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v3.23.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Information [Abstract] |
Schedule of operating decision maker evaluates performance based on each reporting segment |
For the three months ended March 31, 2022 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 15,020,686 |  |  | $ | 65,175,612 |  |  | $ | - |  |  | $ | 80,196,298 |
Cost of revenues |  |  | (14,037,762 | ) |  |  | (60,842,182 | ) |  |  | - |  |  |  | (74,879,944 | )
Gross profit |  |  | 982,924 |  |  |  | 4,333,430 |  |  |  | - |  |  |  | 5,316,354 |
Total operating expenses |  |  | (3,108,736 | ) |  |  | (3,137,747 | ) |  |  | (405,132 | ) |  |  | (6,651,615 | )
Operating (loss) income |  |  | (2,125,812 | ) |  |  | 1,195,683 |  |  |  | (405,132 | ) |  |  | (1,335,261 | )
Finance income (expense), net |  |  | 107,870 |  |  |  | (102,708 | ) |  |  | (148 | ) |  |  | 5,014 |
Other income (expense),net |  |  | 503,156 |  |  |  | (217,952 | ) |  |  | 1,632,000 |  |  |  | 1,917,204 |
Income tax credit |  |  | - |  |  |  | 93,546 |  |  |  | - |  |  |  | 93,546 |
Net (loss) income |  |  | (1,514,786 | ) |  |  | 968,569 |  |  |  | 1,226,720 |  |  |  | 680,503 |
For the three months ended March 31, 2023 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 29,603,383 |  |  | $ | 12,793,318 |  |  | $ | - |  |  | $ | 42,396,701 |
Cost of revenues |  |  | (26,390,025 | ) |  |  | (13,100,932 | ) |  |  | - |  |  |  | (39,490,957 | )
Gross profit (loss) |  |  | 3,213,358 |  |  |  | (307,614 | ) |  |  | - |  |  |  | 2,905,744 |
Total operating expenses |  |  | (3,227,946 | ) |  |  | (2,430,412 | ) |  |  | (128,276 | ) |  |  | (5,786,634 | )
Operating loss |  |  | (14,588 | ) |  |  | (2,738,026 | ) |  |  | (128,276 | ) |  |  | (2,880,890 | )
Finance income (expenses), net |  |  | 32,982 |  |  |  | (27,619 | ) |  |  | (52 | ) |  |  | 5,311 |
Other income, net |  |  | 90,530 |  |  |  | 92,683 |  |  |  | 85,000 |  |  |  | 268,213 |
Income tax credit |  |  | - |  |  |  | 402,884 |  |  |  | - |  |  |  | 402,884 |
Net income (loss) |  |  | 108,924 |  |  |  | (2,270,078 | ) |  |  | (43,328 | ) |  |  | (2,204,482 | )
As of March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Identifiable long-lived assets |  |  | 94,912,129 |  |  |  | 23,382,309 |  |  |  | - |  |  |  | 118,294,438 |
Total assets |  |  | 178,749,980 |  |  |  | 73,306,835 |  |  |  | 113,453 |  |  |  | 252,170,268 |
| Note: | The Company does not allocate its assets located and expenses incurred outside China to its reportable segments because these assets and activities are managed at a corporate level.
Schedule of revenue from these products |
|  | Three months ended March 31, |
|  | 2022 |  |  | 2023 |
High power lithium batteries used in: |  |  |  |  |  |
Electric vehicles |  | $ | 309 |  |  | $ | 1,820,248 |
Light electric vehicles |  |  | 88,764 |  |  |  | 1,968,057 |
Uninterruptable supplies |  |  | 14,931,613 |  |  |  | 25,815,078 |
|  |  | 15,020,686 |  |  |  | 29,603,383 |
Materials used in manufacturing of lithium batteries |  |  |  |  |  |  |  |
Cathode |  |  | 28,362,877 |  |  |  | 10,621,073 |
Precursor |  |  | 36,812,735 |  |  |  | 2,172,245 |
|  |  | 65,175,612 |  |  |  | 12,793,318 |
Total consolidated revenue |  | $ | 80,196,298 |  |  | $ | 42,396,701 |
Schedule of sales by geographical markets based on locations of customers |
|  | Three months ended March 31, |
|  | 2022 |  |  | 2023 |
Mainland China |  | $ | 71,996,013 |  |  | $ | 24,546,737 |
Europe |  |  | 8,134,906 |  |  |  | 17,259,288 |
Others |  |  | 65,379 |  |  |  | 590,676 |
Total |  | $ | 80,196,298 |  |  | $ | 42,396,701 |

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