XML 102 R31.htm IDEA: XBRL DOCUMENT
v3.20.1

CBAK Energy Technology, Inc. (Parent Company) | 12 Months Ended
--- | ---
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
CBAK Energy Technology, Inc. (Parent Company) |
25. | CBAK Energy Technology, Inc. (Parent Company)
Under PRC regulations, subsidiaries in PRC ("the PRC subsidiaries") may pay dividends only out of their accumulated profits, if any, determined in accordance with PRC GAAP. In addition, the PRC subsidiaries are required to set aside at least 10% of their after tax net profits each year, if any, to fund the statutory general reserve until the balance of the reserves reaches 50% of their registered capital. The statutory general reserves are not distributable in the form of cash dividends to the Company and can be used to make up cumulative prior year losses, if any, and may be converted into share capital by the issue of new shares to shareholders in proportion to their existing shareholdings, or by increasing the par value of the shares currently held by them, provided that the reserve balance after such issue is not less than 25% of the registered capital. As of December 31, 2018 and 2019, additional transfers of $24,019,489 and $31,269,489 were required for CBAK Power and CBAK Trading before the statutory general reserve reached 50% of the registered capital of the PRC subsidiaries. As of December 31, 2018 and 2019, there was $1,230,511 appropriation from retained earnings and set aside for statutory general reserves by the PRC subsidiaries. CBAK Trading, CBAK Energy and CBAK Suzhou did not have after tax net profits since its incorporation and therefore no appropriation was made to fund its statutory general reserve as of December 31, 2018 and 2019. CBAK Power had after tax loss of $392,959 and $6,406,251 for the years ended December 31, 2018 and 2019, respectively. Schedule I of Article 504 of Regulation SX requires the condensed financial information of the registrant (Parent Company) to be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of this test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.).
|  | Year ended December 31, 2018 |  |  | Year ended December 31, 2019 |
REVENUE, net |  | $ | - |  |  | $ | - |
|  |  | - |  |  |  |  |
OPERATING EXPENSES: |  |  |  |  |  |  |  |
Salaries and consulting expenses |  |  | 451,036 |  |  |  | 978,942 |
General and administrative |  |  | 398,101 |  |  |  | 439,974 |
Total operating expenses |  |  | (849,137 | ) |  |  | (1,418,916 | )
LOSS FROM OPERATIONS |  |  | (849,137 | ) |  |  | (1,418,916 | )
Finance expenses |  |  | - |  |  |  | (120,051 | )
LOSS ATTRIBUTABLE TO PARENT COMPANY |  |  | (849,137 | ) |  |  | (1,538,967 | )
EQUITY IN LOSS OF SUBSIDIARIES |  |  | (1,094,040 | ) |  |  | (9,228,556 | )
NET LOSS ATTRIBUTABLE TO SHAREHOLDERS |  | $ | (1,943,177 | ) |  | $ | (10,767,523 | )
|  | December 31, 2018 |  |  | December 31, 2019 |
ASSETS |  |  |  |  |  |
Interests in subsidiaries |  | $ | 1,957,493 |  |  | $ | 18,183,266 |
Total assets |  | $ | 1,957,493 |  |  | $ | 18,183,266 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |
Notes payable |  |  | - |  |  |  | 2,846,736 |
Accrued expenses and other payables |  | $ | 1,642,171 |  |  | $ | 1,731,251 |
Total current liabilities |  |  | 1,642,171 |  |  |  | 4,577,987 |
SHAREHOLDERS' EQUITY |  |  | 315,322 |  |  |  | 13,605,279 |
Total liabilities and shareholders' equity |  | $ | 1,957,493 |  |  | $ | 18,183,266 |
|  | Year ended December 31, 2018 |  |  | Year ended December 31, 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net loss |  | $ | (1,943,177 | ) |  | $ | (10,767,523 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Equity in loss of subsidiaries |  |  | 1,094,040 |  |  |  | 9,228,556 |
Share based compensation |  |  | 221,180 |  |  |  | 770,113 |
Change in operating assets and liabilities |  |  |  |  |  |  |  |
Accrued expenses and other payable |  |  | 93,962 |  |  |  | 89,080 |
Net cash used in operating activities |  |  | (533,995 | ) |  |  | (679,774 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |
Decrease in interest in subsidiaries |  |  | 533,995 |  |  |  | (2,070,226 | )
Net cash provided by (used in) investing activities |  |  | 533,995 |  |  |  | (2,070,226 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |
Proceeds from issuance of promissory notes |  |  | - |  |  |  | 2,750,000 |
Net cash provided by financing activities |  |  | - |  |  |  | 2,750,000 |
CHANGE IN CASH AND CASH EQUIVALENTS |  |  | - |  |  |  | - |
CASH AND CASH EQUIVALENTS, beginning of year |  |  | - |  |  |  | - |
CASH AND CASH EQUIVALENTS, end of year |  | $ | - |  |  | $ | - |
The condensed parent company financial statements have been prepared using the equity method to account for its subsidiaries. Refer to the consolidated financial statements and notes presented above for additional information and disclosures with respect to these financial statements.

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration