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Deferred Government Grants | 12 Months Ended
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Dec. 31, 2023
Deferred Government Grants [Abstract] |
Deferred Government Grants | 19. Deferred Government Grants Deferred government grants as of December 31, 2022 and 2023 consist of the following:
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2023 |
Total government grants |  | $ | 6,876,735 |  |  | $ | 6,578,863 |
Less: Current portion |  |  | (1,299,715 | ) |  |  | (375,375 | )
Non-current portion |  | $ | 5,577,020 |  |  | $ | 6,203,488 |
Government grants that are received in advance are deferred and recognized in the consolidated statements of operations over the period necessary to match them with the costs that they are intended to compensate. Government grants in relation to the achievement of stages of research and development projects are recognized in the consolidated statements of operations when amounts have been received and all attached conditions have been met. Non-refundable grants received without any further obligations or conditions attached are recognized immediately in the consolidated statements of operations. On October 17, 2014, the Company received a subsidy of RMB46,150,000 pursuant to an agreement with the Management Committee dated July 2, 2013 for costs of land use rights and to be used to construct the new manufacturing site in Dalian. Part of the facilities had been completed and was operated in July 2015 and the Company has initiated amortization on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon. On June 23, 2020, BAK Asia, the Company wholly-owned Hong Kong subsidiary, entered into a framework investment agreement with Jiangsu Gaochun Economic Development Zone Development Group Company (“Gaochun EDZ”), pursuant to which the Company intended to develop certain lithium battery projects that aim to have a production capacity of 8Gwh. Gaochun EDZ agreed to provide various support to facilitate the development and operation of the projects. As of the date of this report, the Company received RMB47.1 million (approximately $6.82 million) subsidy from Gaochun EDZ. The Company will recognize the government subsidies as income or offsets them against the related expenditures when there are no present or future obligations for the subsidized projects. For the year ended December 31, 2021, the Company recognized RMB10 million ($1.6 million) as other income after moving of the Company facilities to Nanjing. Remaining subsidy of RMB37.1 million (approximately $5.9 million) was granted to facilities the construction works and equipment in Nanjing. The construction works have been completed in November 2021 and the production line was fully operated in January 2022. The Company has initiated amortization on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon. On November 2, 2023, the Company received a subsidiary of RMB8.4 million ($1.2 million) for its development of new production line. The Company has initiated amortization on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon. Government grants were recognized in the consolidated statements of operations as follows:
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2023 |
Cost of revenues |  | $ | 2,146,341 |  |  | $ | 1,253,899 |
Research and development expenses |  |  | 17,568 |  |  |  | 16,710 |
General and administrative expenses |  |  | 40,226 |  |  |  | 38,261 |
Other income (expenses), net |  |  | 2,040,615 |  |  |  | 153,153 |
|  | $ | 4,244,750 |  |  | $ | 1,462,023 |

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