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Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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 months ended March 31, 2023 and 2024 were as follows:
For the three months ended March 31, 2023 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 29,603,383 |  |  | $ | 12,793,318 |  |  | $ | - |  |  | $ | 42,396,701 |
Cost of revenues |  |  | (26,390,025 | ) |  |  | (13,100,932 | ) |  |  | - |  |  |  | (39,490,957 | )
Gross profit |  |  | 3,213,358 |  |  |  | (307,614 | ) |  |  | - |  |  |  | 2,905,744 |
Total operating expenses |  |  | (3,227,946 | ) |  |  | (2,430,412 | ) |  |  | (128,276 | ) |  |  | (5,786,634 | )
Operating loss |  |  | (14,588 | ) |  |  | (2,738,026 | ) |  |  | (128,276 | ) |  |  | (2,880,890 | )
Finance income (expense), net |  |  | 32,982 |  |  |  | (27,619 | ) |  |  | (52 | ) |  |  | 5,311 |
Other income, net |  |  | 90,530 |  |  |  | 92,683 |  |  |  | 85,000 |  |  |  | 268,213 |
Income tax credit |  |  | - |  |  |  | 402,884 |  |  |  | - |  |  |  | 402,884 |
Net income (loss) |  |  | 108,924 |  |  |  | (2,270,078 | ) |  |  | (43,328 | ) |  |  | (2,204,482 | )
For the three months ended March 31, 2024 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 44,837,869 |  |  | $ | 13,984,563 |  |  | $ | - |  |  | $ | 58,822,432 |
Cost of revenues |  |  | (26,379,347 | ) |  |  | (13,662,038 | ) |  |  | - |  |  |  | (40,041,385 | )
Gross profit |  |  | 18,458,522 |  |  |  | 322,525 |  |  |  | - |  |  |  | 18,781,047 |
Total operating expenses |  |  | (5,979,471 | ) |  |  | (1,422,456 | ) |  |  | (1,116,137 | ) |  |  | (8,518,064 | )
Operating income (loss) |  |  | 12,479,051 |  |  |  | (1,099,931 | ) |  |  | (1,116,137 | ) |  |  | 10,262,983 |
Finance income (expenses), net |  |  | 11,721 |  |  |  | (1,997 | ) |  |  | (61 | ) |  |  | 9,663 |
Other income, net |  |  | 240,443 |  |  |  | 108,171 |  |  |  | - |  |  |  | 348,614 |
Income tax expenses |  |  | (1,048,786 | ) |  |  | - |  |  |  | - |  |  |  | (1,048,786 | )
Net income (loss) |  |  | 11,682,429 |  |  |  | (993,757 | ) |  |  | (1,116,198 | ) |  |  | 9,572,474 |
As of March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Identifiable long-lived assets |  |  | 99,275,850 |  |  |  | 42,634,236 |  |  |  | - |  |  |  | 141,910,086 |
Total assets |  |  | 201,026,385 |  |  |  | 85,394,707 |  |  |  | 37,989 |  |  |  | 286,459,081 |
Schedule of Revenue from These Products | 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 March 31, |
|  | 2023 |  |  | 2024 |
High power lithium batteries used in: |  |  |  |  |  |
Electric vehicles |  | $ | 1,820,248 |  |  | $ | 480,181 |
Light electric vehicles |  |  | 1,968,057 |  |  |  | 1,510,292 |
Residential energy supply and uninterruptable supplies |  |  | 25,815,078 |  |  |  | 42,847,396 |
|  |  | 29,603,383 |  |  |  | 44,837,869 |
Materials used in manufacturing of lithium batteries |  |  |  |  |  |  |  |
Cathode |  |  | 10,621,073 |  |  |  | 4,798,370 |
Precursor |  |  | 2,172,245 |  |  |  | 9,186,193 |
|  |  | 12,793,318 |  |  |  | 13,984,563 |
Total consolidated revenue |  | $ | 42,396,701 |  |  | $ | 58,822,432 |
Schedule of Company’s Sales by Geographical Markets based on Locations of Customers | 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 March 31, |
|  | 2023 |  |  | 2024 |
Mainland China |  | $ | 24,546,737 |  |  | $ | 23,690,763 |
Europe |  |  | 17,259,288 |  |  |  | 32,893,914 |
Others |  |  | 590,676 |  |  |  | 2,237,755 |
Total |  | $ | 42,396,701 |  |  | $ | 58,822,432 |

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