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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

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 and net income by segment for the three and six months ended June 30, 2023 and 2024 were as follows:

For the three months ended June 30, 2023		CBAT				Hitrans				Corporate unallocated (note)				Consolidated
Net revenues		$	22,232,003			$	20,188,867			$	-			$	42,420,870
Cost of revenues			(18,806,856	)			(19,729,372	)			-				(38,536,228	)
Gross profit			3,425,147				459,495				-				3,884,642
Total operating expenses			(4,835,859	)			(2,355,472	)			(466,361	)			(7,657,692	)
Operating (loss) income			(1,410,712	)			(1,895,977	)			(466,361	)			(3,773,050	)
Finance income (expenses), net			153,678				98,904				(110	)			252,472
Other income, net			130,810				107,230				36,000				274,040
Income tax credit			-				307,311				-				307,311
Net (loss) income			(1,126,224	)			(1,382,532	)			(430,471	)			(2,939,227	)

For the three months ended June 30, 2024		CBAT				Hitrans				Corporate unallocated (note)				Consolidated
Net revenues		$	35,598,124			$	12,194,921			$	-			$	47,793,045
Cost of revenues			(22,680,831	)			(12,384,188	)			-				(35,065,019	)
Gross profit (loss)			12,917,293				(189,267	)			-				12,728,026
Total operating expenses			(4,783,794	)			(1,691,427	)			(305,325	)			(6,780,546	)
Operating income (loss)			8,133,499				(1,880,694	)			(305,325	)			5,947,480
Finance income (expense), net			619,455				69,318				(52	)			688,721
Other (expenses) income, net			(59,586	)			247,297				-				187,711
Income tax expenses			(800,727	)			-				-				(800,727	)
Net income (loss)			7,892,641				(1,564,079	)			(305,377	)			6,023,185

For the six months ended June 30, 2023		CBAT				Hitrans				Corporate unallocated (note)				Consolidated
Net revenues		$	51,835,386			$	32,982,185			$	-			$	84,817,571
Cost of revenues			(45,196,881	)			(32,830,304	)			-				(78,027,185	)
Gross profit			6,638,505				151,881				-				6,790,386
Total operating expenses			(8,063,805	)			(4,785,884	)			(594,637	)			(13,444,326	)
Operating (loss) income			(1,425,300	)			(4,634,003	)			(594,637	)			(6,653,940	)
Finance income (expenses), net			186,660				71,285				(162	)			257,783
Other income, net			221,340				199,913				121,000				542,253
Income tax credit			-				710,195				-				710,195
Net (loss) income			(1,017,300	)			(3,652,610	)			(473,799	)			(5,143,709	)
As of June 30, 2023
Identifiable long-lived assets			95,839,741				31,906,282				-				127,746,023
Total assets			169,751,833				82,409,230				13,349				252,174,412

For the six months ended June 30, 2024		CBAT				Hitrans				Corporate unallocated (note)				Consolidated
Net revenues		$	80,435,993			$	26,179,484			$	-			$	106,615,477
Cost of revenues			(49,060,178	)			(26,046,226	)			-				(75,106,404	)
Gross profit			31,375,815				133,258				-				31,509,073
Total operating expenses			(10,763,265	)			(3,113,883	)			(1,421,462	)			(15,298,610	)
Operating income (loss)			20,612,550				(2,980,625	)			(1,421,462	)			16,210,463
Finance income (expenses), net			631,176				67,321				(113	)			698,384
Other income, net			180,857				355,468				-				536,325
Income tax expenses			(1,849,513	)			-				-				(1,849,513	)
Net income (loss)			19,575,070				(2,557,836	)			(1,421,575	)			15,595,659
As of June 30, 2024
Identifiable long-lived assets			96,251,410				41,736,529				-				137,987,939
Total assets			203,471,301				76,113,457				32,271				279,617,029

Schedule of Revenue from 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 June 30,								Six months ended June 30,
		2023				2024				2023				2024
High power lithium batteries used in:
Electric vehicles		$	135,731			$	199,258			$	1,955,979			$	679,439
Light electric vehicles			1,147,902				1,825,501				3,115,959				3,335,793
Residential energy supply & uninterruptable supplies			20,948,370				33,573,365				46,763,448				76,420,761
			22,232,003				35,598,124				51,835,386				80,435,993
Materials used in manufacturing of lithium batteries
Cathode			10,070,627				8,248,245				20,691,700				17,434,438
Precursor			10,118,240				3,946,676				12,290,485				8,745,046
			20,188,867				12,194,921				32,982,185				26,179,484
Total consolidated revenue		$	42,420,870			$	47,793,045			$	84,817,571			$	106,615,477

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 June 30,								Six months ended June 30,
		2023				2024				2023				2024
Mainland China		$	31,338,415			$	24,482,831			$	55,885,152			$	48,173,594
Europe			10,642,516				21,209,530				27,901,804				54,103,444
Others			439,939				2,100,684				1,030,615				4,338,439
Total		$	42,420,870			$	47,793,045			$	84,817,571			$	106,615,477

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