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v3.23.2

Balances and Transactions With Related Parties (Tables) | 6 Months Ended
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Jun. 30, 2023
Related Party Transactions [Abstract] |
Schedule of Principal Related Parties | The principal related parties with which the Company had transactions during the years presented are as follows:
Name of Entity or Individual |  | Relationship with the Company
New Era Group Zhejiang New Energy Materials Co., Ltd. |  | Shareholder of company’s subsidiary
Zhengzhou BAK Battery Co., Ltd |  | Note a
Shenzhen BAK Battery Co., Ltd |  | Former subsidiary and refer to Note b
Shenzhen BAK Power Battery Co., Ltd |  | Former subsidiary and refer to Note b
| (a) | Mr. Xiangqian Li, the Company’s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd.
| (b) | Mr. Xiangqian Li is a director of Shenzhen BAK Battery Co., Ltd and Shenzhen BAK Power Battery Co., Ltd
Schedule of Related Party Transactions | The Company entered into the following significant related party transactions:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |
Purchase of batteries from Zhengzhou BAK Battery Co., Ltd |  | $ | 9,955,251 |  |  | $ | 341,751 |  |  | $ | 15,119,684 |  |  | $ | 3,502,924 |
Sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd |  | $ | 20,786,249 |  |  | $ | 7,669,547 |  |  | $ | 46,609,781 |  |  | $ | 16,993,386 |
Sales of cathode raw materials to Shenzhen BAK Power Battery Co., Ltd |  | $ | 4,616,479 |  |  | $ | - |  |  | $ | 4,728,947 |  |  | $ | - |
Schedule of Receivables from Former Subsidiary | Apart from the above, the Company recorded the following significant related party balances as of December 31, 2022 and June 30, 2023:
|  | December 31, 2022 |  |  | June 30, 2023 |
Receivables from Shenzhen BAK Power Battery Co., Ltd |  | $ | 5,518,052 |  |  | $ | 323,973 |
Less: Allowance for credit losses |  |  | - |  |  |  | - |
|  | $ | 5,518,052 |  |  |  | 323,973 |
Schedule of Other Balances Due from/ (to) related parties | Balance as of December 31, 2022 and June 30, 2023 consisted of receivable for sales of cathode materials to Shenzhen BAK Power Battery Co., Ltd.
|  | December 31, 2022 |  |  | June 30, 2023 |
Trade receivable, net – Zhengzhou BAK Battery Co., Ltd. (i) |  | $ | 9,156,383 |  |  | $ | 15,054,609 |
Bills receivable – Issued by Zhengzhou BAK Battery Co., Ltd. (ii) |  | $ | 2,941,683 |  |  | $ | 1,805,975 |
Trade payable, net – Zhengzhou BAK Battery Co., Ltd (iii) |  | $ | 5,629,343 |  |  | $ | 653,610 |
Dividend payable to non-controlling interest of Hitrans (note 15) |  | $ | 1,290,942 |  |  | $ | 1,229,613 |
| (i) | Representing trade receivable 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 $1.3 million to the Company.
| (ii) | Representing bills receivable issued by Zhengzhou BAK Battery Co., Ltd. The Company endorsed the bills receivable as of December 31, 2022 to suppliers for settling trade payable subsequent to December 31, 2022. Bills receivable as of June 30, 2023 were pledged to bank as security for issuance of bills payable (note 13).
| (iii) | Representing trade payable on purchase of batteries from Zhengzhou BAK Battery Co., Ltd.
Schedule of Payables to a Former Subsidiary | Payables to former subsidiaries as of December 31, 2022 and June 30, 2023 consisted of the following:
|  | December 31, 2022 |  |  | June 30, 2023 |
Payables to Shenzhen BAK Power Battery Co., Ltd |  | $ | (358,067 | ) |  | $ | (387,263 | )

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