XML 69 R53.htm IDEA: XBRL DOCUMENT v3.23.1
Balances and Transactions With Related Parties (Tables)
12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Schedule of principal related parties
Name of Entity or Individual   Relationship with the Company
New Era Group Zhejiang New Energy Materials Co., Ltd.   Shareholder of company’s subsidiary
Shenzhen Baijun Technology Co., Ltd   Shareholder of company’s subsidiary
Zhengzhou BAK Battery Co., Ltd   Note a
Zhengzhou BAK New Energy Technology Co., Ltd   Note b
Shenzhen BAK Battery Co., Ltd   Former subsidiary and refer to Note c
Shenzhen BAK Power Battery Co., Ltd   Former subsidiary and refer to Note c
Zhejiang New Era Zhongneng Recycling Technology Co., Ltd.   Note d
Hangzhou Juzhong Daxin Asset Management Co., Ltd   Note e
Mr. Junnan Ye (Note 13)   Former shareholder of Zhejiang Hitrans Lithium Battery Technology Co., Ltd

 

Schedule of related party transactions
   For the
year ended
December 31,
2021
   For the
year ended
December 31,
2022
 
         
Purchase of batteries from Zhengzhou BAK Battery Co., Ltd  $5,522,832   $26,819,454 
Sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd   8,339,088    53,236,804 
Sales return of batteries to Zhengzhou BAK New Energy Technology Co., Ltd   (91,974)   
-
 
Sales of cathode raw materials to Shenzhen BAK Power Battery Co., Ltd   10,032    8,681,496 
Interest expense charge by Mr. Junnan Ye   135,606    
-
 

 

Schedule of receivables from former subsidiary
   December 31,
2021
   December 31,
2022
 
         
Receivables from Shenzhen BAK Power Battery Co., Ltd  $2,263,955   $5,518,052 

 

Schedule of amount due from non-controlling interest
   December 31,
2021
   December 31,
2022
 
Shenzhen Baijun Technology Co., Ltd        
Current  $125,883   $
         -
 
Non-current   62,941    
-
 
   $188,824   $
-
 

 

Schedule of amount due from related party
   December 31,
2021
   December 31,
2022
 
           
Hangzhou Juzhong Daxin Asset Management Co., Ltd (Note 12)   472,061    
       -
 

 

Schedule of other balances due from/ (to) related parties
   December 31,
2021
   December 31,
2022
 
         
Trade receivable, net – Zhengzhou BAK Battery Co., Ltd (i)  $14,583,061   $9,156,383 
Trade receivable, net – Zhengzhou BAK New Energy Technology Co., Ltd (ii)  $459,714   $
-
 
Bills receivable – Issued by Zhengzhou BAK Battery Co., Ltd (iii)  $1,861,280   $2,941,683 
Trade payable, net – Zhengzhou BAK Battery Co., Ltd  $(572,768)  $(5,629,343)
Dividend payable to non-controlling interest of Hitrans (note 16)  $1,444,737   $1,290,942 

 

(i) Representing trade receivables from sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $5.1 million to the Company.
(ii) Representing trade payables on purchase of batteries from Zhengzhou BAK Battery Co., Ltd.
(iii) Representing bills receivable issued by Zhengzhou BAK Battery Co., Ltd. The Company endorsed the bills receivable to suppliers for settling trade payables subsequent to December 31, 2022.

 

Schedule of payables to a former subsidiary
   December 31,   December 31, 
   2021   2022 
Payables to Shenzhen BAK Power Battery Co., Ltd  $(326,507)  $(358,067)