XML 90 R67.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Information [Abstract]  
Schedule of Operating Decision Maker Evaluates Performance based on Each Reporting Segment Net revenue, cost of revenues, operating expenses, operating income, finance income (expense), other income (expenses) and net income (loss) by segment for the years ended December 31, 2022 and 2023 were as follows
For the year ended December 31, 2022  CBAT   Hitrans   Corporate
unallocated
(note)		   Consolidated 
Net revenues  $94,715,189   $154,010,296   $
-
   $248,725,485 
Cost of revenues   (86,333,047)   (144,297,114)   
-
    (230,630,161)
Gross profit   8,382,142    9,713,182    
 
    18,095,324 
Total operating expenses   (13,489,453)   (14,993,719)   (1,116,755)   (29,599,927)
Operating (loss) income   (5,107,311)   (5,280,537)   (1,116,755)   (11,504,603)
Finance income (expenses), net   929,756    (438,387)   (309)   491,060 
Other income, net   (3,590,693)   (3,661,782)   5,710,000    (1,542,475)
Income tax credit   
-
    1,228,207    
-
    1,228,207 
Net income   (7,768,248)   (8,152,499)   4,592,936    (11,327,811)
For the year ended December 31, 2023  CBAT   Hitrans   Corporate
unallocated
(note)		   Consolidated 
Net revenues  $132,993,518   $71,444,847   $
-
   $204,438,365 
Cost of revenues   (101,413,350)   (71,300,692)   
-
    (172,714,042)
Gross profit   31,580,168    144,155    
-
    31,724,323 
Total operating expenses   (20,861,844)   (17,159,677)   (954,614)   (38,976,135)
Operating income (loss)   10,718,324    (17,015,522)   (954,614)   (7,251,812)
Finance income (expenses), net   337,243    95,816    (159)   432,900 
Other income (expenses), net   2,906,648    (2,276,918)   136,000    765,730 
Income tax expenses   
-
    (2,486,145)   
-
    (2,486,145)
Net income (loss)   13,962,215    (21,682,769)   (818,773)   (8,539,327)
                     
As of December 31, 2023                    
Identifiable long-lived assets   100,815,622    42,249,656    
-
    143,065,278 
Total assets   196,166,083    84,950,872    38,305    281,155,260 

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 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:
   Year ended
December 31,
2022		   Year ended
December 31,
2023		 
High power lithium batteries used in:        
Electric vehicles  $4,694,694   $2,883,385 
Light electric vehicles   6,415,277    5,607,435 
Residential energy supply & uninterruptable supplies   83,603,046    124,502,698 
Trading of raw materials used in lithium batteries   2,172    - 
    94,715,189    132,993,518 
           
Materials used in manufacturing of lithium batteries          
Cathode   75,331,144    39,845,626 
Precursor   78,679,152    31,599,221 
    154,010,296    71,444,847 
Total consolidated revenue  $248,725,485   $204,438,365 

 
Schedule of 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:
   Year ended
December 31,
2022		   Year ended
December 31,
2023		 
Mainland China  $198,114,578   $119,307,085 
Europe   50,378,076    78,575,290 
USA   36,525    5,216 
Others   196,306    6,550,774 
Total  $248,725,485   $204,438,365