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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Information [Abstract] |
Schedule of Operating Decision Maker Evaluates Performance based on Each Reporting Segment | The Company’s chief operating decision maker evaluates performance based on each reporting segment’s net revenue, cost of revenues, operating expenses, operating income, finance income (expense), other income and net income. Net revenue, cost of revenues, operating expenses, operating income, finance income (expense), other income and net income by segment for the three and six months ended June 30, 2022 and 2023 were as follows:
For the three months ended June 30, 2022 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 25,715,415 |  |  | $ | 30,634,245 |  |  | $ | - |  |  | $ | 56,349,660 |
Cost of revenues |  |  | (22,879,128 | ) |  |  | (27,935,224 | ) |  |  | - |  |  |  | (50,814,352 | )
Gross profit |  |  | 2,836,287 |  |  |  | 2,699,021 |  |  |  | - |  |  |  | 5,535,308 |
Total operating expenses |  |  | (3,160,096 | ) |  |  | (1,892,508 | ) |  |  | (338,215 | ) |  |  | (5,390,819 | )
Operating (loss) income |  |  | (323,809 | ) |  |  | 806,513 |  |  |  | (338,215 | ) |  |  | 144,489 |
Finance income (expenses), net |  |  | 82,956 |  |  |  | (96,857 | ) |  |  | (606,589 | ) |  |  | (620,490 | )
Other (expenses) income, net |  |  | (723,820 | ) |  |  | 264,874 |  |  |  | 2,131,000 |  |  |  | 1,672,054 |
Income tax expenses |  |  | - |  |  |  | (179,788 | ) |  |  | - |  |  |  | (179,788 | )
Net (loss) income |  |  | (964,673 | ) |  |  | 794,742 |  |  |  | 1,186,196 |  |  |  | 1,016,265 |
For the three months ended June 30, 2023 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 22,232,003 |  |  | $ | 20,188,867 |  |  | $ | - |  |  | $ | 42,420,870 |
Cost of revenues |  |  | (18,806,856 | ) |  |  | (19,729,372 | ) |  |  | - |  |  |  | (38,536,228 | )
Gross profit |  |  | 3,425,147 |  |  |  | 459,495 |  |  |  | - |  |  |  | 3,884,642 |
Total operating expenses |  |  | (4,835,859 | ) |  |  | (2,355,472 | ) |  |  | (466,361 | ) |  |  | (7,657,692 | )
Operating (loss) income |  |  | (1,410,712 | ) |  |  | (1,895,977 | ) |  |  | (466,361 | ) |  |  | (3,773,050 | )
Finance income (expenses), net |  |  | 153,678 |  |  |  | 98,904 |  |  |  | (110 | ) |  |  | 252,472 |
Other income (expenses), net |  |  | 130,810 |  |  |  | 107,230 |  |  |  | 36,000 |  |  |  | 274,040 |
Income tax credit |  |  | - |  |  |  | 307,311 |  |  |  | - |  |  |  | 307,311 |
Net (loss) income |  |  | (1,126,224 | ) |  |  | (1,382,532 | ) |  |  | (430,471 | ) |  |  | (2,939,227 | )
For the six months ended June 30, 2022 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 40,736,101 |  |  | $ | 95,809,857 |  |  | $ | - |  |  | $ | 136,545,958 |
Cost of revenues |  |  | (36,916,890 | ) |  |  | (88,777,406 | ) |  |  | - |  |  |  | (125,694,296 | )
Gross profit |  |  | 3,819,211 |  |  |  | 7,032,451 |  |  |  | - |  |  |  | 10,851,662 |
Total operating expenses |  |  | (6,268,832 | ) |  |  | (5,030,255 | ) |  |  | (743,347 | ) |  |  | (12,042,434 | )
Operating (loss) income |  |  | (2,449,621 | ) |  |  | 2,002,196 |  |  |  | (743,347 | ) |  |  | (1,190,772 | )
Finance income (expenses), net |  |  | 190,826 |  |  |  | (199,565 | ) |  |  | (606,737 | ) |  |  | (615,476 | )
Other (expenses) income, net |  |  | (220,664 | ) |  |  | 46,922 |  |  |  | 3,763,000 |  |  |  | 3,589,258 |
Income tax expenses |  |  | - |  |  |  | (86,242 | ) |  |  | - |  |  |  | (86,242 | )
Net (loss) income |  |  | (2,479,459 | ) |  |  | 1,763,311 |  |  |  | 2,412,916 |  |  |  | 1,696,768 |
For the six months ended June 30, 2023 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 51,835,386 |  |  | $ | 32,982,185 |  |  | $ | - |  |  | $ | 84,817,571 |
Cost of revenues |  |  | (45,196,881 | ) |  |  | (32,830,304 | ) |  |  | - |  |  |  | (78,027,185 | )
Gross profit |  |  | 6,638,505 |  |  |  | 151,881 |  |  |  | - |  |  |  | 6,790,386 |
Total operating expenses |  |  | (8,063,805 | ) |  |  | (4,785,884 | ) |  |  | (594,637 | ) |  |  | (13,444,326 | )
Operating (loss) income |  |  | (1,425,300 | ) |  |  | (4,634,003 | ) |  |  | (594,637 | ) |  |  | (6,653,940 | )
Finance income (expenses), net |  |  | 186,660 |  |  |  | 71,285 |  |  |  | (162 | ) |  |  | 257,783 |
Other (expenses) income, net |  |  | 221,340 |  |  |  | 199,913 |  |  |  | 121,000 |  |  |  | 542,253 |
Income tax expenses |  |  | - |  |  |  | 710,195 |  |  |  | - |  |  |  | 710,195 |
Net (loss) income |  |  | (1,017,300 | ) |  |  | (3,652,610 | ) |  |  | (473,799 | ) |  |  | (5,143,709 | )
As of June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Identifiable long-lived assets |  |  | 95,839,741 |  |  |  | 31,906,282 |  |  |  | - |  |  |  | 127,746,023 |
Total assets |  |  | 169,751,833 |  |  |  | 82,409,230 |  |  |  | 13,349 |  |  |  | 252,174,412 |
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 | The Company’s products can be categorized into high power lithium batteries and materials used in manufacturing of lithium batteries. For the product sales of high power lithium batteries, the Company manufactured five types of Li-ion rechargeable batteries: aluminum-case cell, battery pack, cylindrical cell, lithium polymer cell and high-power lithium battery cell. The Company’s battery products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices. For the product sales of materials used in manufacturing of lithium batteries, the Company, via its subsidiary, Hitrans, manufactured cathode materials and Precursor for use in manufacturing of cathode. Revenue from these products is as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |
High power lithium batteries used in: |  |  |  |  |  |  |  |  |  |  |  |
Electric vehicles |  | $ | (6 | ) |  | $ | 135,731 |  |  | $ | 303 |  |  | $ | 1,955,979 |
Light electric vehicles |  |  | 671,444 |  |  |  | 1,147,902 |  |  |  | 760,208 |  |  |  | 3,115,959 |
Uninterruptable supplies |  |  | 25,043,977 |  |  |  | 20,948,370 |  |  |  | 39,975,590 |  |  |  | 46,763,448 |
|  |  | 25,715,415 |  |  |  | 22,232,003 |  |  |  | 40,736,101 |  |  |  | 51,835,386 |
Materials used in manufacturing of lithium batteries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cathode |  |  | 26,523,780 |  |  |  | 10,070,627 |  |  |  | 54,886,657 |  |  |  | 20,691,700 |
Precursor |  |  | 4,110,465 |  |  |  | 10,118,240 |  |  |  | 40,923,200 |  |  |  | 12,290,485 |
|  |  | 30,634,245 |  |  |  | 20,188,867 |  |  |  | 95,809,857 |  |  |  | 32,982,185 |
Total consolidated revenue |  | $ | 56,349,660 |  |  | $ | 42,420,870 |  |  | $ | 136,545,958 |  |  | $ | 84,817,571 |
Schedule of Operations are Located in the PRC | The Company’s operations are located in the PRC. The following table provides an analysis of the Company’s sales by geographical markets based on locations of customers:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |
Mainland China |  | $ | 42,620,429 |  |  | $ | 31,338,415 |  |  | $ | 114,616,442 |  |  | $ | 55,885,152 |
Europe |  |  | 13,740,194 |  |  |  | 10,642,516 |  |  |  | 21,875,100 |  |  |  | 27,901,804 |
Others |  |  | (10,963 | ) |  |  | 439,939 |  |  |  | 54,416 |  |  |  | 1,030,615 |
Total |  | $ | 56,349,660 |  |  | $ | 42,420,870 |  |  | $ | 136,545,958 |  |  | $ | 84,817,571 |

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