact of adopting ASU 2016-09 on our consolidated financial statements. 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. |
Organization and basis of pre31
Organization and basis of presentation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization and basis of presentation [Abstract] | |
Schedule of Subsidiaries and Principal Activities [Table Text Block] | Name of company Place and date Attributable equity Principal activities HKHTC Hong Kong 100 % Investment holding and marketing of batteries SZ Highpower PRC 100 % Manufacturing & marketing of NiMH batteries SZ Springpower PRC 100 % Research & manufacturing of lithium batteries GZ Highpower PRC 70 % Processing, marketing and research of battery materials ICON PRC 100 % Design and production of advanced battery packs and systems HZ HTC PRC 100 % Manufacturing & marketing of lithium batteries |
Summary of significant accoun32
Summary of significant accounting policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Summary of significant accounting policies [Abstract] | |
Schedule Of Composite Depreciation Rate [Table Text Block] | Buildings 2.5% -5 % Furniture, fixtures and office equipment 20 % Leasehold improvement Shorter of the remaining lease terms or estimated useful lives Machinery and equipment 10 % Motor vehicles 20 % |
Restricted cash (Tables)
Restricted cash (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restricted cash [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) $ $ Securities for bank acceptance bill 9,250,815 11,392,231 Time deposits - 263,973 9,250,815 11,656,204 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounts receivable, net [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) $ $ Accounts receivable 32,077,851 38,211,951 Less: allowance for doubtful debts 2,073,129 2,072,085 30,004,722 36,139,866 |
Prepayments (Tables)
Prepayments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Prepayments [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) $ $ Purchase deposits paid 4,424,535 3,752,125 Value-added tax (“VAT”) prepayment 118,580 546,358 Rental deposit 417,625 414,843 Prepaid insurance fee 287,969 206,424 Advances to employee for daily operations 349,562 39,886 Other deposits and prepayments 380,755 394,916 5,979,026 5,354,552 |
Other receivables (Tables)
Other receivables (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other receivables [Abstract] | |
Schedule Of Other Accounts Receivable [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) $ $ Compensation receivable for land occupation 489,736 486,370 Others 302,159 219,982 791,895 706,352 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventories [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) $ $ Raw materials 6,295,049 4,320,455 Work in progress 3,809,284 4,568,530 Finished goods 9,481,031 9,994,401 Packing materials 18,608 17,167 Consumables 318,960 317,778 19,922,932 19,218,331 |
Property, plant and equipment38
Property, plant and equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, plant and equipment, net [Abstract] | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) $ $ Cost Construction in progress 1,253,755 1,678,961 Furniture, fixtures and office equipment 4,007,455 3,882,594 Leasehold improvement 5,120,342 4,092,668 Machinery and equipment 29,518,487 29,295,041 Motor vehicles 1,691,856 1,643,173 Buildings 23,451,888 23,046,056 65,043,783 63,638,493 Less: accumulated depreciation 17,388,571 16,174,307 47,655,212 47,464,186 |
Land use rights, net (Tables)
Land use rights, net (Tables) - Land Use Right [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) $ $ Cost Land located in Huizhou 3,324,776 3,301,923 Land located in Ganzhou 1,297,061 1,288,146 4,621,837 4,590,069 Accumulated amortization (654,515) (627,066) Net 3,967,322 3,963,003 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | $ Remaining 2016 68,705 2017 91,607 2018 91,607 2019 91,607 2020 91,607 thereafter 3,532,189 3,967,322 |
Other assets (Tables)
Other assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) $ $ Cost Consumer battery license fee 1,000,000 1,000,000 Accumulated amortization (462,500) (450,000) Net 537,500 550,000 |
Other payables and accrued li41
Other payables and accrued liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other payables and accrued liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) $ $ Accrued expenses 3,526,616 3,816,940 Royalty payable 464,246 461,055 VAT payable 759,350 959,422 Sales deposits received 801,859 562,696 Other payables 1,330,003 492,379 6,882,074 6,292,492 |
Taxation (Tables)
Taxation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Taxation [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision for income taxes expenses (benefit) are: Three months ended March 31, 2016 2015 (Unaudited) (Unaudited) $ $ Current 162,621 92,117 Deferred (127,117) (187,373) Total income taxes expenses (benefit) 35,504 (95,256) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation of income tax expense computed at the statutory tax rate applicable to the Company to income taxes expenses (benefit) is as follows: Three months ended March 31, 2016 2015 (Unaudited) (Unaudited) $ $ Loss before tax (440,625) (263,823) Provision for income taxes at applicable income tax rate (103,599) (86,173) Effect of preferential tax rate (23,670) (6,295) Non-deductible expenses 17,620 14,954 Change in valuation allowance 145,153 (17,742) Effective enterprise income taxes expenses (benefit) 35,504 (95,256) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The following represents the tax effect of each major type of temporary difference. March 31 December 31, 2016 2015 (Unaudited) $ $ Tax loss carry-forward 3,736,800 3,382,543 Allowance for doubtful receivables 47,523 47,197 Allowance for inventory obsolescence 148,768 217,733 Difference for sales cut-off 30,023 33,071 Deferred income 129,205 131,992 Property, plant and equipment subsidized by government grant 494,883 490,883 Total gross deferred tax assets 4,587,202 4,303,419 Valuation allowance (2,904,133) (2,759,105) Total net deferred tax assets 1,683,069 1,544,314 |
Short-term loans (Tables)
Short-term loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Short-term loans [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) $ $ Short- term bank loans guaranteed and repayable within one year 15,406,054 13,839,341 |
Lines of credit (Tables)
Lines of credit (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Lines of credit [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | March 31, 2016 (Unaudited) Lender Starting Maturity Line of credit Unused line of $ $ Bank of China 7/13/2015 9/13/2016 13,857,707 5,204,681 Bank of China 7/1/2015 6/30/2016 11,280,815 2,651,596 Ping An Bank Co., Ltd 12/10/2015 12/9/2016 10,838,430 3,264,890 China Minsheng Banking Corp., LTD 7/16/2015 7/16/2016 4,423,849 3,601,771 Industrial Bank CO., LTD. 7/15/2015 7/15/2016 9,290,083 7,159,752 China Everbright Bank 6/13/2015 6/22/2016 7,741,736 2,402,503 Industrial and Commercial Bank of China 10/1/2015 10/1/2016 7,741,736 4,645,041 Jiang Su Bank Co., Ltd (i) 11/4/2015 11/3/2016 2,862,379 10,642 Hong Kong and Shanghai Banking Corporation 9/1/2015 7/15/2016 8,000,000 8,000,000 Total 76,036,735 36,940,876 (i) The lines of credit from the bank are terminated at the maturity date. Jiang Su Bank Co., Ltd provided a $ 2.3 2.3 35 2.86 December 31, 2015 Lender Starting Maturity Line of Unused line of $ $ 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 |
Long-term loans (Tables)
Long-term loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Long-term loans [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, December 31, (Unaudited) $ $ Long-term loans from Bank of China 1,393,512 1,845,245 Less: current portion of long-term borrowings 1,393,512 1,845,245 Long- term bank loans, net of current portion - - |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Options Granted to Employees Number of Weighted Remaining $ 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 Number of Weighted Remaining $ Outstanding, January 1, 2016 786,926 3.08 6.90 Granted 190,000 2.66 - Outstanding, March 31, 2016 976,926 3.00 7.26 Exercisable, March 31, 2016 617,407 3.21 6.49 |
Loss per share (Tables)
Loss per share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 and 2015. Three months ended March 31, 2016 2015 (Unaudited) (Unaudited) $ $ Numerator: Net loss attributable to Highpower (342,608) (123,358) Denominator: Weighted-average shares outstanding - Basic and Diluted 15,101,679 15,086,169 Loss per common share - Basic and Diluted (0.02) (0.01) |
Securities Offering Transacti48
Securities Offering Transaction (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Securities Offering Transaction [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | 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 as of March 31, 2016 and December 31, 2015 were calculated using the Black-Scholes pricing model with the following assumptions: March 31, 2016 December 31,2015 Expected volatility 69.45 % 79.85 % Risk-free interest rate 0.6 % 0.56 % Expected term (in years) 1.05 1.30 Dividend rate - - Fair value $ 0.04 $ 0.81 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and contingencies [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum future commitments under these agreements as of March 31, 2016 are as follows: $ Remaining 2016 1,230,144 2017 658,892 2018 340,892 2019 340,892 2020 340,892 2021 and after 1,874,908 4,786,620 |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The CODM evaluates performance based on each reporting segment’s net sales, cost of sales, gross profit and total assets. Net sales, cost of sales, gross profit and total assets by segments is set out as follows: Three months ended March 31, 2016 2015 (Unaudited) (Unaudited) $ $ Net sales Lithium Batteries 15,314,945 16,820,628 Ni-MH Batteries 12,856,325 14,759,470 New Materials 925,785 557,550 Total 29,097,055 32,137,648 Cost of Sales Lithium Batteries 12,507,331 14,333,392 Ni-MH Batteries 9,605,806 11,715,453 New Materials 1,106,879 533,089 Total 23,220,016 26,581,934 Gross Profit Lithium Batteries 2,807,614 2,487,236 Ni-MH Batteries 3,250,519 3,044,017 New Materials (181,094) 24,461 Total 5,877,039 5,555,714 March 31, 2016 December 31,2015 (Unaudited) $ $ Total Assets Lithium Batteries 81,831,102 82,006,317 Ni-MH Batteries 36,166,431 41,590,201 New Materials 10,340,811 10,607,966 Total 128,338,344 134,204,484 |
Revenue from External Customers by Geographic Areas [Table Text Block] | All long-lived assets of the Company are located in the PRC. Geographic information about the sales and accounts receivable based on the location of the Company’s customers is set out as follows: Three months ended March 31, 2016 2015 (Unaudited) (Unaudited) $ $ Net sales China Mainland 8,529,079 14,025,332 Asia, others 11,980,367 10,441,887 Europe 6,315,779 5,816,186 North America 1,634,146 1,556,611 South America 464,897 153,929 Africa 24,033 103,807 Others 148,754 39,896 29,097,055 32,137,648 |
Accounts Receivable From External Customers By Geographic Areas [Table Text Block] | March 31, 2016 December 31, 2015 (Unaudited) $ $ Accounts receivable China Mainland 25,311,894 23,832,388 Asia, others 4,032,416 6,443,781 Europe 505,618 5,324,389 North America 122,191 433,458 South America 20,635 - Africa - 55,240 Others 11,968 50,610 30,004,722 36,139,866 |
Organization and basis of pre51
Organization and basis of presentation (Details Textual) | 1 Months Ended | ||||||
Apr. 30, 2014USD ($)$ / sharesshares | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 13, 2014USD ($) | Nov. 13, 2014CNY (¥) | May. 15, 2013USD ($) | May. 15, 2013CNY (¥) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Additional Paid in Capital | $ | $ 11,338,689 | $ 11,227,979 | |||||
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 | ||||||
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% | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | |||||
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 |
Organization and basis of pre52
Organization and basis of presentation (Details) | 3 Months Ended |
Mar. 31, 2016 | |
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% |
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% |
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% |
Summary of significant accoun53
Summary of significant accounting policies (Details) | 3 Months Ended |
Mar. 31, 2016 | |
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] | |
Property, Plant and Equipment [Line Items] | |
Description Of Property Plant And Equipment Useful Life | Shorter of the remaining lease terms or estimated useful lives |
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) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | |||
Deferred Revenue, Current | $ 861,369 | $ 879,944 | |
Deferred Revenue, Revenue Recognized | $ 6,669 | $ 109,295 | |
Number of Reportable Segments | 3 | ||
Accounts Receivable [Member] | Supplier Concentration Risk [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 14.40% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 11.50% | 11.30% |
Restricted cash (Details)
Restricted cash (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 9,250,815 | $ 11,656,204 |
Securities for Bank Acceptance Bill [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 9,250,815 | 11,392,231 |
Time Deposits [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 0 | $ 263,973 |
Accounts receivable, net (Detai
Accounts receivable, net (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts receivable | $ 32,077,851 | $ 38,211,951 |
Less: allowance for doubtful debts | 2,073,129 | 2,072,085 |
Accounts receivable, net | $ 30,004,722 | $ 36,139,866 |
Prepayments (Details)
Prepayments (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Purchase deposits paid | $ 4,424,535 | $ 3,752,125 |
Value-added tax (“VAT”) prepayment | 118,580 | 546,358 |
Rental deposit | 417,625 | 414,843 |
Prepaid insurance fee | 287,969 | 206,424 |
Advances to employee for daily operations | 349,562 | 39,886 |
Other deposits and prepayments | 380,755 | 394,916 |
Total prepayments | $ 5,979,026 | $ 5,354,552 |
Other receivables (Details)
Other receivables (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Compensation receivable for land occupation | $ 489,736 | $ 486,370 |
Others | 302,159 | 219,982 |
Total Other receivables | $ 791,895 | $ 706,352 |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Raw materials | $ 6,295,049 | $ 4,320,455 |
Work in progress | 3,809,284 | 4,568,530 |
Finished goods | 9,481,031 | 9,994,401 |
Packing materials | 18,608 | 17,167 |
Consumables | 318,960 | 317,778 |
Inventories | $ 19,922,932 | $ 19,218,331 |
Inventories (Details Textual)
Inventories (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Inventory Write-down | $ 991,784 | $ 1,451,553 |
Property, plant and equipment61
Property, plant and equipment, net (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Cost | ||
Construction in progress | $ 1,253,755 | $ 1,678,961 |
Furniture, fixtures and office equipment | 4,007,455 | 3,882,594 |
Leasehold improvement | 5,120,342 | 4,092,668 |
Machinery and equipment | 29,518,487 | 29,295,041 |
Motor vehicles | 1,691,856 | 1,643,173 |
Buildings | 23,451,888 | 23,046,056 |
Property, plant and equipment, cost | 65,043,783 | 63,638,493 |
Less: accumulated depreciation | 17,388,571 | 16,174,307 |
Property, plant and equipment, net | $ 47,655,212 | $ 47,464,186 |
Property, plant and equipment62
Property, plant and equipment, net (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 1,220,977 | $ 1,209,252 | |
Property, Plant and Equipment, Transfers and Changes | $ 20,892 | $ 0 | $ 2,547,545 |
Land use rights, net (Details)
Land use rights, net (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Net | $ 3,967,322 | $ 3,963,003 |
Land Use Right [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,621,837 | 4,590,069 |
Accumulated amortization | (654,515) | (627,066) |
Net | 3,967,322 | 3,963,003 |
Land Use Right, Land Located in Huizhou [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 3,324,776 | 3,301,923 |
Land Use Right Land, Located in Ganzhou [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 1,297,061 | $ 1,288,146 |
Land use rights, net (Details 1
Land use rights, net (Details 1) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Estimated amortization for the coming years is as follows | ||
Net | $ 3,967,322 | $ 3,963,003 |
Land Use Right [Member] | ||
Estimated amortization for the coming years is as follows | ||
Remaining 2,016 | 68,705 | |
2,017 | 91,607 | |
2,018 | 91,607 | |
2,019 | 91,607 | |
2,020 | 91,607 | |
Thereafter | 3,532,189 | |
Net | $ 3,967,322 | $ 3,963,003 |
Land use rights, net (Details T
Land use rights, net (Details Textual) | 3 Months Ended | |
Mar. 31, 2016USD ($)a | Mar. 31, 2015USD ($) | |
Land Use Right [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 50 years | |
Amortization of Intangible Assets | $ | $ 22,902 | $ 24,291 |
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 |
Other assets (Details)
Other assets (Details) - Consumer Battery License Fee [Member] - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 1,000,000 | $ 1,000,000 |
Accumulated amortization | (462,500) | (450,000) |
Intangible asset, net | $ 537,500 | $ 550,000 |
Other assets (Details Textual)
Other assets (Details Textual) - Consumer Battery License Fee [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Amortization of Intangible Assets | $ 12,500 | |
Finite-Lived Intangible Assets, Gross | $ 1,000,000 | $ 1,000,000 |
Other payables and accrued li68
Other payables and accrued liabilities (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Other payables and accrued liabilities [Line Items] | ||
Accrued expenses | $ 3,526,616 | $ 3,816,940 |
Royalty payable | 464,246 | 461,055 |
VAT payable | 759,350 | 959,422 |
Sales deposits received | 801,859 | 562,696 |
Other payables | 1,330,003 | 492,379 |
Other payables and accrued liabilities | $ 6,882,074 | $ 6,292,492 |
Taxation (Details)
Taxation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule Of Taxation [Line Items] | ||
Current | $ 162,621 | $ 92,117 |
Deferred | 127,117 | (187,373) |
Total income taxes expenses (benefit) | $ 35,504 | $ (95,256) |
Taxation (Details 1)
Taxation (Details 1) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule Of Taxation [Line Items] | ||
Loss before tax | $ (440,625) | $ (263,823) |
Provision for income taxes at applicable income tax rate | (103,599) | (86,173) |
Effect of preferential tax rate | (23,670) | (6,295) |
Non-deductible expenses | 17,620 | 14,954 |
Change in valuation allowance | 145,153 | (17,742) |
Total income taxes expenses (benefit) | $ 35,504 | $ (95,256) |
Taxation (Details 2)
Taxation (Details 2) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Taxation [Line Items] | ||
Tax loss carry-forward | $ 3,736,800 | $ 3,382,543 |
Allowance for doubtful receivables | 47,523 | 47,197 |
Allowance for inventory obsolescence | 148,768 | 217,733 |
Difference for sales cut-off | 30,023 | 33,071 |
Deferred income | 129,205 | 131,992 |
Property, plant and equipment subsidized by government grant | 494,883 | 490,883 |
Total gross deferred tax assets | 4,587,202 | 4,303,419 |
Valuation allowance | (2,904,133) | (2,759,105) |
Total net deferred tax assets | $ 1,683,069 | $ 1,544,314 |
Taxation (Details Textual)
Taxation (Details Textual) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule Of Taxation [Line Items] | ||
Value Added Tax Percentage Of Revenue | 17.00% | |
Income Tax Exemption Percentage | 15.00% | 15.00% |
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 ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Short-term Bank Loans and Notes Payable | $ 25,065,717 | $ 30,379,170 |
Other Short-term Borrowings | $ 111,765 | $ 110,996 |
Short-term loans (Details)
Short-term loans (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Short- term bank loans guaranteed and repayable within one year | $ 15,406,054 | $ 13,839,341 |
Short-term loans (Details Textu
Short-term loans (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Short-term Debt [Line Items] | ||
Pledged Assets Not Separately Reported Property Plant And Equipment | $ 12,566,740 | |
Interest Expense, Short-term Borrowings, Total | 207,108 | $ 201,014 |
Short-term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Guarantor Obligations, Liquidation Proceeds, Monetary Amount | $ 3,967,322 | |
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 ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Line of Credit Facility [Line Items] | |||
Line of credit | $ 76,036,735 | $ 75,032,933 | |
Unused line of credit | $ 36,940,876 | $ 34,994,054 | |
Bank of China [Member] | |||
Line of Credit Facility [Line Items] | |||
Starting date | Jul. 13, 2015 | Jul. 13, 2015 | |
Maturity date | Sep. 13, 2016 | Sep. 13, 2016 | |
Line of credit | $ 13,857,707 | $ 13,762,455 | |
Unused line of credit | $ 5,204,681 | $ 4,707,595 | |
Bank of China [Member] | |||
Line of Credit Facility [Line Items] | |||
Starting date | Jul. 1, 2015 | Jul. 1, 2015 | |
Maturity date | Jun. 30, 2016 | Jun. 30, 2016 | |
Line of credit | $ 11,280,815 | $ 11,203,276 | |
Unused line of credit | $ 2,651,596 | $ 155,498 | |
Ping An Bank Co., Ltd [Member] | |||
Line of Credit Facility [Line Items] | |||
Starting date | Dec. 10, 2015 | Dec. 10, 2015 | |
Maturity date | Dec. 9, 2016 | Dec. 9, 2016 | |
Line of credit | $ 10,838,430 | $ 10,763,931 | |
Unused line of credit | $ 3,264,890 | $ 3,878,818 | |
China Minsheng Banking Corp., LTD [Member] | |||
Line of Credit Facility [Line Items] | |||
Starting date | Jul. 16, 2015 | Jul. 16, 2015 | |
Maturity date | Jul. 16, 2016 | Jul. 16, 2016 | |
Line of credit | $ 4,423,849 | $ 4,393,441 | |
Unused line of credit | $ 3,601,771 | $ 1,916,253 | |
Industrial Bank Co., LTD [Member] | |||
Line of Credit Facility [Line Items] | |||
Starting date | Jul. 15, 2015 | Jul. 15, 2015 | |
Maturity date | Jul. 15, 2016 | Jul. 15, 2016 | |
Line of credit | $ 9,290,083 | $ 9,226,227 | |
Unused line of credit | $ 7,159,752 | $ 7,079,785 | |
China Everbright Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Starting date | Jun. 13, 2015 | Jun. 23, 2015 | |
Maturity date | Jun. 22, 2016 | Jun. 22, 2016 | |
Line of credit | $ 7,741,736 | $ 7,688,523 | |
Unused line of credit | $ 2,402,503 | $ 3,647,289 | |
Industrial and Commercial Bank of China [Member] | |||
Line of Credit Facility [Line Items] | |||
Starting date | Oct. 1, 2015 | Oct. 1, 2015 | |
Maturity date | Oct. 1, 2016 | Oct. 1, 2016 | |
Line of credit | $ 7,741,736 | $ 7,688,523 | |
Unused line of credit | $ 4,645,041 | $ 4,613,113 | |
Jiang Su Bank Co., LTD [Member] | |||
Line of Credit Facility [Line Items] | |||
Starting date | Nov. 4, 2015 | [1] | Nov. 4, 2015 |
Maturity date | Nov. 3, 2016 | [1] | Nov. 3, 2016 |
Line of credit | $ 2,862,379 | [1] | $ 2,306,557 |
Unused line of credit | $ 10,642 | [1] | $ 995,703 |
Hongkong and Shanghai Banking Corporation Limited [Member] | |||
Line of Credit Facility [Line Items] | |||
Starting date | Sep. 1, 2015 | Sep. 1, 2015 | |
Maturity date | Jul. 15, 2016 | Jul. 15, 2016 | |
Line of credit | $ 8,000,000 | $ 8,000,000 | |
Unused line of credit | $ 8,000,000 | $ 8,000,000 | |
[1] | The lines of credit from the bank are terminated at the maturity date. Jiang Su Bank Co., Ltd provided a $2.3M line of credit which was without secure deposit on November 4, 2015. As of December 31, 2015, Jiangsu Bank did not request for secure deposit and the disclosed line of credit was $2.3M. As of March 31, 2016, Jiangsu bank required 35% of deposit. The disclosed line of credit was changed accordingly to $2.86M. |
Lines of credit (Details Textua
Lines of credit (Details Textual) - USD ($) $ in Thousands | Nov. 04, 2015 | Mar. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |||
Percentage of Deposit Required of Disclosed Line of Credit | 35.00% | ||
Jiang Su Bank Co Ltd [Member] | |||
Line of Credit Facility [Line Items] | |||
Proceeds from Lines of Credit | $ 2,300 | ||
Line of Credit, Current | $ 2,860 | $ 2,300 |
Long-term loans (Details)
Long-term loans (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long term loans from Bank of China | $ 1,393,512 | $ 1,845,245 |
Less: current portion of long-term borrowings | 1,393,512 | 1,845,245 |
Long- term bank loans, net of current portion | $ 0 | $ 0 |
Long-term loans (Details Textua
Long-term loans (Details Textual) - Bank Of China One [Member] ¥ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2012 | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2012 | 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% | |||||
Interest Expense, Long-term Debt, Total | $ 25,636 | $ 67,628 | ||||
Debt Instrument Periodic Payment Principal Percent Year One | 2.00% | |||||
Debt Instrument Periodic Payment Principal Percent Thereafter | 6.00% |
Share-based Compensation (Detai
Share-based Compensation (Details) - Stock Options Related to Employees [Member] - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Shares | |||
Outstanding, beginning balance | 786,926 | 760,286 | |
Granted | 190,000 | 75,000 | |
Exercised | (16,933) | ||
Forfeited | (26,336) | ||
Canceled | (5,091) | ||
Outstanding, ending balance | 976,926 | 786,926 | 760,286 |
Exercisable, ending balance | 617,407 | 587,407 | |
Weighted Average Exercise Price | |||
Outstanding, beginning balance | $ 3.08 | $ 2.92 | |
Granted | 2.66 | 4.43 | |
Exercised | 2.63 | ||
Forfeited | 2.63 | ||
Canceled | 2.63 | ||
Outstanding, ending balance | 3 | 3.08 | $ 2.92 |
Exercisable, ending balance | $ 3.21 | $ 3.16 | |
Remaining Contractual Term in Years | |||
Outstanding | 7 years 3 months 4 days | 6 years 10 months 24 days | 7 years 9 months 11 days |
Exercisable, ending balance | 6 years 5 months 26 days | 6 years 6 months 22 days |
Share-based Compensation (Det81
Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 484,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 22 days | ||
Share-based Compensation | $ 110,710 | $ 121,361 | |
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 | $ 1,000 | $ 178,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 190,000 | 75,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.66 | $ 4.43 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 16,933 | ||
Stock Options Related to Employees [Member] | 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 | 3,551 | ||
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 | 393,141 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
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 |
Loss per share (Details)
Loss per share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||
Net loss attributable to Highpower | $ (342,608) | $ (123,358) |
Denominator: | ||
Weighted-average shares outstanding - Basic and Diluted | 15,101,679 | 15,086,169 |
Loss per common share - Basic and Diluted | $ (0.02) | $ (0.01) |
Loss per share (Details Textual
Loss per share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,716,927 | 1,406,736 |
Securities Offering Transacti84
Securities Offering Transaction (Details) - Investor Warrants [Member] - $ / shares | Apr. 17, 2014 | Mar. 31, 2016 | Dec. 31, 2015 |
Expected volatility | 85.76% | 69.45% | 79.85% |
Risk-free interest rate | 0.90% | 0.60% | 0.56% |
Expected term (in years) | 3 years | 1 year 18 days | 1 year 3 months 18 days |
Dividend rate | 0.00% | 0.00% | 0.00% |
Fair value | $ 2.3 | $ 0.04 | $ 0.81 |
Securities Offering Transacti85
Securities Offering Transaction (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
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 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.33 | |||
Warrants and Rights Outstanding | $ 1,173,952 | $ 21,080 | $ 140,549 | |
Stock Issued During Period, Value, New Issues | $ 3,459,212 | |||
Fair Value Adjustment of Warrants | $ (119,469) | $ (346,299) | ||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 40,000 | |||
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 ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Contribution Plan, Cost Recognized | $ 335,558 | $ 412,688 |
Non-controlling interest (Detai
Non-controlling interest (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Subsidiary or Equity Method Investee [Line Items] | |||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 724,661 | $ 853,483 | |
Net Income (Loss) Attributable to Noncontrolling Interest | (133,521) | $ (45,209) | |
Ganzhou Highpower Technology Company Limited [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 724,661 | $ 853,483 | |
Net Income (Loss) Attributable to Noncontrolling Interest | $ 133,521 | $ 45,209 | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% |
Commitments and contingencies88
Commitments and contingencies (Details) | Mar. 31, 2016USD ($) |
Remaining 2,016 | $ 1,230,144 |
2,017 | 658,892 |
2,018 | 340,892 |
2,019 | 340,892 |
2,020 | 340,892 |
2021 and after | 1,874,908 |
Total minimum future commitments | $ 4,786,620 |
Commitments and contingencies89
Commitments and contingencies (Details Textual) - USD ($) | Feb. 04, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Jan. 14, 2016 |
Commitments and Contingencies Disclosure [Line Items] | ||||
Operating Leases, Rent Expense | $ 405,573 | $ 404,194 | ||
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 ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 29,097,055 | $ 32,137,648 |
Cost of Sales | 23,220,016 | 26,581,934 |
Gross profit | 5,877,039 | 5,555,714 |
Lithium Batteries [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 15,314,945 | 16,820,628 |
Cost of Sales | 12,507,331 | 14,333,392 |
Gross profit | 2,807,614 | 2,487,236 |
Ni-MH Batteries [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 12,856,325 | 14,759,470 |
Cost of Sales | 9,605,806 | 11,715,453 |
Gross profit | 3,250,519 | 3,044,017 |
New Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 925,785 | 557,550 |
Cost of Sales | 1,106,879 | 533,089 |
Gross profit | $ (181,094) | $ 24,461 |
Segment information (Details 1)
Segment information (Details 1) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 128,338,344 | $ 134,204,484 |
Lithium Batteries [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 81,831,102 | 82,006,317 |
Ni-MH Batteries [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 36,166,431 | 41,590,201 |
New Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 10,340,811 | $ 10,607,966 |
Segment information (Details 2)
Segment information (Details 2) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 29,097,055 | $ 32,137,648 |
China Mainland [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 8,529,079 | 14,025,332 |
Asia, others [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 11,980,367 | 10,441,887 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 6,315,779 | 5,816,186 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 1,634,146 | 1,556,611 |
South America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 464,897 | 153,929 |
Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 24,033 | 103,807 |
Others [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 148,754 | $ 39,896 |
Segment information (Details 3)
Segment information (Details 3) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | $ 30,004,722 | $ 36,139,866 |
China Mainland [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 25,311,894 | 23,832,388 |
Asia, others [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 4,032,416 | 6,443,781 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 505,618 | 5,324,389 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 122,191 | 433,458 |
South America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 20,635 | 0 |
Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | 0 | 55,240 |
Others [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Accounts receivable | $ 11,968 | $ 50,610 |
Subsequent Event (Details Textu
Subsequent Event (Details Textual) - 1 months ended Apr. 30, 2016 - Subsequent Event [Member] ¥ in Millions, $ in Millions | USD ($) | CNY (¥) |
Subsequent Event [Line Items] | ||
Percentage of Investment In Exchange of Equity | 5.26% | |
Other Investments, Total | $ 0.8 | ¥ 5 |