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Acquisition of Subsidiaries (Tables) | 3 Months Ended
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Mar. 31, 2024
Acquisition of Subsidiaries [Abstract] |
Schedule of Aggregate Fair Values of the Assets Acquired and Liabilities | The Company completed the valuations necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed, resulting from which the amount of goodwill was determined and recognized as of the respective acquisition date. The following table summarizes the estimated aggregate fair values of the assets acquired and liabilities assumed as of the closing date, November 26, 2021.
Cash and bank |  | $ | 7,323,654 |
Debts product |  |  | 3,144 |
Trade and bills receivable, net |  |  | 37,759,688 |
Inventories |  |  | 13,616,922 |
Prepayments and other receivables |  |  | 1,384,029 |
Income tax recoverable |  |  | 47,138 |
Amount due from trustee |  |  | 11,788,931 |
Property, plant and equipment, net |  |  | 21,190,890 |
Construction in progress |  |  | 2,502,757 |
Intangible assets, net |  |  | 1,957,187 |
Prepaid land use rights, non- current |  |  | 6,276,898 |
Leased assets, net |  |  | 48,394 |
Deferred tax assets |  |  | 1,715,998 |
Short term bank loan |  |  | (8,802,402 | )
Other short term loans – CBAK Power |  |  | (20,597,522 | )
Trade accounts and bills payable |  |  | (38,044,776 | )
Accrued expenses and other payables |  |  | (7,439,338 | )
Deferred government grants |  |  | (290,794 | )
Land appreciation tax |  |  | (464,162 | )
Deferred tax liabilities |  |  | (333,824 | )
NAV |  |  | 29,642,812 |
Less: Waiver of dividend payable |  |  | 1,250,181 |
Total NAV acquired |  |  | 30,892,993 |
Non-controlling interest (24.43%) |  |  | (7,547,158 | )
Goodwill |  |  | 1,606,518 |
Total identifiable net assets |  | $ | 24,952,353 |
Schedule of Consideration Transferred to Effect the Acquisition | The components of the consideration transferred to effect the Acquisition are as follows:
|  | RMB |  |  | USD |
Cash consideration for 60% registered equity interest (representing 54.39% of paid-up capital) of Hitrans from Meidu Graphene |  |  | 118,000,000 |  |  |  | 18,547,918 |
Cash consideration for 21.56% registered equity interest (representing 21.18% of paid-up capital) of Hitrans from Hitrans management |  |  | 40,744,376 |  |  |  | 6,404,435 |
Total Purchase Consideration |  |  | 158,744,376 |  |  |  | 24,952,353 |

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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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