Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 12, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CBAK Energy Technology, Inc. | |
Entity Central Index Key | 0001117171 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity Current reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-32898 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | NV | |
Entity Common Stock Shares Outstanding | 65,149,690 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 155,809 | $ 1,612,957 |
Pledged deposits | 6,015,177 | 5,520,991 |
Trade accounts and bills receivable, net | 11,547,459 | 7,952,420 |
Inventories | 5,359,576 | 8,666,714 |
Prepayments and other receivables | 4,425,349 | 4,735,913 |
Total current assets | 27,503,370 | 28,488,995 |
Property, plant and equipment, net | 35,622,684 | 38,177,565 |
Construction in progress | 22,258,654 | 21,707,624 |
Right-of-use assets | 7,010,713 | 7,194,195 |
Intangible assets, net | 12,387 | 15,178 |
Total assets | 92,407,808 | 95,583,557 |
Current liabilities | ||
Trade accounts and bills payable | 14,763,405 | 15,072,108 |
Short-term bank borrowings | 5,647,478 | 5,730,289 |
Current maturities of long-term bank loans | 19,914,792 | 10,844,463 |
Other short-term loans | 5,139,510 | 7,351,587 |
Notes payable | 2,435,347 | 2,846,736 |
Accrued expenses and other payables | 14,664,868 | 15,527,589 |
Payables to former subsidiaries, net | 1,508,523 | 1,483,352 |
Deferred government grants, current | 139,974 | 142,026 |
Total current liabilities | 64,213,897 | 58,998,150 |
Long-term bank loans, net of current maturities | 9,519,029 | |
Deferred government grants, non-current | 3,989,298 | 4,118,807 |
Product warranty provision | 2,140,568 | 2,246,933 |
Long term tax payable | 6,940,808 | 7,042,582 |
Total liabilities | 77,284,571 | 81,925,501 |
Commitments and contingencies | ||
Shareholders' equity (deficit) | ||
Common stock $0.001 par value; 500,000,000 authorized; 53,220,902 issued and 53,076,696 outstanding as of December 31, 2019, 63,802,338 issued and 63,658,132 outstanding as of June 30, 2020 | 63,803 | 53,222 |
Donated shares | 14,101,689 | 14,101,689 |
Additional paid-in capital | 185,487,657 | 180,208,610 |
Statutory reserves | 1,230,511 | 1,230,511 |
Accumulated deficit | (179,734,609) | (176,177,413) |
Accumulated other comprehensive loss | (2,016,076) | (1,744,730) |
Stockholders' equity (deficit) before Treasury Stock | 19,132,975 | 17,671,889 |
Less: Treasury shares | (4,066,610) | (4,066,610) |
Total shareholders' equity | 15,066,365 | 13,605,279 |
Non-controlling interests | 56,872 | 52,777 |
Total equity | 15,123,237 | 13,658,056 |
Total liabilities and shareholder's equity | $ 92,407,808 | $ 95,583,557 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 500,000,000 | 500,000,000 |
Common stock shares issued | 63,658,132 | 53,220,902 |
Common stock shares outstanding | 63,658,132 | 53,076,696 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Net revenues | $ 4,624,247 | $ 4,270,936 | $ 11,525,521 | $ 9,442,611 |
Cost of revenues | (4,536,637) | (4,490,512) | (11,231,908) | (9,891,195) |
Gross (loss) profit | 87,610 | (219,576) | 293,613 | (448,584) |
Operating expenses: | ||||
Research and development expenses | (385,224) | (513,417) | (684,154) | (946,933) |
Sales and marketing expenses | (100,707) | (262,407) | (194,478) | (626,421) |
General and administrative expenses | (756,946) | (817,809) | (1,872,564) | (2,258,504) |
(Provision for) recovery of doubtful accounts | 245,484 | (252,776) | (427,702) | (323,938) |
Total operating expenses | (997,393) | (1,846,409) | (3,178,898) | (4,155,796) |
Operating loss | (909,783) | (2,065,985) | (2,885,285) | (4,604,380) |
Finance expenses, net | (385,208) | (361,982) | (813,291) | (648,982) |
Other income, net | 96,824 | 93,793 | 146,298 | 111,855 |
Loss before income tax | (1,198,167) | (2,334,174) | (3,552,278) | (5,141,507) |
Income tax expense | ||||
Net loss | (1,198,167) | (2,334,174) | (3,552,278) | (5,141,507) |
Less: Net loss (profit) attributable to non-controlling interest | 952 | 16,790 | (4,918) | 36,731 |
Net loss attributable to CBAK Energy Technology, Inc. | (1,197,215) | (2,317,384) | (3,557,196) | (5,104,776) |
Net loss | (1,198,167) | (2,334,174) | (3,552,278) | (5,141,507) |
Other comprehensive income | ||||
– Foreign currency translation adjustment | 29,876 | (224,864) | (272,169) | (63,539) |
Comprehensive loss | (1,168,291) | (2,559,038) | (3,824,447) | (5,205,046) |
Less: Comprehensive loss (income) attributable to non-controlling interest | 945 | 16,834 | (4,095) | 39,136 |
Comprehensive loss attributable to CBAK Energy Technology, Inc. | $ (1,167,346) | $ (2,542,204) | $ (3,828,542) | $ (5,165,910) |
Loss per share | ||||
– Basic and diluted | $ (0.02) | $ (0.07) | $ (0.06) | $ (0.16) |
Weighted average number of shares of common stock: | ||||
– Basic and diluted | 60,430,255 | 35,379,994 | 56,877,900 | 32,095,479 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($) | Common stock issued | Donated shares | Additional paid-in capital | Statutory reserves | Accumulated deficit | Accumulated other comprehensive loss | Non-controlling interests | Treasury shares | Total |
Beginning Balance at Dec. 31, 2018 | $ 26,792 | $ 14,101,689 | $ 155,931,770 | $ 1,230,511 | $ (165,409,890) | $ (1,498,940) | $ 11,977 | $ (4,066,610) | $ 327,299 |
Beginning Balance, shares at Dec. 31, 2018 | 26,791,684 | (144,206) | |||||||
Net (loss) profit | (5,104,776) | (36,731) | (5,141,507) | ||||||
Capital contribution from non-controlling interests of a subsidiary | 88,591 | 88,591 | |||||||
Share-based compensation for employee and director stock awards | 36,641 | 36,641 | |||||||
Common stock issued to investors | $ 10,304 | 10,916,191 | 10,926,495 | ||||||
Common stock issued to investors, shares | 10,303,945 | ||||||||
Foreign currency translation adjustment | (61,134) | (2,405) | (63,539) | ||||||
Ending Balance at Jun. 30, 2019 | $ 37,096 | 14,101,689 | 166,884,602 | 1,230,511 | (170,514,666) | (1,560,074) | 61,432 | $ (4,066,610) | 6,173,980 |
Ending Balance, shares at Jun. 30, 2019 | 37,095,629 | (144,206) | |||||||
Beginning Balance at Mar. 31, 2019 | $ 31,890 | 14,101,689 | 161,144,891 | 1,230,511 | (168,197,282) | (1,335,253) | 46,378 | $ (4,066,610) | 2,956,214 |
Beginning Balance, shares at Mar. 31, 2019 | 31,889,724 | (144,206) | |||||||
Net (loss) profit | (2,317,384) | (16,790) | (2,334,174) | ||||||
Capital contribution from non-controlling interests of a subsidiary | 31,887 | 31,887 | |||||||
Share-based compensation for employee and director stock awards | 18,422 | 18,422 | |||||||
Common stock issued to investors | $ 5,206 | 5,721,289 | 5,726,495 | ||||||
Common stock issued to investors, shares | 5,205,905 | ||||||||
Ending Balance at Jun. 30, 2019 | $ 37,096 | 14,101,689 | 166,884,602 | 1,230,511 | (170,514,666) | (1,560,074) | 61,432 | $ (4,066,610) | 6,173,980 |
Ending Balance, shares at Jun. 30, 2019 | 37,095,629 | (144,206) | |||||||
Beginning Balance at Dec. 31, 2019 | $ 53,222 | 14,101,689 | 180,208,610 | 1,230,511 | (176,177,413) | (1,744,730) | 52,777 | $ (4,066,610) | 13,658,056 |
Beginning Balance, shares at Dec. 31, 2019 | 53,220,902 | (144,206) | |||||||
Net (loss) profit | (3,557,196) | 4,918 | (3,552,278) | ||||||
Share-based compensation for employee and director stock awards | 454,096 | 454,096 | |||||||
Common stock issued to investors | $ 10,288 | 4,825,244 | 4,835,532 | ||||||
Common stock issued to investors, shares | 10,287,938 | ||||||||
Common stock issued to employees and directors for stock awards | $ 293 | (293) | |||||||
Common stock issued to employees and directors for stock awards, shares | 293,498 | ||||||||
Foreign currency translation adjustment | (271,346) | (823) | (272,169) | ||||||
Ending Balance at Jun. 30, 2020 | $ 63,803 | 14,101,689 | 185,487,657 | 1,230,511 | (179,734,609) | (2,016,076) | 56,872 | $ (4,066,610) | 15,123,237 |
Ending Balance, shares at Jun. 30, 2020 | 63,802,338 | (144,206) | |||||||
Beginning Balance at Mar. 31, 2020 | $ 53,590 | 14,101,689 | 180,708,377 | 1,230,511 | (178,537,394) | (2,045,945) | 57,817 | $ (4,066,610) | 11,502,035 |
Beginning Balance, shares at Mar. 31, 2020 | 53,588,799 | (144,206) | |||||||
Net (loss) profit | (1,197,215) | (952) | (1,198,167) | ||||||
Share-based compensation for employee and director stock awards | 153,961 | 153,961 | |||||||
Common stock issued to investors | $ 9,920 | 4,625,612 | 4,635,532 | ||||||
Common stock issued to investors, shares | 9,920,041 | ||||||||
Common stock issued to employees and directors for stock awards | $ 293 | (293) | |||||||
Common stock issued to employees and directors for stock awards, shares | 293,498 | ||||||||
Foreign currency translation adjustment | 29,869 | 7 | 29,876 | ||||||
Ending Balance at Jun. 30, 2020 | $ 63,803 | $ 14,101,689 | $ 185,487,657 | $ 1,230,511 | $ (179,734,609) | $ (2,016,076) | $ 56,872 | $ (4,066,610) | $ 15,123,237 |
Ending Balance, shares at Jun. 30, 2020 | 63,802,338 | (144,206) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (3,552,278) | $ (5,141,507) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 1,154,563 | 1,396,313 |
Provision for doubtful debts | 427,702 | 323,938 |
Write-down of inventories | 457,039 | 557,668 |
Share-based compensation | 454,096 | 36,641 |
Loss (gain) on disposal of property, plant and equipment | (13,360) | 271,700 |
Changes in operating assets and liabilities: | ||
Trade accounts and bills receivable | (4,154,650) | 6,425,690 |
Inventories | 2,738,941 | 378,742 |
Prepayments and other receivables | 309,378 | 2,140,805 |
Trade accounts and bills payable | (351,898) | (10,467,403) |
Accrued expenses and other payables | 190,330 | 660,102 |
Trade receivable from and payables to former subsidiaries | 4,321,809 | (1,474,867) |
Net cash (used in) provided by operating activities | 1,981,672 | (4,892,178) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment and construction in progress | (779,064) | (1,406,484) |
Net cash used in investing activities | (779,064) | (1,406,484) |
Cash flows from financing activities | ||
Capital injection from non-controlling interests | 88,591 | |
Repayment of bank borrowings | (155,128) | (3,585,946) |
Borrowings from unrelated parties | 3,440,970 | 6,380,157 |
Borrowings from shareholders | 267,315 | 4,126,689 |
Borrowings from related parties | 436,496 | |
Repayment of borrowings from related parties | (586,294) | |
Repayment of borrowings from unrelated parties | (5,630,679) | |
Repayment of earnest money to shareholders (note 1) | (769,298) | |
Net cash provided by (used in) financing activities | (2,077,522) | 6,090,395 |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (88,048) | 42,036 |
Net decrease in cash and cash equivalents, and restricted cash | (962,962) | (166,231) |
Cash and cash equivalents, and restricted cash at the beginning of period | 7,133,948 | 17,689,493 |
Cash and cash equivalents, and restricted cash at the end of period | 6,170,986 | 17,523,262 |
Supplemental non-cash investing and financing transactions: | ||
Transfer of construction in progress to property, plant and equipment | 42,958 | 5,263,777 |
Issuance of common stock (note 1): | ||
- offset short-term borrowings from unrelated parties | 10,926,495 | |
- offset repayment of promissory notes | 550,000 | |
- offset payable to Shenzhen BAK (Sixth Debt) | 4,285,532 | |
Interest, net of amounts capitalized | $ 524,860 | $ 756,469 |
Principal Activities, Basis of
Principal Activities, Basis of Presentation and Organization | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principal Activities, Basis of Presentation and Organization | 1. Principal Activities, Basis of Presentation and Organization Principal Activities CBAK Energy Technology, Inc. ("CBAK" or the "Company") is a corporation formed in the State of Nevada on October 4, 1999 as Medina Copy, Inc. The Company changed its name to Medina Coffee, Inc. on October 6, 1999 and subsequently changed its name to China BAK Battery, Inc. on February 14, 2005. CBAK and its subsidiaries (hereinafter, collectively referred to as the "Company") are principally engaged in the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion (known as "Li-ion" or "Li-ion cell") high power rechargeable batteries. Prior to the disposal of BAK International Limited ("BAK International") and its subsidiaries (see below), the batteries produced by the Company were for use in cellular telephones, as well as various other portable electronic applications, including high-power handset telephones, laptop computers, power tools, digital cameras, video camcorders, MP3 players, electric bicycles, hybrid/electric vehicles, and general industrial applications. After the disposal of BAK International and its subsidiaries on June 30, 2014, the Company will focus on the manufacture, commercialization and distribution of high power lithium ion rechargeable batteries for use in cordless power tools, light electric vehicles, hybrid electric vehicles, electric cars, electric busses, uninterruptable power supplies and other high power applications. The shares of the Company traded in the over-the-counter market through the Over-the-Counter Bulletin Board from 2005 until May 31, 2006, when the Company obtained approval to list its common stock on The NASDAQ Global Market, and trading commenced that same date under the symbol "CBAK". On January 10, 2017, the Company filed Articles of Merger with the Secretary of State of Nevada to effectuate a merger between the Company and the Company's newly formed, wholly owned subsidiary, CBAK Merger Sub, Inc. (the "Merger Sub"). According to the Articles of Merger, effective January 16, 2017, the Merger Sub merged with and into the Company with the Company being the surviving entity (the "Merger"). As permitted by Chapter 92A.180 of Nevada Revised Statutes, the sole purpose of the Merger was to effect a change of the Company's name. Effective November 30, 2018, the trading symbol for common stock of the Company, which trades on the Nasdaq Global Market, was changed from CBAK to CBAT. Effective at the opening of business on June 21, 2019, the Company's common stock started trading on the Nasdaq Capital Market. Basis of Presentation and Organization On November 6, 2004, BAK International, a non-operating holding company that had substantially the same shareholders as Shenzhen BAK Battery Co., Ltd ("Shenzhen BAK"), entered into a share swap transaction with the shareholders of Shenzhen BAK for the purpose of the subsequent reverse acquisition of the Company. The share swap transaction between BAK International and the shareholders of Shenzhen BAK was accounted for as a reverse acquisition of Shenzhen BAK with no adjustment to the historical basis of the assets and liabilities of Shenzhen BAK. On January 20, 2005, the Company completed a share swap transaction with the shareholders of BAK International. The share swap transaction, also referred to as the "reverse acquisition" of the Company, was consummated under Nevada law pursuant to the terms of a Securities Exchange Agreement entered by and among CBAK, BAK International and the shareholders of BAK International on January 20, 2005. The share swap transaction has been accounted for as a capital-raising transaction of the Company whereby the historical financial statements and operations of Shenzhen BAK are consolidated using historical carrying amounts. Also on January 20, 2005, immediately prior to consummating the share swap transaction, BAK International executed a private placement of its common stock with unrelated investors whereby it issued an aggregate of 1,720,087 shares of common stock for gross proceeds of $17,000,000. In conjunction with this financing, Mr. Xiangqian Li, the Chairman and Chief Executive Officer of the Company ("Mr. Li"), agreed to place 435,910 shares of the Company's common stock owned by him into an escrow account pursuant to an Escrow Agreement dated January 20, 2005 (the "Escrow Agreement"). Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target. Under accounting principles generally accepted in the United States of America ("US GAAP"), escrow agreements such as the one established by Mr. Li generally constitute compensation if, following attainment of a performance threshold, shares are returned to a company officer. The Company determined that without consideration of the compensation charge, the performance thresholds for the year ended September 30, 2005 would be achieved. However, after consideration of a related compensation charge, the Company determined that such thresholds would not have been achieved. The Company also determined that, even without consideration of a compensation charge, the performance thresholds for the year ended September 30, 2006 would not be achieved. While the 217,955 escrow shares relating to the 2005 performance threshold were previously released to Mr. Li, Mr. Li executed a further undertaking on August 21, 2006 to return those shares to the escrow agent for the distribution to the relevant investors. However, such shares were not returned to the escrow agent, but, pursuant to a Delivery of Make Good Shares, Settlement and Release Agreement between the Company, BAK International and Mr. Li entered into on October 22, 2007 (the "Li Settlement Agreement"), such shares were ultimately delivered to the Company as described below. Because the Company failed to satisfy the performance threshold for the fiscal year ended September 30, 2006, the remaining 217,955 escrow shares relating to the fiscal year 2006 performance threshold were released to the relevant investors. As Mr. Li has not retained any of the shares placed into escrow, and as the investors party to the Escrow Agreement are only shareholders of the Company and do not have and are not expected to have any other relationship to the Company, the Company has not recorded a compensation charge for the years ended September 30, 2005 and 2006. At the time the escrow shares relating to the 2006 performance threshold were transferred to the investors in fiscal year 2007, the Company should have recognized a credit to donated shares and a debit to additional paid-in capital, both of which are elements of shareholders' equity. This entry is not material because total ordinary shares issued and outstanding, total shareholders' equity and total assets do not change; nor is there any impact on income or earnings per share. Therefore, previously filed consolidated financial statements for the fiscal year ended September 30, 2007 will not be restated. This share transfer has been reflected in these financial statements by reclassifying the balances of certain items as of October 1, 2007. The balances of donated shares and additional paid-in capital as of October 1, 2007 were credited and debited by $7,955,358 respectively, as set out in the consolidated statements of changes in shareholders' equity. In November 2007, Mr. Li delivered the 217,955 shares related to the 2005 performance threshold to BAK International pursuant to the Li Settlement Agreement; BAK International in turn delivered the shares to the Company. Such shares (other than those issued to investors pursuant to the 2008 Settlement Agreements, as described below) are now held by the Company. Upon receipt of these shares, the Company and BAK International released all claims and causes of action against Mr. Li regarding the shares, and Mr. Li released all claims and causes of action against the Company and BAK International regarding the shares. Under the terms of the Li Settlement Agreement, the Company commenced negotiations with the investors who participated in the Company's January 2005 private placement in order to achieve a complete settlement of BAK International's obligations (and the Company's obligations to the extent it has any) under the applicable agreements with such investors. Beginning on March 13, 2008, the Company entered into settlement agreements (the "2008 Settlement Agreements") with certain investors in the January 2005 private placement. Since the other investors have never submitted any claims regarding this matter, the Company did not reach any settlement with them. Pursuant to the 2008 Settlement Agreements, the Company and the settling investors have agreed, without any admission of liability, to a settlement and mutual release from all claims relating to the January 2005 private placement, including all claims relating to the escrow shares related to the 2005 performance threshold that had been placed into escrow by Mr. Li, as well as all claims, including claims for liquidated damages relating to registration rights granted in connection with the January 2005 private placement. Under the 2008 Settlement Agreement, the Company has made settlement payments to each of the settling investors of the number of shares of the Company's common stock equivalent to 50% of the number of the escrow shares related to the 2005 performance threshold these investors had claimed; aggregate settlement payments as of June 30, 2015 amounted to 73,749 shares. Share payments to date have been made in reliance upon the exemptions from registration provided by Section 4(2) and/or other applicable provisions of the Securities Act of 1933, as amended. In accordance with the 2008 Settlement Agreements, the Company filed a registration statement covering the resale of such shares which was declared effective by the SEC on June 26, 2008. Pursuant to the Li Settlement Agreement, the 2008 Settlement Agreements and upon the release of the 217,955 escrow shares relating to the fiscal year 2006 performance threshold to the relevant investors, neither Mr. Li or the Company have any obligations to the investors who participated in the Company's January 2005 private placement relating to the escrow shares. As of June 30, 2018, the Company had not received any claim from the other investors who have not been covered by the "2008 Settlement Agreements" in the January 2005 private placement. As of June 30, 2020, the Company had not received any claim from the other investors who have not been covered by the "2008 Settlement Agreements" in the January 2005 private placement. As the Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and the Company also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the "2008 Settlement Agreements" with us in fiscal year 2008, pursuant to "Li Settlement Agreement" and "2008 Settlement Agreements", neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company's January 2005 private placement relating to the escrow shares. On August 14, 2013, Dalian BAK Trading Co., Ltd was established as a wholly owned subsidiary of China BAK Asia Holding Limited ("BAK Asia") with a registered capital of $500,000 (Note 19(i)). Pursuant to CBAK Trading's articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 14, 2015. On March 7, 2017, the name of Dalian BAK Trading Co., Ltd was changed to Dalian CBAK Trading Co., Ltd ("CBAK Trading"). On August 5, 2019, CBAK Trading's registered capital was increased to $5,000,000. Up to the date of this report, the Company has contributed $2,435,000 to CBAK Trading in cash. On December 27, 2013, Dalian BAK Power Battery Co., Ltd was established as a wholly owned subsidiary of BAK Asia with a registered capital of $30,000,000. Pursuant to CBAK Power's articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 27, 2015. On March 7, 2017, the name of Dalian BAK Power Battery Co., Ltd was changed to Dalian CBAK Power Battery Co., Ltd ("CBAK Power"). On July 10, 2018, CBAK Power's registered capital was increased to $50,000,000. On October 29, 2019, CBAK Power's registered capital was further increased to $60,000,000. Pursuant to CBAK Power's amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 31, 2021. Up to the date of this report, the Company has contributed $29,999,978 to CBAK Power through injection of a series of patents and cash. On May 4, 2018, CBAK New Energy (Suzhou) Co., Ltd ("CBAK Suzhou") was established as a 90% owned subsidiary of CBAK Power with a registered capital of RMB10,000,000 (approximately $1.5 million). The remaining 10% equity interest was held by certain employees of CBAK Suzhou. Pursuant to CBAK Suzhou's articles of association, each shareholder is entitled to the right of the profit distribution or responsible for the loss according to its proportion to the capital contribution. Pursuant to CBAK Suzhou's articles of association and relevant PRC regulations, CBAK Power was required to contribute the capital to CBAK Suzhou on or before December 31, 2019. Up to the date of this report, the Company has contributed RMB9.0 million (approximately $1.3 million), and the other shareholders have contributed RMB1.0 million ($141,541) to CBAK Suzhou through injection of a series of cash. CBAK Suzhou is intended to be engaged in development and manufacture of new energy high power battery packs. On November 21, 2019, Dalian CBAK Energy Technology Co., Ltd ("CBAK Energy") was established as a wholly owned subsidiary of BAK Asia with a registered capital of $50,000,000. Pursuant to CBAK Energy's articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Energy on or before November 20, 2022. Up to the date of this report, the Company has contributed nil to CBAK Energy. CBAK Energy will be focus on manufacture and sale of lithium batteries and lithium batteries' materials. On July 14, 2020, the Company acquired BAK Asia Investments Limited, a company incorporated under Hong Kong laws, from Mr. Xiangqian Li, for cash consideration of HK$1.00. BAK Asia Investments Limited is a holding company without any business operations. On July 31, 2020, BAK Asia Investments Limited formed CBAK New Energy (Nanjing) Co., Ltd. in China, which in turn formed Nanjing CBAK New Energy Technology Co., Ltd. in China on August 6, 2020. Both CBAK New Energy (Nanjing) Co., Ltd. and Nanjing CBAK New Energy Technology Co., Ltd. were established to expand the Company's business of developing, manufacturing and selling new energy high power lithium batteries. These two entities have yet to commence business operations as of the date of this report. The Company's condensed consolidated financial statements have been prepared under US GAAP. These condensed consolidated financial statements are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed consolidated financial statements, which are of a normal and recurring nature, have been included. The results reported in the condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The following (a) condensed consolidated balance sheet as of December 31, 2019, which was derived from the Company's audited financial statements, and (b) the unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to those rules and regulations, though the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying footnotes of the Company for the year ended December 31, 2019. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. This basis of accounting differs in certain material respects from that used for the preparation of the books of account of the Company's principal subsidiaries, which are prepared in accordance with the accounting principles and the relevant financial regulations applicable to enterprises with limited liability established in the PRC or Hong Kong. The accompanying consolidated financial statements reflect necessary adjustments not recorded in the books of account of the Company's subsidiaries to present them in conformity with US GAAP. After the disposal of BAK International Limited and its subsidiaries, namely Shenzhen BAK, Shenzhen BAK Power Battery Co., Ltd (formerly BAK Battery (Shenzhen) Co., Ltd.) ("BAK Shenzhen"), BAK International (Tianjin) Ltd. ("BAK Tianjin"), Tianjin Chenhao Technological Development Limited (a subsidiary of BAK Tianjin established on May 8, 2014,"Tianjin Chenhao"), BAK Battery Canada Ltd. ("BAK Canada"), BAK Europe GmbH ("BAK Europe") and BAK Telecom India Private Limited ("BAK India"), effective on June 30, 2014, and as of December 31, 2018 and June 30, 2019, the Company's subsidiaries consisted of: i) China BAK Asia Holdings Limited ("BAK Asia"), a wholly owned limited liability company incorporated in Hong Kong on July 9, 2013; ii) Dalian CBAK Trading Co., Ltd. ("CBAK Trading"), a wholly owned limited company established on August 14, 2013 in the PRC; iii) Dalian CBAK Power Battery Co., Ltd. ("CBAK Power"), a wholly owned limited liability company established on December 27, 2013 in the PRC; and iv) CBAK New Energy (Suzhou) Co., Ltd. ("CBAK Suzhou"), a 90% owned limited liability company established on May 4, 2018 in the PRC and v) Dalian CBAK Energy Technology Co., Ltd ("CBAK Energy"), a wholly owned limited liability company established on November 21, 2019 in the PRC. The Company continued its business and continued to generate revenues from sale of batteries via subcontracting the production to BAK Tianjin and BAK Shenzhen, former subsidiaries before the completion of construction and operation of its facility in Dalian. BAK Tianjin and BAK Shenzhen are now suppliers of the Company, and the Company does not have any significant benefits or liability from the operating results of BAK Tianjin and BAK Shenzhen except the normal risk with any major supplier. As of the date of this report, Mr. Xiangqian Li is no longer a director of BAK International and BAK Tianjin. He remained as a director of Shenzhen BAK and BAK Shenzhen. On and effective March 1, 2016, Mr. Xiangqian Li resigned as Chairman, director, Chief Executive Officer, President and Secretary of the Company. On the same date, the Board of Directors of the Company appointed Mr. Yunfei Li as Chairman, Chief Executive Officer, President and Secretary of the Company. On March 4, 2016, Mr. Xiangqian Li transferred 3,000,000 shares to Mr. Yunfei Li for a price of $2.4 per share. After the share transfer, Mr. Yunfei Li held 3,000,000 shares or 17.3% and Mr. Xiangqian Li held 760,557 shares at 4.4% of the Company's outstanding stock, respectively. As of June 30, 2020, Mr. Yunfei Li held 10,719,205 shares or 16.84% of the Company's outstanding stock, and Mr. Xiangqian Li held none of the Company's outstanding stock. The Company had a working capital deficiency, accumulated deficit from recurring net losses and short-term debt obligations as of December 31, 2019 and June 30, 2020. These factors raise substantial doubts about the Company's ability to continue as a going concern. In June and July 2015, the Company received advances of approximately $9.8 million from potential investors. On September 29, 2015, the Company entered into a Debt Conversion Agreement with these investors. Pursuant to the terms of the Debt Conversion Agreement, each of the creditors agreed to convert existing loan principal of $9,847,644 into an aggregate 4,376,731 shares of common stock of the Company ("the Shares") at a conversion price of $2.25 per share. Upon receipt of the Shares on October 16, 2015, the creditors released the Company from all claims, demands and other obligations relating to the Debts. As such, no interest was recognized by the Company on the advances from investors pursuant to the supplemental agreements with investors and the Debt Conversion Agreement. In June 2016, the Company received further advances in the aggregate of $2.9 million from Mr. Jiping Zhou and Mr. Dawei Li. These advances were unsecured, non-interest bearing and repayable on demand. On July 8, 2018, the Company received further advances of $2.6 million from Mr. Jiping Zhou. On July 28, 2016, the Company entered into securities purchase agreements with Mr. Jiping Zhou and Mr. Dawei Li to issue and sell an aggregate of 2,206,640 shares of common stock of the Company, at $2.5 per share, for an aggregate consideration of approximately $5.52 million. On August 17, 2016, the Company issued these shares to these two investors. On February 17, 2017, the Company signed investment agreements with eight investors (including Mr. Yunfei Li, the Company's CEO, and seven of the Company's existing shareholders) whereby the investors agreed to subscribe new shares of the Company totaling $10 million. Pursuant to the investment agreements, in January 2017, eight investors paid the Company a total of $2.06 million as earnest money which need to be returned to the investors after the investment amount was delivered. Mr. Yunfei Li agrees to subscribe new shares of the Company totaled $1,120,000 and paid the earnest money of $225,784 in January 2017. On April 1, April 21, April 26 and May 10, 2017, the Company received $1,999,910, $3,499,888, $1,119,982 and $2,985,497 from these investors, respectively. On May 31, 2017, the Company entered into a securities purchase agreement with these investors, pursuant to which the Company agreed to issue an aggregate of 6,403,518 shares of common stock to these investors, at a purchase price of $1.50 per share, for an aggregate price of $9.6 million, among which 746,018 shares issued to Mr. Yunfei Li. On June 22, 2017, the Company issued the shares to the investors. In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $949,317 (approximately RMB6.7 million) to these investors. On January 7, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $3.4 million (RMB23,980,950) and $1.6 million (RMB11,647,890) (totaled $5.0 million, the "First Debt") to Mr. Dawei Li and Mr. Yunfei Li, respectively. On January 7, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li and Mr. Yunfei Li. Pursuant to the terms of the cancellation agreement, Mr. Dawei Li and Mr. Yunfei Li agreed to cancel the First Debt in exchange for 3,431,373 and 1,666,667 shares of common stock of the Company, respectively, at an exchange price of $1.02 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the First Debt. On April 26, 2019, each of Mr. Jun Lang, Ms. Jing Shi and Asia EVK Energy Auto Limited ("Asia EVK") entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $0.3 million (RMB2,225,082), $0.1 million (RMB 912,204) and $5.0 million (RMB35,406,036) (collectively $5.4 million, the "Second Debt") to Mr. Jun Lang, Ms. Jing Shi and Asia EVK, respectively. On April 26, 2019, the Company entered into a cancellation agreement with Mr. Jun Lang, Ms. Jing Shi and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, the creditors agreed to cancel the Second Debt in exchange for 300,534, 123,208 and 4,782,163 shares of common stock of the Company, respectively, at an exchange price of $1.1 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Second Debt. On June 28, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power to loan approximately $1.4 million (RMB10,000,000) and $2.5 million (RMB18,000,000) respectively to CBAK Power for a term of six months (collectively $3.9 million, the "Third Debt"). The loan was unsecured, non-interest bearing and repayable on demand. On July 16, 2019, each of Asia EVK and Mr. Yunfei Li entered into an agreement with CBAK Power and Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. (the Company's construction contractor) whereby Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. assigned its rights to the unpaid construction fees owed by CBAK Power of approximately $2.8 million (RMB20,000,000) and $0.4 million (RMB2,813,810) (collectively $3.2 million, the "Fourth Debt") to Asia EVK and Mr. Yunfei Li, respectively. On July 26, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li, Mr. Yunfei Li and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Dawei Li, Mr. Yunfei Li and Asia EVK agreed to cancel the Third Debt and Fourth Debt in exchange for 1,384,717, 2,938,067 and 2,769,435 shares of common stock of the Company, respectively, at an exchange price of $1.05 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Third Debt and Fourth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares. On July 24, 2019, the Company entered into a securities purchase agreement with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company issued a promissory note (the "Note 1") to the Lender. The Note has an original principal amount of $1,395,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,250,000 after an original issue discount of $125,000 and payment of Lender's expenses of $20,000. On October 10, 2019, each of Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen entered into an agreement with CBAK Power and Zhengzhou BAK New Energy Vehicle Co., Ltd. (the Company's supplier of which Mr. Xiangqian Li, the former CEO, is a director of this company) whereby Zhengzhou BAK New Energy Vehicle Co., Ltd. assigned its rights to the unpaid inventories cost owed by CBAK Power of approximately $2.1 million (RMB15,000,000), $1.0 million (RMB7,380,000) and $1.0 million (RMB7,380,000) (collectively $4.1 million, the "Fifth Debt") to Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen, respectively. On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt and the Unpaid Earnest Money of approximately $0.9 million (RMB6,720,000) in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares. On December 30, 2019, the Company entered into a second securities purchase agreement with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company issued a promissory note (the "Note II") to the Lender. The Note II has an original principal amount of $1,670,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,500,000 after an original issue discount of $150,000 and payment of Lender's expenses of $20,000. On January 27, 2020, the Company entered into an exchange agreement (the "First Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 160,256 shares of the Company's common stock, par value $0.001 per share to the Lender. On February 20, 2020, the Company entered into a second exchange agreement (the "Second Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 207,641 shares of the Company's common stock, par value $0.001 per share to the Lender. On April 10, 2020, each of Mr. Yunfei Li, Mr. Ping Shen and Asia EVK entered into an agreement with CBAK Power and Shenzhen BAK, whereby Shenzhen BAK assigned its rights to the unpaid inventories cost (note 6) owed by CBAK Power of approximately $1.0 million (RMB7,000,000), $2.3 million (RMB16,000,000) and $1.0 million (RMB7,300,000) (collectively $4.3 million, the "Sixth Debt") to Mr. Yunfei Li, Mr. Ping Shen and Asia EVK, respectively. On April 27, 2020, the Company entered into a cancellation agreement with Mr. Yunfei Li, Mr. Ping Shen and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Yunfei Li, Mr. Ping Shen and Asia EVK agreed to cancel the Sixth Debt in exchange for 2,062,619, 4,714,557 and 2,151,017 shares of common stock of the Company, respectively, at an exchange price of $0.48 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Sixth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares. On April 28, 2020, the Company entered into a third exchange agreement (the "Third Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstandi |
Pledged Deposits
Pledged Deposits | 6 Months Ended |
Jun. 30, 2020 | |
Pledged Deposits [Abstract] | |
Pledged deposits | 2. Pledged deposits Pledged deposits as of December 31, 2019 and June 30, 2020 consisted of the following: December 31, June 30, 2019 2020 Pledged deposits with banks for: Bills payable $ 4,021,255 $ 4,622,244 Others* 1,499,736 1,392,933 $ 5,520,991 $ 6,015,177 * On July 7, 2016, Shenzhen Huijie Purification System Engineering Co., Ltd ("Shenzhen Huijie"), one of the Company's contractors, filed a lawsuit against CBAK Power in the Peoples' Court of Zhuanghe City, Dalian for the failure to pay pursuant to the terms of the contract and entrusted part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,193,301 (RMB8,430,792), including construction costs of $0.9 million (RMB6.1 million), interest of $28,308 (RMB0.2 million) and compensation of $0.3 million (RMB1.9 million), which we already accrued for as of September 30, 2016. On September 7, 2016, upon the request of Shenzhen Huijie, the Court froze CBAK Power's bank deposits totaling $1,193,301 (RMB8,430,792) for a period of one year. Further on September 1, 2017, upon the request of Shenzhen Huijie, the Court froze the bank deposits for another one year until August 31, 2018. The Court froze the bank deposits for another one year until August 27, 2019 upon the request of Shenzhen Huijie on August 27, 2018. On August 27, 2019, the Court again froze the bank deposits for another year until August 27, 2020, upon the request of Shenzhen Huijie. On June 28, 2020, the Court of Dalian entered the final judgement and the bank deposit was released in July 2020. On July 25, 2019, CBAK Power received notice from Shenzhen Court of International Arbitration that Shenzhen Xinjiatuo Automobile Technology Co., Ltd filed arbitration against the Company for the failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.16 million (RMB1,112,269), including equipment cost of $0.14 million (RMB976,000) and interest of $0.02 million (RMB136,269). As of June 30, 2020, the Company has accrued for the equipment cost of $0.14 million (RMB976,000). On August 9, 2019, upon the request of Shenzhen Xinjiatuo Automobile Technology Co., Ltd, Shenzhen Court of International Arbitration froze CBAK Power's bank deposits totaling $0.16 million (RMB1,117,269) for a period of one year to August 2020. In early September 2019, several employees of CBAK Suzhou files arbitration with Suzhou Industrial Park Labor Disputes Arbitration Commission against CBAK Suzhou for failure to pay their salaries in time. The employees seek for a payment including salaries of $90,354 (RMB638,359) and compensation of $76,857 (RMB543,000), totaling $0.17 million (RMB1,181,359). In addition, upon the request of the employees, the court of Suzhou Industrial Park ruled that bank deposits of CBAK Suzhou totaling $0.17 million (RMB 1,181,359) should be frozen for a period of one year. In February 2020, the Company has fully repaid the salaries and compensation. As of June 30, 2020, $6 (RMB43) was frozen by bank. In early July 2020, Shenzhen Court of International Arbitration made arbitration award dismissing the plaintiff's claim and the bank deposits was released in early August 2020. In November 2019, CBAK Suzhou received notice from Court of Suzhou city that Suzhou Industrial Park Security Service Co., Ltd ("Suzhou Security") filed a lawsuit against CBAK Suzhou for the failure to pay pursuant to the terms of the sales contract. Suzhou Security sought a total amount of $19,775 (RMB139,713), including services expenses amount of $19,661 (RMB138,908) and interest of $114 (RMB805). Upon the request of Suzhou Security for property preservation, the Court of Suzhou froze CBAK Suzhou's bank deposits totaling $0.02 million (RMB150,000) for a period of one year. As of June 30, 2020, $4,664 (RMB32,955) was frozen by bank and the Company had accrued the service cost of $19,775 (RMB139,713). In December 2019, CBAK Power received notice from Court of Zhuanghe that Dalian Construction Electrical Installation Engineering Co., Ltd. ("Dalian Construction") filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the construction contract. Dalian Construction sought a total amount of $97,817 (RMB691,086) and interest $1,831 (RMB12,934). As of December 31, 2019, the Company has accrued the construction cost of $97,817 (RMB691,086). Upon the request of Dalian Construction for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power's bank deposits totaling $99,648 (RMB704,020) for a period of one year to December 2020. As of December 31, 2019, $93,592 (RMB661,240) was frozen by bank. In January 2020, CBAK Power and Dalian Construction have come to a settlement, and the bank deposit was then released. In February 2020, CBAK Power received notice from Court of Zhuanghe that Dongguan Shanshan Battery Material Co., Ltd ("Dongguan Shanshan") filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Dongguan Shanshan sought a total amount of $0.6 million (RMB 4,434,209), which was already accrued for as of December 31, 2019. Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power's bank deposits totaling $0.6 million (RMB4,434,209) for a period of one year to December 17, 2020. As of June 30, 2020, $34,190 (RMB241,554) was frozen by bank. On March 20, 2020, CBAK Power received notice from Court of Nanpi County, Hebei Province that Cangzhou Huibang Engineering Manufacturing Co., Ltd ("Cangzhou Huibang") filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Cangzhou Huibang sought a total amount of $0.3 million (RMB2,029,594), including materials purchase cost of $0.3 million (RMB1,932,947), and interest of $13,679 (RMB96,647). As of June 30, 2020, the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947). Upon the request of Cangzhou Huibang for property preservation, the Court of Nanpi ordered to freeze CBAK Power's bank deposits totaling $0.3 million (RMB2,029,594) for a period of one year to March 3, 2021. As of June 30, 2020, the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947). As of June 30, 2020, $2,629 (RMB18,575) was frozen by bank. |
Trade Accounts and Bills Receiv
Trade Accounts and Bills Receivable, Net | 6 Months Ended |
Jun. 30, 2020 | |
Trade Accounts and Bills Receivable, net [Abstract] | |
Trade Accounts and Bills Receivable, net | 3. Trade Accounts and Bills Receivable, net Trade accounts and bills receivable as of December 31, 2019 and June 30, 2020 consisted of the following: December 31, June 30, 2019 2020 Trade accounts receivable $ 12,517,626 $ 16,464,428 Less: Allowance for doubtful accounts (4,650,686 ) (5,009,230 ) 7,866,940 11,455,198 Bills receivable 85,480 92,261 $ 7,952,420 $ 11,547,459 Included in trade accounts and bills receivables are retention receivables of $2,159,356 and $2,114,897 as of December 31, 2019 and June 30, 2020. Retention receivables are interest-free and recoverable at the end of the retention period of three to five years. An analysis of the allowance for doubtful accounts is as follows: June 30, June 30, 2019 2020 Balance at beginning of period $ 3,657,173 $ 4,650,686 Provision for the period 605,098 968,627 Reversal - recoveries by cash (281,160 ) (540,925 ) Charged to consolidated statements of operations and comprehensive (loss) income 323,938 427,702 Foreign exchange adjustment 2,939 (69,158 ) Balance at end of period $ 3,984,050 $ 5,009,230 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Inventories | 4. Inventories Inventories as of December 31, 2019 and June 30, 2020 consisted of the following: December 31, June 30, 2019 2020 Raw materials $ 482,836 $ 542,413 Work in progress 1,254,490 1,042,250 Finished goods 6,929,388 3,774,913 $ 8,666,714 $ 5,359,576 During the three months ended June 30, 2019 and 2020, write-downs of obsolete inventories to lower of cost or market of $494,896 and $47,977, respectively, were charged to cost of revenues. During the six months ended June 30, 2019 and 2020, write-downs of obsolete inventories to lower of cost or market of $557,668 and $457,039, respectively, were charged to cost of revenues. |
Prepayments and Other Receivabl
Prepayments and Other Receivables | 6 Months Ended |
Jun. 30, 2020 | |
Prepayments and Other Receivables [Abstract] | |
Prepayments and Other Receivables | 5. Prepayments and Other Receivables Prepayments and other receivables as of December 31, 2019 and June 30, 2020 consisted of the following: December 31, June 30, 2019 2020 Value added tax recoverable $ 4,124,624 $ 3,520,903 Prepayments to suppliers 60,090 301,964 Deposits 63,184 24,043 Staff advances 53,731 44,839 Prepaid operating expenses 317,151 381,525 Others 124,133 159,075 4,742,913 4,432,349 Less: Allowance for doubtful accounts (7,000 ) (7,000 ) $ 4,735,913 $ 4,425,349 |
Payables to Former Subsidiaries
Payables to Former Subsidiaries, net | 6 Months Ended |
Jun. 30, 2020 | |
Payables to Former Subsidiaries [Abstract] | |
Payables to Former Subsidiaries, net | 6. Payables to Former Subsidiaries, net Payable to former subsidiaries as of December 31, 2019 and June 30, 2020 consisted of the following: December 31, June 30, 2019 2020 BAK Tianjin $ - $ 10,936 Shenzhen BAK - - BAK Shenzhen 1,483,352 1,497,587 $ 1,483,352 $ 1,508,523 Balance as of December 31, 2019 and June 30, 2020 consisted of payables for purchase of inventories from BAK Tianjin and Shenzhen BAK. From time to time, the Company purchased products from these former subsidiaries that they did not produce to meet the needs of its customers. On April 10, 2020, each of Mr. Yunfei Li, Mr. Ping Shen and Asia EVK entered into an agreement with CBAK Power and Shenzhen BAK, whereby Shenzhen BAK assigned its rights to the unpaid inventories cost owed by CBAK Power of approximately $1.0 million (RMB7,000,000), $2.3 million (RMB16,000,000) and $1.0 million (RMB7,300,000) (collectively $4.3 million, the "Sixth Debt") to Mr. Yunfei Li, Mr. Ping Shen and Asia EVK, respectively (see Note 1). |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment, net | 7. Property, Plant and Equipment, net Property, plant and equipment as of December 31, 2019 and June 30, 2020 consisted of the following: December 31, June 30, 2019 2020 Buildings $ 27,262,301 $ 26,012,510 Machinery and equipment 22,719,932 22,391,950 Office equipment 204,196 201,245 Motor vehicles 161,980 129,711 50,348,409 48,735,416 Impairment (4,126,152 ) (4,066,524 ) Accumulated depreciation (8,044,692 ) (9,046,208 ) Carrying amount $ 38,177,565 $ 35,622,684 During the three months ended June 30, 2019 and 2020, the Company incurred depreciation expense of $708,639 and $560,916, respectively. During the six months ended June 30, 2019 and 2020, the Company incurred depreciation expense of $1,383,486 and $1,142,407, respectively The Company has not yet obtained the property ownership certificates of the buildings in its Dalian manufacturing facilities with a carrying amount of $24,671,045 and $23,106,731 as of December 31, 2019 and June 30, 2020, respectively. The Company built its facilities on the land for which it had already obtained the related land use right. The Company has submitted applications to the Chinese government for the ownership certificates on the completed buildings located on these lands. However, the application process takes longer than the Company expected and it has not obtained the certificates as of the date of this report. The Company has obtained the land use right in relation to the land, the management believe the Company has legal title to the buildings thereon albeit the lack of ownership certificates. During the course of the Company's strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company's property, plant and equipment. The impairment charge, if any, represented the excess of carrying amounts of the Company's property, plant and equipment over the estimated discounted cash flows expected to be generated by the Company's production facilities. The Company believes that there was no impairment during the three and six months ended June 30, 2019 and 2020. |
Construction in Progress
Construction in Progress | 6 Months Ended |
Jun. 30, 2020 | |
Construction in Progress [Abstract] | |
Construction in Progress | 8. Construction in Progress Construction in progress as of December 31, 2019 and June 30, 2020 consisted of the following: December 31, June 30, 2019 2020 Construction in progress $ 21,613,577 $ 22,154,205 Prepayment for acquisition of property, plant and equipment 94,047 104,449 Carrying amount $ 21,707,624 $ 22,258,654 Construction in progress as of December 31, 2019 and June 30, 2020 was mainly comprised of capital expenditures for the construction of the facilities and production lines of CBAK Power. For the three months ended June 30, 2019 and 2020, the Company capitalized interest of $363,165 and $304,054, respectively, to the cost of construction in progress. For the six months ended June 30, 2019 and 2020, the Company capitalized interest of $713,837 and $620,222, respectively, to the cost of construction in progress. |
Right-of-use assets
Right-of-use assets | 6 Months Ended |
Jun. 30, 2020 | |
Right-of-use assets [Abstract] | |
Right-of-use assets | 9. Right-of-use assets Right-of-use assets as of June 30, 2020 consisted of the following: Prepaid land lease payments Balance as of January 1, 2020 $ 7,194,195 Amortization charge for the period (79,881 ) Foreign exchange adjustment (103,601 ) Balance as of June 30, 2020 $ 7,010,713 Lump sum payments were made upfront to acquire the leased land from the owners with lease period for 50 years up to August 9, 2064, and no ongoing payments will be made under the terms of these land leases. |
Intangible Assets, Net
Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2020 | |
Intangible Assets, Net [Abstract] | |
Intangible Assets, net | 10. Intangible Assets, net Intangible assets as of December 31, 2019 and June 30, 2020 consisted of the followings: December 31, June 30, 2019 2020 Computer software at cost $ 30,648 $ 30,205 Accumulated amortization (15,470 ) (17,818 ) $ 15,178 $ 12,387 Amortization expenses were $1,330 and $1,281 for the three months ended June 30, 2019 and 2020 and $2,904 and $2,582 for the six months ended June 30, 2019 and 2020, respectively. |
Trade Accounts and Bills Payabl
Trade Accounts and Bills Payable | 6 Months Ended |
Jun. 30, 2020 | |
Trade Accounts and Bills Payable [Abstract] | |
Trade Accounts and Bills Payable | 11. Trade Accounts and Bills Payable Trade accounts and bills payable as of December 31, 2019 and June 30, 2020 consisted of the followings: December 31, June 30, 2019 2020 Trade accounts payable $ 11,157,014 $ 9,509,354 Bills payable - Bank acceptance bills (Note 12) 3,915,094 4,583,372 - Commercial acceptance bills - 670,679 $ 15,072,108 $ 14,763,405 All the bills payable are of trading nature and will mature within three months to one year from the issue date. The bank acceptance bills were pledged by the Company's bank deposits (Note 2) |
Loans
Loans | 6 Months Ended |
Jun. 30, 2020 | |
Loans [Abstract] | |
Loans | 12. Loans Bank loans: Bank borrowings as of December 31, 2019 and June 30, 2020 consisted of the followings December 31, June 30, Short-term bank loan $ 5,730,289 $ 5,647,478 Current maturities of long-term bank loans 10,844,463 19,914,792 Long-term bank borrowings 9,519,029 - $ 26,093,781 $ 25,562,270 On June 4, 2018, the Company obtained banking facilities from China Everbright Bank Dalian Branch with a maximum amount of RMB200 million (approximately $28.3 million) with the term from June 12, 2018 to June 10, 2021, bearing interest at 130% of benchmark rate of the People's Bank of China ("PBOC") for three-year long-term loans, at current rate 6.175% per annum. The loans are repayable in six installments of RMB0.8 million ($0.11 million) on December 10, 2018, RMB24.3 million ($3.44 million) on June 10, 2019, RMB0.8 million ($0.11 million) on December 10, 2019, RMB74.7 million ($10.6 million) on June 10, 2020, RMB0.8 million ($0.11 million) on December 10, 2020 and RMB66.3 million ($9.4 million) on June 10, 2021. Under the facilities, the Company borrowed RMB140.7 million (approximately $19.91 million) as of June 30, 2020. The facilities were secured by the Company's land use rights, buildings, machinery and equipment. The Company repaid the bank loan of RMB0.8 million ($0.11 million), RMB24.3 million ($3.44 million), RMB0.8 million ($0.11 million) and RMB1.09 million ($0.16 million) in December 2018, June 2019, December 2019 and June 2020 respectively. On June 28, 2020, the Company entered into a supplemental agreement with China Everbright Bank Dalian Branch to change the repayment schedule. According to the agreement, RMB141.8 million (approximately $20.07 million) loans are repayable in eight instalments consisting of RMB1.09 million ($0.16 million) on June 10, 2020, RMB 1 million ($0.15 million) on December 10, 2020, RMB2 million ($0.28 million) on January 10, 2021, RMB2 million ($0.28 million) on February 10, 2021, RMB2 million ($0.28 million) on March 10, 2021, RMB2 million ($0.28 million) on April 10, 2021, RMB2 million ($0.28 million) on May 10, 2021, and RMB129.7 million ($18.36 million) on June 10, 2021, respectively. In August 2018, the Company borrowed a total of RMB60 million (approximately $8.5 million) in the form of bills payable from China Everbright Bank Dalian Branch for a term until August 14, 2019, which was secured by the Company's cash totaled $8.5 million. The Company discounted these two bills payable of even date to China Everbright Bank at a rate of 4.0%. The Company repaid these bills payable in August 2019. On August 22, 2018, the Company obtained one-year term facilities from China Everbright Bank Dalian Branch with a maximum amount of RMB100 million (approximately $14.2 million) including revolving loans, trade finance, notes discount, and acceptance of commercial bills etc. Any amount drawn under the facilities requires security in the form of cash or banking acceptance bills receivables of at least the same amount. The Company borrowed a series of bank acceptance bills totaled RMB28.8 million (approximately $4.08 million) for a term until March 7, 2019. The Company repaid the bank acceptance bills on March 7, 2019. In November 2018, the Company borrowed a total of RMB100 million (approximately $14.2 million) in the form of bills payable from China Everbright Bank Dalian Branch for a term until November 12, 2019, which was secured by the Company's cash totaled RMB50 million (approximately $7.1 million) and the 100% equity in CBAK Power held by BAK Asia. The Company discounted the bills payable of even date to China Everbright Bank at a rate of 4.0%. The Company repaid the bills payable in November 2019. The Company also borrowed a series of acceptance bills from Industrial Bank Co., Ltd. Dalian Branch totaled RMB1.5 million (approximately $0.2 million) for various terms through May 21, 2019, which was secured by bills receivable of RMB1.5 million (approximately $0.2 million). The Company repaid the bank acceptance bills on May 21, 2019. In October 2019, the Company borrowed a total of RMB28 million (approximately $3.96 million) in the form of bills payable from China Everbright Bank Dalian Branch for a term until October 15, 2020, which was secured by the Company's cash totaled RMB28 million (approximately $3.96 million). The Company discounted these bills payable of even date to China Everbright Bank at a rate of 3.30%. In December 2019, the Company obtained banking facilities from China Everbright Bank Dalian Friendship Branch totaled RMB39.9 million (approximately $5.6 million) for a term until November 6, 2020, bearing interest at 5.655% per annum. The facility was secured by 100% equity in CBAK Power held by BAK Asia and buildings of Hubei BAK Real Estate Co., Ltd., which Mr. Yunfei Li ("Mr. Li"), the Company's CEO holding 15% equity interest. Under the facilities, the Company borrowed RMB39.9 million (approximately $5.6 million) on December 30, 2019. In May and June 2020, the Company borrowed a series of acceptance bills from China Merchants Bank totaled RMB4.7 million (approximately $0.7 million) for various terms through November to December 2020, which was secured by the Company's cash totaled RMB4.7 million (approximately $0.7 million). The facilities were also secured by the Company's assets with the following carrying amounts: December 31, June 30, 2019 2020 Pledged deposits (note 2) $ 4,021,255 $ 4,622,244 Right-of-use assets (note 9) 7,194,195 7,010,713 Buildings 17,683,961 16,293,297 Machinery and equipment 7,196,810 6,684,042 $ 36,096,221 $ 34,610,296 As of June 30, 2020, the Company had unutilized committed banking facilities of $6.8 million. During the three months ended June 30, 2019 and 2020, interest of $369,250 and $391,155, respectively, was incurred on the Company's bank borrowings. During the six months ended June 30, 2019 and 2020, interest of $750,525 and $788,361, respectively, was incurred on the Company's bank borrowings. Other Short-term Loans Other short-term loans as of December 31, 2019 and June 30, 2020 consisted of the following: December 31, June 30, Note 2019 2020 Advance from related parties – Mr. Xiangqian Li, the Company's Former CEO (a) 100,000 100,000 – Mr. Yunfei Li (b) 212,470 281,846 – Shareholders (c) 86,679 85,427 399,149 467,273 Advances from unrelated third party – Mr. Wenwu Yu (d) 30,135 29,700 – Mr. Longqian Peng (d) 646,273 636,933 – Mr. Shulin Yu (e) 517,018 509,547 – Jilin Province Trust Co. Ltd (f) 5,687,204 3,425,287 – Suzhou Zhengyuanwei Needle Ce Co., Ltd (g) 71,808 70,770 6,952,438 4,672,237 $ 7,351,587 $ 5,139,510 (a) Advances from Mr. Xiangqian Li, the Company's former CEO, was unsecured, non-interest bearing and repayable on demand. (b) Advances from Mr. Yunfei Li, the Company's CEO, was unsecured, non-interest bearing and repayable on demand. (c) The earnest money paid by certain shareholders in relation to share purchase (note 1) was unsecured, non-interest bearing and repayable on demand. In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $949,317 (approximately RMB6.7 million) to these investors. On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money. As of June 30, 2020, earnest money of $85,427 remained outstanding. (d) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand. (e) On June 25, 2019, the Company entered into a loan agreement with Mr. Shulin Yu, an unrelated party, to loan RMB3.6 million (approximately $0.5 million) for a term of one year, bearing annual interest of 10% and the repayment was guaranteed by Mr. Yunfei Li (the Company's CEO) and Mr. Wenwu Wang (the Company's former CFO). On June 22, 2020, the Company and Mr. Shulin Yu entered into a supplemental agreement to extend the loan for one year to June 24, 2021. As of June 30, 2020, the Company borrowed RMB3.6 million (approximately $0.5 million). (f) In January 2019, the Company obtained one-year term facilities from Jilin Province Trust Co. Ltd. with a maximum amount of RMB40.0 million (approximately $5.7 million), which was secured by land use rights and buildings of Eodos Liga Energy Co., Ltd. Under the facilities, the Company borrowed a total of RMB39.6 million ($5.7 million) in 2019, bearing annual interest from 11.3% to 11.6%. The Company fully repaid the loan principal and accrued interest in March 2020. In March 2020, the Company obtained additional one-year term facilities from Jilin Province Trust Co. Ltd with a maximum amount of RMB40.0 million (approximately $5.7 million), which was secured by land use rights and buildings of Eodos Liga Energy Co., Ltd. Under the facilities, the Company borrowed RMB24.2 million ($3.4 million) on March 13, 2020, bearing annual interest of 13.5%. (g) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of June 30, 2020, loan amount of RMB0.5 million ($70,770) remained outstanding. |
Accrued Expenses and Other Paya
Accrued Expenses and Other Payables | 6 Months Ended |
Jun. 30, 2020 | |
Accrued Expenses and Other Payables [Abstract] | |
Accrued Expenses and Other Payables | 13. Accrued Expenses and Other Payables Accrued expenses and other payables as of December 31, 2019 and June 30, 2020 consisted of the following: December 31, June 30, 2019 2020 Construction costs payable (note 1) $ 1,335,483 $ 424,275 Equipment purchase payable 7,440,131 7,434,478 Liquidated damages (note a) 1,210,119 1,210,119 Accrued staff costs 2,485,384 2,672,735 Compensation costs 109,311 - Customer deposits 600,758 324,173 Other payables and accruals (note 16) 2,346,403 2,599,088 $ 15,527,589 $ 14,664,868 (a) On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10-K for the year ended September 30, 2006 (the "2006 Form 10-K"). After the filing of the 2006 Form 10-K, the Company's previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of December 31, 2019 and June 30, 2020, no liquidated damages relating to both events have been paid. On November 9, 2007, the Company completed a private placement for the gross proceeds to the Company of $13,650,000 by selling 3,500,000 shares of common stock at the price of $3.90 per share. Roth Capital Partners, LLC acted as the Company's exclusive financial advisor and placement agent in connection with the private placement and received a cash fee of $819,000. The Company may have become liable for liquidated damages to certain shareholders whose shares were included in a resale registration statement on Form S-3 that the Company filed pursuant to a registration rights agreement that the Company entered into with such shareholders in November 2007. Under the registration rights agreement, among other things, if a registration statement filed pursuant thereto was not declared effective by the SEC by the 100th calendar day after the closing of the Company's private placement on November 9, 2007, or the "Effectiveness Deadline", then the Company would be liable to pay partial liquidated damages to each such investor of (a) 1.5% of the aggregate purchase price paid by such investor for the shares it purchased on the one month anniversary of the Effectiveness Deadline; (b) an additional 1.5% of the aggregate purchase price paid by such investor every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until the earliest of the effectiveness of the registration statement, the ten-month anniversary of the Effectiveness Deadline and the time that the Company is no longer required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations; and (c) 0.5% of the aggregate purchase price paid by such investor for the shares it purchased in the Company's November 2007 private placement on each of the following dates: the ten-month anniversary of the Effectiveness Deadline and every thirtieth day thereafter (prorated for periods totaling less than thirty days), until the earlier of the effectiveness of the registration statement and the time that the Company no longer is required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations. Such liquidated damages would bear interest at the rate of 1% per month (prorated for partial months) until paid in full. On December 21, 2007, pursuant to the registration rights agreement, the Company filed a registration statement on Form S-3, which was declared effective by the SEC on May 7, 2008. As a result, the Company estimated liquidated damages amounting to $561,174 for the November 2007 registration rights agreement. As of December 31, 2019 and June 30, 2020, the Company had settled the liquidated damages with all the investors and the remaining provision of approximately $159,000 was included in other payables and accruals. |
Deferred Government Grants
Deferred Government Grants | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Government Grants [Abstract] | |
Deferred Government Grants | 14. Deferred Government Grants Deferred government grants as of December 31, 2019 and June 30, 2020 consist of the following: December 31, June 30, 2019 2020 Total government grants $ 4,260,833 $ 4,129,272 Less: Current portion (142,026 ) (139,974 ) Non-current portion $ 4,118,807 $ 3,989,298 In September 2013, the Management Committee of Dalian Economic Zone Management Committee (the "Management Committee") provided a subsidy of RMB150 million to finance the costs incurred in moving our facilities to Dalian, including the loss of sales while the new facilities were being constructed. For the year ended September 30, 2015, the Company recognized $23,103,427 as income after offset of the related removal expenditures of $1,004,027. 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. The Company offset government grants of $36,247 and $34,886 for the three months ended June 30, 2019 and 2020 and $72,875 and $70,307 for the six months ended June 30, 2019 and 2020, respectively, against depreciation expenses of the Dalian facilities. |
Product Warranty Provision
Product Warranty Provision | 6 Months Ended |
Jun. 30, 2020 | |
Product Warranty Provisions [Abstract] | |
Product Warranty Provision | 15. Product Warranty Provision The Company maintains a policy of providing after sales support for certain of its new EV and LEV battery products introduced since October 1, 2015 by way of a warranty program. The limited cover covers a period of six to twelve months for battery cells, a period of twelve to twenty seven months for battery modules for light electric vehicles (LEV) such as electric bicycles, and a period of three years to eight years (or 120,000 or 200,000 km if reached sooner) for battery modules for electric vehicles (EV). The Company accrues an estimate of its exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability at least annually and adjusts the amounts as necessary. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Notes payable | 16. Notes payable Notes payable as of December 31, 2019 and June 30, 2020 consist of the following: December 31, June 30, 2019 2020 Notes payable, net of debt discount $ 2,846,736 $ 2,435,347 Note I On July 24, 2019, the Company entered into a securities purchase agreement with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company issued a promissory note (the "Note I") to the Lender. The Note has an original principal amount of $1,395,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,250,000 after an original issue discount of $125,000 and payment of Lender's expenses of $20,000. Beginning on the date that is six months after July 24, 2019, Lender shall have the right, exercisable at any time in its sole and absolute discretion, to redeem any amount of this Note up to $250,000 per calendar month by providing written notice to Borrower. The Company recorded the $125,000 as debt discount and is being amortized as interest expense over 12 months period. The Company did not assign any value to the redemption feature of the Note because the redemption of the Note has no value on the redemption portion as of December 31, 2019 and June 30, 2020. On January 27, 2020, the Company entered into an exchange agreement (the "First Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 160,256 shares of the Company's common stock, par value $0.001 per share to the Lender. On February 20, 2020, the Company entered into a second exchange agreement (the "Second Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 207,641 shares of the Company's common stock, par value $0.001 per share to the Lender. On April 28, 2020, the Company entered into a third exchange agreement (the "Third Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 312,500 shares of the Company's common stock, par value $0.001 per share to the Lender. On June 8, 2020, the Company entered into a fourth exchange agreement (the "Fourth Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 271,739 shares of the Company's common stock, par value $0.001 per share to the Lender. On June 10, 2020, the Company entered into a fifth exchange agreement (the "Fifth Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $150,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 407,609 shares of the Company's common stock, par value $0.001 per share to the Lender. On July 6, 2020, the Company entered into a Sixth exchange agreement (the "Sixth Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 461,595 shares of the Company's common stock, par value $0.001 per share to the Lender. On July 29, 2020, the Company entered into a Seventh exchange agreement (the "Seventh Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $365,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 576,802 shares of the Company's common stock, par value $0.001 per share to the Lender. The Company recorded $31,597 and $26,944 to interest expense from the amortization of debt discount and coupon interest for Note I, respectively, for the three months ended June 30, 2020. The Company recorded $63,194 and $59,262 to interest expense from the amortization of debt discount and coupon interest for Note I, respectively, for the six months ended June 30, 2020. As of June 30, 2019, accrued coupon interest of $121,649 on the Note I was included in other payables and accruals (note 13). Note II On December 30, 2019, the Company entered into a securities purchase agreement with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company issued a promissory note (the "Note II") to the Lender. The Note has an original principal amount of $1,670,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,500,000 after an original issue discount of $150,000 and payment of Lender's expenses of $20,000. Beginning on the date that is six months after June 30, 2020, Lender shall have the right, exercisable at any time in its sole and absolute discretion, to redeem any amount of this Note up to $250,000.00 per calendar month by providing written notice to Borrower. The Company recorded the $150,000 as debt discount and is being amortized as interest expense over 12 months period. The Company did not assign any value to the redemption feature of the Note because the redemption of the Note has no value on the redemption portion as of December 31, 2019 and June 30, 2020. On July 8, 2020, the Company entered into a First exchange agreement for Note II (the "First Exchange Agreement- Note II") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on December 30, 2019, which has an original principal amount of $1,670,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 453,161 shares of the Company's common stock, par value $0.001 per share to the Lender. The Company recorded $37,917 and $41,883 to interest expense from the amortization of debt discount and coupon interest for Note II, respectively, for the three months ended June 30, 2020. The Company recorded $75,417 and $83,964 to interest expense from the amortization of debt discount and coupon interest for Note II, respectively, for the six months ended June 30, 2020. As of June 30, 2020, accrued coupon interest of $84,892 on the Note II was included in other payables and accruals (note 13). |
Income Taxes, Deferred Tax Asse
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities | 17. Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (a) Income taxes in the condensed consolidated statements of comprehensive loss (income) The Company's provision for income taxes expenses consisted of: Three months ended Six months ended 2019 2020 2019 2020 PRC income tax: Current $ - $ - $ - $ - Deferred - - - - $ - $ - $ - $ - United States Tax CBAK is a Nevada corporation that is subject to U.S. corporate income tax on its taxable income at a rate of up to 21% for taxable years beginning after December 31, 2017 and U.S. corporate income tax on its taxable income of up to 35% for prior tax years. The U.S. Tax Reform signed into law on December 22, 2017 significantly modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating the U.S. to a territorial tax system with a one-time transition tax on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes on certain foreign earnings. Taxpayers may elect to pay the one-time transition tax over eight years, or in a single lump sum. (a) Income taxes in the condensed consolidated statements of comprehensive loss (income) (continued) The U.S. Tax Reform also includes provisions for a new tax on GILTI effective for tax years of foreign corporations beginning after December 31, 2017. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of controlled foreign corporations ("CFCs"), subject to the possible use of foreign tax credits and a deduction equal to 50 percent to offset the income tax liability, subject to some limitations. The Company's management is still evaluating the effect of the U.S. Tax Reform on CBAK. Management may update its judgment of that effect based on its continuing evaluation and on future regulations or guidance issued by the U.S. Department of the Treasury, and specific actions the Company may take in the future. To the extent that portions of CBAK's U.S. taxable income, such as Subpart F income or GILTI, are determined to be from sources outside of the U.S., subject to certain limitations, Sohu.com Inc. may be able to claim foreign tax credits to offset its U.S. income tax liabilities. If dividends that CBAK receives from its subsidiaries are determined to be from sources outside of the U.S., subject to certain limitations, CBAK will generally not be required to pay U.S. corporate income tax on those dividends. Any liabilities for U.S. corporate income tax will be accrued in the Company's consolidated statements of comprehensive income and estimated tax payments will be made when required by U.S. law. No provision for income taxes in the United States or elsewhere has been made as CBAK had no taxable income for the three and six months ended June 30, 2019 and 2020. Hong Kong Tax BAK Asia is subject to Hong Kong profits tax rate of 16.5% and did not have any assessable profits arising in or derived from Hong Kong for the three and six months ended June 30, 2019 and 2020 and accordingly no provision for Hong Kong profits tax was made in these periods. PRC Tax The CIT Law in China applies an income tax rate of 25% to all enterprises but grants preferential tax treatment to High-New Technology Enterprises. CBAK Power was regarded as a "High-new technology enterprise" pursuant to a certificate jointly issued by the relevant Dalian Government authorities. The certificate was valid for three years commencing from year 2018. Under the preferential tax treatment, CBAK Power was entitled to enjoy a tax rate of 15% for the years from 2018 to 2020 provided that the qualifying conditions as a High-new technology enterprise were met. A reconciliation of the provision for income taxes determined at the statutory income tax rate to the Company's income taxes is as follows: Three months ended Six months ended 2019 2020 2019 2020 Loss before income taxes $ (2,334,174 ) $ (1,198,167 ) $ (5,141,507 ) $ (3,552,278 ) United States federal corporate income tax rate 21 % 21 % 21 % 21 % Income tax credit computed at United States statutory corporate income tax rate (490,176 ) (251,615 ) (1,079,716 ) (745,978 ) Reconciling items: Rate differential for PRC earnings (87,474 ) (26,214 ) (186,505 ) (95,439 ) Non-deductible expenses 27,068 81,224 92,870 148,903 Share based payments 3,869 32,332 7,695 95,360 Valuation allowance on deferred tax assets 546,713 164,273 1,165,656 597,154 Income tax expenses $ - $ - $ - $ - (a) Deferred tax assets and deferred tax liabilities The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2019 and June 30, 2020 are presented below: December 31, June 30, 2019 2020 Deferred tax assets Trade accounts receivable $ 1,225,916 $ 1,281,707 Inventories 1,026,483 857,830 Property, plant and equipment 768,975 772,532 Provision for product warranty 561,733 535,143 Net operating loss carried forward 29,361,274 30,094,323 Valuation allowance (32,944,381 ) (33,541,535 ) Deferred tax assets, non-current $ - $ - Deferred tax liabilities, non-current $ - $ - As of December 31, 2019 and June 30, 2020, the Company's U.S. entity had net operating loss carry forwards of $103,580,741, of which $102,293 available to reduce future taxable income which will expire in various years through 2035 and $103,478,448 available to offset capital gains recognized in the succeeding 5 tax years and the Company's PRC subsidiaries had net operating loss carry forwards of $30,437,270 and $33,369,466, respectively, which will expire in various years through 2022. Management believes it is more likely than not that the Company will not realize these potential tax benefits as these operations will not generate any operating profits in the foreseeable future. As a result, a valuation allowance was provided against the full amount of the potential tax benefits. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. The impact of an uncertain income tax positions on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The significant uncertain tax position arose from the subsidies granted by the local government for the Company's PRC subsidiary, which may be modified or challenged by the central government or the tax authority. A reconciliation of January 1, 2020 through June 30, 2020 amount of unrecognized tax benefits excluding interest and penalties ("Gross UTB") is as follows: Gross UTB Surcharge Net UTB Balance as of January 1, 2020 $ 7,042,582 $ - $ 7,042,582 Decrease in unrecognized tax benefits taken in current period (101,774 ) - (101,774 ) Balance as of June 30, 2020 $ 6,940,808 $ - $ 6,940,808 As of December 31, 2019 and June 30, 2020, the Company had not accrued any interest and penalties related to unrecognized tax benefits. |
Share-based Compensation
Share-based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Compensation | 18. Share-based Compensation Restricted Shares Restricted shares granted on June 30, 2015 On June 12, 2015, the Board of Director approved the CBAK Energy Technology, Inc. 2015 Equity Incentive Plan (the "2015 Plan") for Employees, Directors and Consultants of the Company and its Affiliates. The maximum aggregate number of Shares that may be issued under the Plan is ten million (10,000,000) Shares. On June 30, 2015, pursuant to the 2015 Plan, the Compensation Committee of the Company's Board of Directors granted an aggregate of 690,000 restricted shares of the Company's common stock, par value $0.001, to certain employees, officers and directors of the Company with a fair value of $3.24 per share on June 30, 2015. In accordance with the vesting schedule of the grant, the restricted shares will vest in twelve equal quarterly installments on the last day of each fiscal quarter beginning on June 30, 2015 (i.e. last vesting period: quarter ended March 31, 2018). The Company recognizes the share-based compensation expenses on a graded-vesting method. All the restricted shares granted in respect of the restricted shares granted on June 30, 2015 had been vested on March 31, 2018. As of June 30, 2020, there was no unrecognized stock-based compensation associated with the above restricted shares. As of June 30, 2020, 1,667 vested shares were to be issued. Restricted shares granted on April 19, 2016 On April 19, 2016, pursuant to the Company's 2015 Equity Incentive Plan, the Compensation Committee of the Board of Directors of the Company (the "Compensation Committee") granted an aggregate of 500,000 restricted shares of the Company's common stock, par value $0.001 (the "Restricted Shares"), to certain employees, officers and directors of the Company, of which 220,000 restricted shares were granted to the Company's executive officers and directors. There are three types of vesting schedules. First, if the number of restricted shares granted is below 3,000, the shares will vest annually in 2 equal installments over a two year period with the first vesting on June 30, 2017. Second, if the number of restricted shares granted is larger than or equal to 3,000 and is below 10,000, the shares will vest annually in 3 equal installments over a three year period with the first vesting on June 30, 2017. Third, if the number of restricted shares granted is above or equal to 10,000, the shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on December 31, 2016. The fair value of these restricted shares was $2.68 per share on April 19, 2016. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method. The Company recorded non-cash share-based compensation expense of $18,422 and $36,641 for the three and six months ended June 30, 2019, respectively, in respect of the restricted shares granted on April 19, 2016. No such non-cash share-based compensation expense was recognised for the three and six months ended June 30, 2020, in respect of the restricted shares granted on April 19, 2016. As of June 30, 2020, there was no unrecognized stock-based compensation associated with the above restricted shares. As of June 30, 2020, 4,167 vested shares were to be issued. Restricted shares granted on August 23, 2019 On August 23, 2019, pursuant to the Company's 2015 Equity Incentive Plan, the Compensation Committee granted an aggregate of 1,887,000 restricted share units of the Company's common stock to certain employees, officers and directors of the Company, of which 710,000 restricted share units were granted to the Company's executive officers and directors. There are two types of vesting schedules, (i) the share units will vest semi-annually in 6 equal installments over a three year period with the first vesting on September 30, 2019; (ii) the share units will vest annual in 3 equal installments over a three year period with the first vesting on March 31, 2021. The fair value of these restricted shares was $0.9 per share on August 23, 2019. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method. The Company recorded non-cash share-based compensation expense of $153,961 and $454,096 for three and six months ended June 30, 2020, respectively, in respect of the restricted shares granted on August 23, 2019. As of June 30, 2020, non-vested restricted share units granted on August 23, 2019 are as follows: Non-vested shares as of January 1, 2020 1,505,833 Granted - Vested (293,498 ) Forfeited (58,333 ) Non-vested shares as of June 30, 2020 1,154,002 As of June 30, 2020, there was unrecognized stock-based compensation of $510,732 associated with the above restricted shares. As of June 30, 2020, no vested shares were to be issued. As the Company itself is an investment holding company which is not expected to generate operating profits to realize the tax benefits arising from its net operating loss carried forward, no income tax benefits were recognized for such stock-based compensation cost under the stock option plan for the three and six months ended June 30, 2019 and 2020. |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 19. Loss Per Share The following is the calculation of loss per share: Three months ended Six months ended 2019 2020 2019 2020 Net loss $ (2,334,174 ) $ (1,198,167 ) $ (5,141,507 ) $ (3,552,278 ) Less: Net loss (profit) attributable to non-controlling interests 16,790 952 36,731 (4,918 ) Net loss attributable to shareholders of CBAK Energy Technology, Inc. (2,317,384 ) (1,197,215 ) (5,104,776 ) (3,557,196 ) Weighted average shares used in basic and diluted computation (note) 35,379,994 60,430,255 32,095,479 56,877,900 Loss per share– basic and diluted $ (0.07 ) $ (0.02 ) $ (0.16 ) $ (0.06 ) Note: Including 84,830 and 142,662 vested restricted shares granted pursuant to the 2015 Plan that were not yet issued for the three and six months ended June 30, 2019 and 5,834 vested restricted shares granted pursuant to the 2015 Plan that were not yet issued for the three and six months ended June 30, 2020. For the three and six months ended June 30, 2019, nil unvested restricted shares were anti-dilutive and excluded from shares used in the diluted computation. For the three and six months ended June 30, 2020, 1,154,002 unvested restricted shares were anti-dilutive and excluded from shares used in the diluted computation. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 20. Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement and Disclosures ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, pledged deposits, trade accounts and bills receivable and payable, other receivables, balances with former subsidiaries, other short-term loans, short-term and long-term bank loans and other payables approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 21. Commitments and Contingencies (i) Capital Commitments As of December 31, 2019 and June 30, 2020, the Company had the following contracted capital commitments: December 31, June 30, 2019 2020 For construction of buildings $ 3,397,961 $ 1,729,629 For purchases of equipment - 303,976 Capital injection to CBAK Power, CBAK Trading and CBAK Energy (Note 1) 83,900,000 82,565,000 $ 87,297,961 $ 84,598,605 (ii) Litigation From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise, in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these, or other matters, may arise from time to time that may harm the Company's business. Other than the legal proceeding set forth below, the Company is currently not aware of any such legal proceedings or claims that the Company believe will have an adverse effect on our business, financial condition or operating results. On July 7, 2016, Shenzhen Huijie Purification System Engineering Co., Ltd ("Shenzhen Huijie"), one of the Company's contractors, filed a lawsuit against CBAK Power in the Peoples' Court of Zhuanghe City, Dalian, (the "Court of Zhuanghe") for the failure to pay pursuant to the terms of the contract and entrusted part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,193,301 (RMB8,430,792), including construction costs of $0.9 million (RMB6.1 million, which the Company already accrued for at June 30, 2016), interest of $28,308 (RMB0.2 million) and compensation of $0.3 million (RMB1.9 million). On September 7, 2016, upon the request of Shenzhen Huijie for property preservation, the Court of Zhuanghe froze CBAK Power's bank deposits totaling $1,193,301 (RMB8,430,792) for a period of one year. On September 1, 2017, upon the request of Shenzhen Huijie, the Court of Zhuanghe froze the bank deposits for another one year until August 31, 2018. The Court further froze the bank deposits for another one year until August 27, 2019 upon the request of Shenzhen Huijie on August 27, 2018. On August 27, 2019, the Court froze the bank deposits for another year until August 27, 2020, upon the request of Shenzhen Huijie. On June 28, 2020, the Court of Dalian entered the final judgement as described below and the bank deposit was released in July 2020. On June 30, 2017, according to the trial of first instance, the Court of Zhuanghe ruled that CBAK Power should pay the remaining contract amount of RMB6,135,860 (approximately $0.9 million) claimed by Shenzhen Huijie as well as other expenses incurred including deferred interest, discounted charge on bills payable, litigation fee and property preservation fee totaled $0.1 million, the Company has accrued for these amounts as of December 31, 2017. On July 24, 2017, CBAK Power filed an appellate petition to the Intermediate Peoples' Court of Dalian ("Court of Dalian)" to defend the adjudication dated on June 30, 2017. On November 17, 2017, the Court of Dalian rescinded the original judgement and remanded the case to the Court of Zhuanghe for retrial. The Court of Zhuanghe did a retrial and requested an appraisal to be performed by a third-party appraisal institution on the construction cost incurred and completed by Shenzhen Huijie on the subject project. On November 8, 2018, the Company received from the Court of Zhuanghe the construction-cost-appraisal report which determined that the construction cost incurred and completed by Shenzhen Huijie for the subject project to be $1,292,249 (RMB9,129,868). On May 20, 2019, the Court of Zhuanghe entered a judgment that Shenzhen Huijie should pay back to CBAK Power $251,141 (RMB1,774,337) (the amount CBAK Power paid in excess of the construction cost appraised by the appraisal institution) and the interest incurred since April 2, 2019. Shenzhen Huijie filed an appellate petition to the Court of Dalian. On June 28, 2020, the Court of Dalian entered the final judgment that Shenzhen Huijie should pay back to CBAK Power $235,969 (RMB1,667,146) (the amount CBAK Power paid in excess of the construction cost appraised by the appraisal institution) and the interest incurred since April 2, 2019, and reimburse the litigation fees totaling $29,626 (RMB209,312) that CBAK Power has paid. As of June 30, 2020, CBAK Power has not received the final judgement amount totaled $265,195 from Shenzhen Huijie. In May 2017, CBAK Power filed a lawsuit in the Court of Zhuanghe against Pingxiang Anyuan Tourism Bus Manufacturing Co., Ltd., ("Anyuan Bus") one of CBAK Power's customers, for failure to pay pursuant to the terms of the sales contract. CBAK Power sought a total amount of RMB18,279,858 ($2,587,346), including goods amount of RMB17,428,000 ($2,466,773) and interest of RMB851,858 ($120,573). On December 19, 2017, the Court of Zhuanghe determined that Anyuan Bus should pay the goods amount of RMB17,428,000 ($2,466,773) and the interest until the goods amount was paid off, and a litigation fee of RMB131,480 ($18,610). Anyuan Bus did not appeal and as a result, the judgment is currently in the enforcement phase. On June 29, 2018, the Company filed application petition with the Court of Zhuanghe for enforcement of the judgement against all of AnyuanBus' shareholders, including Jiangxi Zhixin Automobile Co., Ltd, Anyuan Bus Manufacturing Co., Ltd, Anyuan Coal Group Co., Ltd, Qian Ronghua, Qian Bo and Li Junfu. On October 22, 2018, the Court of Zhuanghe issued a judgment supporting the Company's petition that all the AnyuanBus' shareholders should be liable to pay the Company the debt as confirmed under the trial. On November 9, 2018, all the shareholders appealed against the judgment after receiving the notice from the Court. On March 29, 2019, the Company received judgment from the Court of Zhuanghe that all these six shareholders cannot be added as judgment debtors. On April 11, 2019, the Company have filed appellate petition to the Intermediate Peoples' Court of Dalian challenging the judgment from the Court of Zhuanghe. On October 9, 2019, the Intermediate Peoples' Court of Dalian dismissed the appeal by the Company and affirmed the original judgment. As of December 31, 2019 and June 30, 2020, the Company had made a full provision against the receivable from Anyuan Bus of RMB 17,428,000 ($2,466,773). On July 25, 2019, CBAK Power received notice from Shenzhen Court of International Arbitration that Shenzhen Xinjiatuo Automobile Technology Co., Ltd filed arbitration against the Company for the failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.16 million (RMB1,112,269), including equipment cost of $0.14 million (RMB976,000) and interest of $0.02 million (RMB136,269). As of June 30, 2020, the Company have accrued the equipment cost of $0.14 million (RMB976,000). On August 9, 2019, upon the request of Shenzhen Xinjiatuo Automobile Technology Co., Ltd, Shenzhen Court of International Arbitration froze CBAK Power's bank deposits totaling $0.16 million (RMB1,117,269), including equipment cost $0.14 million (RMB976,000), interest $0.02 million (RMB136,269) and litigation fees of $708 (RMB5,000) for a period of one year to August 2020. The Company believes that the plaintiff's claims are without merit and are vigorously defending themselves in this proceeding. On August 7, 2019, CBAK Power filed counter claim arbitration against Shenzhen Xinjiatuo Automobile Technology Co., Ltd for return of the prepayment due to the unqualified equipment, and sought a total amount of $0.28 million (RMB1,986,400), including return of prepayment of $0.2 million (RMB1,440,000), liquidated damages of $67,940 (RMB480,000) and litigation fees of $9,404 (RMB66,440). In early July 2020, Shenzhen Court of International Arbitration made arbitration award dismissing the plaintiff's claim and CBAK Power's counterclaim and the bank deposits was released in early August, 2020. In early September, 2019, several employees of CBAK Suzhou files arbitration with Suzhou Industrial Park Labor Disputes Arbitration Commission against CBAK Suzhou for failure to pay their salaries in time. The employees seek for a payment including salaries of $90,354 (RMB638,359) and compensation of $76,857 (RMB543,000), totaling $0.17 million (RMB1,181,359). In addition, upon the request of the employees for property preservation, bank deposit of $0.17 million (RMB1,181,359) was frozen by the court of Suzhou for a period of one year. On September 5, 2019, CBAK Suzhou and the employees reached an agreement that CBAK Suzhou will pay these salaries and compensation. In February 2020, the Company fully repaid the salaries and compensation. As of June 30, 2020, $6 (RMB43) was frozen by bank. In November 2019, CBAK Suzhou received notice from Court of Suzhou city that Suzhou Industrial Park Security Service Co., Ltd ("Suzhou Security") filed a lawsuit against CBAK Suzhou for the failure to pay pursuant to the terms of the sales contract. Suzhou Security sought a total amount of $19,775 (RMB139,713), including services expenses amount of $19,661 (RMB138,908) and interest of $114 (RMB805). Upon the request of Suzhou Security for property preservation, the Court of Suzhou froze CBAK Suzhou's bank deposits totaling $0.02 million (RMB150,000) for a period of one year. As of June 30, 2020, $4,664 (RMB32,955) was frozen by bank and the Company had accrued the service cost of $19,775 (RMB139,713). In December, 2019, CBAK Power received notice from Court of Zhuanghe that Dalian Construction Electrical Installation Engineering Co., Ltd. ("Dalian Construction") filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the construction contract. Dalian Construction sought a total amount of $97,817 (RMB691,086) and interest $1,831 (RMB12,934). As of December 31, 2019, the Company has accrued the construction cost of $97,817 (RMB691,086). Upon the request of Dalian Construction for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power's bank deposits totaling $99,648 (RMB704,020) for a period of one year to December 2020. As of December 31, 2019, $93,592 (RMB661,240) was frozen by bank. In January 2020, CBAK Power and Dalian Construction have come to a settlement, and the bank deposit was then released. In February 2020, CBAK Power received notice from Court of Zhuanghe that Dongguan Shanshan Battery Material Co., Ltd ("Dongguan Shanshan") filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Dongguan Shanshan sought a total amount of $0.6 million (RMB4,434,209), which have already been accrued for as of June 30, 2020. Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered freeze CBAK Power's bank deposits totaling $0.6 million (RMB4,434,209) for a period of one year to December 17, 2020. As of June 30, 2020, $34,190 (RMB241,554) was frozen by bank. In July 2020, CBAK Power and Dongguan Shanshan have come to a settlement under which CBAK Power agreed to pay Dongguan Shanshan goods value of $507,652 (RMB3,586,609) in six installments before December 31, 2020, insurance and travel expenses of $1,728 (RMB12,206) before July 31, 2020, and litigation costs of $3,238 (RMB22,878). The bank deposit was thereafter released. On March 20, 2020, CBAK Power received notice from Court of Nanpi County, Hebei Province that Cangzhou Huibang Engineering Manufacturing Co., Ltd ("Cangzhou Huibang") filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Cangzhou Huibang sought a total amount of $0.3 million (RMB2,029,594), including materials purchase cost of $0.3 million (RMB1,932,947), and interest of $13,651 (RMB96,647). As of June 30, 2020, the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947). Upon the request of Cangzhou Huibang for property preservation, the Court of Nanpi ordered to freeze CBAK Power's bank deposits totaling $0.3 million (RMB2,029,594) for a period of one year to March 3, 2020. As of June 30, 2020, $2,629 (RMB18,575) was frozen by bank. In June 2020, CBAK Suzhou received notice from Court of Suzhou Industrial Park that Ligao (Shandong) New Energy Technology Co., Ltd ("Ligao") filed a lawsuit against CBAK Suzhou for the failure to pay pursuant to the terms of the purchase contract. Ligao sought a total amount of $10,983 (RMB77,599), including contract amount of $10,386 (RMB73,380) and interest of $597 (RMB4,219). As of June 30, 2020, the Company had accrued the material purchase cost of $10,386 (RMB73,380). In April 2020, CBAK Power received notice from Court of Nanshan District of Shenzhen that Shenzhen Klclear Technology Co., Ltd. ("Shenzhen Klclear") filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the materials purchase contract. Shenzhen Klclear sought a total amount of $1 million (RMB 6,250,764), which has already been accrued for as of June 30, 2020. In June 2020, CBAK Suzhou received notice from Court of Yushui District, Xinyu City that Jiangxi Ganfeng Battery Technology Co., Ltd ("Ganfeng Battery") filed a lawsuit against CBAK Suzhou for the failure to pay pursuant to the terms of the purchase contract. Ganfeng Battery sought a total amount of $106,974 (RMB755,780), including contract amount of $103,751 (RMB733,009) and interest of $3,223 (RMB22,771). Upon the request of Ganfeng Battery for property preservation, the Court of Yushui froze CBAK Suzhou's bank deposits totaling $108,986 (RMB769,994) for a period of one year. As of June 30, 2020, nil was frozen by bank and the Company had accrued the material purchase cost of $103,751 (RMB733,009). In June 2020, CBAK Suzhou received notice from Court of Suzhou Industrial Park that Suzhou Jihongkai Machine Equipment Co., Ltd ("Jihongkai") filed a lawsuit against CBAK Suzhou for the failure to pay pursuant to the terms of the purchase contract. Jihongkai sought contract amount of $24,872 (RMB175,722) and interest as accrued until settlement. As of June 30, 2020, the Company had accrued the material purchase cost of $24,872 (RMB175,722). In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Nanjing Jinlong Chemical Co., Ltd. ("Nanjing Jinlong") filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Nanjing Jinlong sought a total amount of $116,347 (RMB822,000). As of June 30, 2020, the Company accrued the material purchase cost of $116,347. In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Xi'an Anpu New Energy Technology Co. LTD ("Xi'an Anpu") filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Xi'an Anpu sought a total amount of $119,454 (RMB843,954), including RMB768,000 for equipment cost and RMB75,954 for liquidated damages. As of June 30, 2020, the Company accrued the equipment cost of $108,703 (RMB768,000). Upon the request of Xi'an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power's bank deposits $0.1 million (RMB843,954) for a period to May 11, 2022. As of June 30, 2020, nil was frozen by bank and the Company had accrued the equipment cost of $108,703 (RMB768,000) . In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Shenzhen Gd Laser Technology Co., Ltd. ("Shenzhen Gd") filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Shenzhen Gd sought a total amount of $22,837 (RMB161,346), including equipment cost of $21,231 (RMB150,000) and interest amount of $1,606 (RMB11,346). |
Concentrations and Credit Risk
Concentrations and Credit Risk | 6 Months Ended |
Jun. 30, 2020 | |
Concentrations and Credit Risk [Abstract] | |
Concentrations and Credit Risk | 22. Concentrations and Credit Risk (a) Concentrations The Company had the following customers that individually comprised 10% or more of net revenue for the three months ended June 30, 2019 and 2020 as follows: Three months ended June 30, 2019 2020 Customer B $ 2,633,652 61.66 % $ 2,584,606 55.89 % Customer D * * 1,626,944 35.18 % Shenzhen BAK 769,052 18.01 % * * * Comprised less than 10% of net revenue for the respective period. The Company had the following customers that individually comprised 10% or more of net revenue for the six months ended June 30, 2019 and 2020 as follows: Six months ended June 30, 2019 2020 Customer A $ 1,527,998 16.18 % $ * * Customer B 3,875,327 41.04 % 4,677,699 40.59 % Customer C 1,066,260 11.29 % * * Customer D * * 2,009,845 17.44 % Customer E * * 3,767,605 32.69 % Customer F 1,025,998 10.87 % * * * Comprised less than 10% of net revenue for the respective period. The Company had the following customers that individually comprised 10% or more of accounts receivable as of December 31, 2019 and June 30, 2020 as follows: December 31, 2019 June 30, 2020 Customer A $ 902,309 11.47 % $ * * Customer B 1,725,293 21.93 % 1,740,448 15.19 % Customer C 1,713,628 21.78 % 1,519,014 13.26 % Customer G 830,821 10.56 % * * Customer E * * 4,103,268 35.82 % * Comprised less than 10% of account receivable for the respective period. The Company had the following suppliers that individually comprised 10% or more of net purchase for the three months ended June 30, 2019 and 2020 as follows: Three months ended June 30, 2019 2020 Supplier A $ 326,949 12.03 % $ * * Supplier B 402,026 14.79 % * * Supplier C 278,794 10.25 % * * Supplier D * * 294,786 23.52 % * Comprised less than 10% of net purchase for the respective period. The Company had the following suppliers that individually comprised 10% or more of net purchase for the six months ended June 30, 2019 and 2020 as follows: Six months ended June 30, 2019 2020 Supplier E $ 996,484 17.26 % $ * * Shenzhen BAK * * 3,841,680 64.96 % The Company had the following suppliers that individually comprised 10% or more of accounts payable as of December 31, 2019 and June 30, 2020 as follows: December 31, 2019 June 30, 2020 Supplier B $ 1,126,582 10.10 % $ 1,096,148 11.53 % For the three and six months ended June 30, 2019 and 2020, the Company recorded the following transactions: Three months ended Six months ended 2019 2020 2019 2020 Purchase of inventories from BAK Shenzhen* $ 65,102 $ - $ 65,102 $ - Shenzhen BAK* - - - 3,841,680 Sales of finished goods to BAK Shenzhen* 685,211 - 769,052 69,226 * Mr. Xiangqian Li, the former CEO, is a director of this company. (b) Credit Risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and pledged deposits. As of December 31, 2019 and June 30, 2020, substantially all of the Company's cash and cash equivalents were held by major financial institutions located in the PRC, which management believes are of high credit quality. For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses. Historically, such losses have been within management's expectations. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Information [Abstract] | |
Segment Information | 23. Segment Information The Company used to engage in one business segment, the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion rechargeable batteries for use in a wide array of applications. The Company manufactured five types of Li-ion rechargeable batteries: aluminum-case cell, battery pack, cylindrical cell, lithium polymer cell and high-power lithium battery cell. The Company's products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices. After the disposal of BAK International and its subsidiaries (see Note 1), the Company focused on producing high-power lithium battery cells. Net revenues for the three and six months ended June 30, 2019 and 2020 were as follows: Net revenues by product: Three months ended Six months ended 2019 2020 2019 2020 High power lithium batteries used in: Electric vehicles $ 326,484 $ 118,737 $ 1,540,570 $ 333,855 Light electric vehicles - 2,593 - 3,344 Uninterruptable supplies 3,944,452 4,502,917 7,902,041 11,188,322 Total $ 4,270,936 $ 4,624,247 $ 9,442,611 $ 11,525,521 Net revenues by geographic area: Three months ended Six months ended 2019 2020 2019 2020 Mainland China $ 4,270,936 4,359,930 $ 9,017,662 11,236,719 Europe - 263,800 - 263,800 PRC Taiwan - - 452 - Israel - - 121,678 - USA - - 223,465 - Others - 517 79,354 25,002 Total $ 4,270,936 $ 4,624,247 $ 9,442,611 $ 11,525,521 Substantially all of the Company's long-lived assets are located in the PRC. |
Pledged Deposits (Tables)
Pledged Deposits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Pledged Deposits [Abstract] | |
Schedule of pledged deposits | December 31, June 30, 2019 2020 Pledged deposits with banks for: Bills payable $ 4,021,255 $ 4,622,244 Others* 1,499,736 1,392,933 $ 5,520,991 $ 6,015,177 * On July 7, 2016, Shenzhen Huijie Purification System Engineering Co., Ltd ("Shenzhen Huijie"), one of the Company's contractors, filed a lawsuit against CBAK Power in the Peoples' Court of Zhuanghe City, Dalian for the failure to pay pursuant to the terms of the contract and entrusted part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,193,301 (RMB8,430,792), including construction costs of $0.9 million (RMB6.1 million), interest of $28,308 (RMB0.2 million) and compensation of $0.3 million (RMB1.9 million), which we already accrued for as of September 30, 2016. On September 7, 2016, upon the request of Shenzhen Huijie, the Court froze CBAK Power's bank deposits totaling $1,193,301 (RMB8,430,792) for a period of one year. Further on September 1, 2017, upon the request of Shenzhen Huijie, the Court froze the bank deposits for another one year until August 31, 2018. The Court froze the bank deposits for another one year until August 27, 2019 upon the request of Shenzhen Huijie on August 27, 2018. On August 27, 2019, the Court again froze the bank deposits for another year until August 27, 2020, upon the request of Shenzhen Huijie. On June 28, 2020, the Court of Dalian entered the final judgement and the bank deposit was released in July 2020. |
Trade Accounts and Bills Rece_2
Trade Accounts and Bills Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Trade Accounts and Bills Receivable, net [Abstract] | |
Schedule of trade accounts and bills receivable | December 31, June 30, 2019 2020 Trade accounts receivable $ 12,517,626 $ 16,464,428 Less: Allowance for doubtful accounts (4,650,686 ) (5,009,230 ) 7,866,940 11,455,198 Bills receivable 85,480 92,261 $ 7,952,420 $ 11,547,459 |
Schedule of analysis of the allowance for doubtful accounts | June 30, June 30, 2019 2020 Balance at beginning of period $ 3,657,173 $ 4,650,686 Provision for the period 605,098 968,627 Reversal - recoveries by cash (281,160 ) (540,925 ) Charged to consolidated statements of operations and comprehensive (loss) income 323,938 427,702 Foreign exchange adjustment 2,939 (69,158 ) Balance at end of period $ 3,984,050 $ 5,009,230 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Schedule of inventories | December 31, June 30, 2019 2020 Raw materials $ 482,836 $ 542,413 Work in progress 1,254,490 1,042,250 Finished goods 6,929,388 3,774,913 $ 8,666,714 $ 5,359,576 |
Prepayments and Other Receiva_2
Prepayments and Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Prepayments and Other Receivables [Abstract] | |
Schedule of prepayments and other receivables | December 31, June 30, 2019 2020 Value added tax recoverable $ 4,124,624 $ 3,520,903 Prepayments to suppliers 60,090 301,964 Deposits 63,184 24,043 Staff advances 53,731 44,839 Prepaid operating expenses 317,151 381,525 Others 124,133 159,075 4,742,913 4,432,349 Less: Allowance for doubtful accounts (7,000 ) (7,000 ) $ 4,735,913 $ 4,425,349 |
Payables to Former Subsidiari_2
Payables to Former Subsidiaries, net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables to Former Subsidiaries [Abstract] | |
Schedule of payable to a former subsidiary | December 31, June 30, 2019 2020 BAK Tianjin $ - $ 10,936 Shenzhen BAK - - BAK Shenzhen 1,483,352 1,497,587 $ 1,483,352 $ 1,508,523 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of property, plant and equipment, net | December 31, June 30, 2019 2020 Buildings $ 27,262,301 $ 26,012,510 Machinery and equipment 22,719,932 22,391,950 Office equipment 204,196 201,245 Motor vehicles 161,980 129,711 50,348,409 48,735,416 Impairment (4,126,152 ) (4,066,524 ) Accumulated depreciation (8,044,692 ) (9,046,208 ) Carrying amount $ 38,177,565 $ 35,622,684 |
Construction in Progress (Table
Construction in Progress (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Construction in Progress [Abstract] | |
Schedule of construction in progress | December 31, June 30, 2019 2020 Construction in progress $ 21,613,577 $ 22,154,205 Prepayment for acquisition of property, plant and equipment 94,047 104,449 Carrying amount $ 21,707,624 $ 22,258,654 |
Right-of-use assets (Table)
Right-of-use assets (Table) | 6 Months Ended |
Jun. 30, 2020 | |
Right-of-use assets [Abstract] | |
Schedule of right-of-use assets | Prepaid land lease payments Balance as of January 1, 2020 $ 7,194,195 Amortization charge for the period (79,881 ) Foreign exchange adjustment (103,601 ) Balance as of June 30, 2020 $ 7,010,713 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Intangible Assets, Net [Abstract] | |
Schedule of intangible assets | December 31, June 30, 2019 2020 Computer software at cost $ 30,648 $ 30,205 Accumulated amortization (15,470 ) (17,818 ) $ 15,178 $ 12,387 |
Trade Accounts and Bills Paya_2
Trade Accounts and Bills Payable (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Trade Accounts and Bills Payable [Abstract] | |
Schedule of trade accounts and bills payable | December 31, June 30, 2019 2020 Trade accounts payable $ 11,157,014 $ 9,509,354 Bills payable - Bank acceptance bills (Note 12) 3,915,094 4,583,372 - Commercial acceptance bills - 670,679 $ 15,072,108 $ 14,763,405 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Loans [Abstract] | |
Schedule of debt | December 31, June 30, Short-term bank loan $ 5,730,289 $ 5,647,478 Current maturities of long-term bank loans 10,844,463 19,914,792 Long-term bank borrowings 9,519,029 - $ 26,093,781 $ 25,562,270 |
Schedule of facilities secured by the company's assets | December 31, June 30, 2019 2020 Pledged deposits (note 2) $ 4,021,255 $ 4,622,244 Right-of-use assets (note 9) 7,194,195 7,010,713 Buildings 17,683,961 16,293,297 Machinery and equipment 7,196,810 6,684,042 $ 36,096,221 $ 34,610,296 |
Schedule of other short-term loan | December 31, June 30, Note 2019 2020 Advance from related parties – Mr. Xiangqian Li, the Company's Former CEO (a) 100,000 100,000 – Mr. Yunfei Li (b) 212,470 281,846 – Shareholders (c) 86,679 85,427 399,149 467,273 Advances from unrelated third party – Mr. Wenwu Yu (d) 30,135 29,700 – Mr. Longqian Peng (d) 646,273 636,933 – Mr. Shulin Yu (e) 517,018 509,547 – Jilin Province Trust Co. Ltd (f) 5,687,204 3,425,287 – Suzhou Zhengyuanwei Needle Ce Co., Ltd (g) 71,808 70,770 6,952,438 4,672,237 $ 7,351,587 $ 5,139,510 (a) Advances from Mr. Xiangqian Li, the Company's former CEO, was unsecured, non-interest bearing and repayable on demand. (b) Advances from Mr. Yunfei Li, the Company's CEO, was unsecured, non-interest bearing and repayable on demand. (c) The earnest money paid by certain shareholders in relation to share purchase (note 1) was unsecured, non-interest bearing and repayable on demand. In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $949,317 (approximately RMB6.7 million) to these investors. On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money. As of June 30, 2020, earnest money of $85,427 remained outstanding. (d) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand. (e) On June 25, 2019, the Company entered into a loan agreement with Mr. Shulin Yu, an unrelated party, to loan RMB3.6 million (approximately $0.5 million) for a term of one year, bearing annual interest of 10% and the repayment was guaranteed by Mr. Yunfei Li (the Company's CEO) and Mr. Wenwu Wang (the Company's former CFO). On June 22, 2020, the Company and Mr. Shulin Yu entered into a supplemental agreement to extend the loan for one year to June 24, 2021. As of June 30, 2020, the Company borrowed RMB3.6 million (approximately $0.5 million). (f) In January 2019, the Company obtained one-year term facilities from Jilin Province Trust Co. Ltd. with a maximum amount of RMB40.0 million (approximately $5.7 million), which was secured by land use rights and buildings of Eodos Liga Energy Co., Ltd. Under the facilities, the Company borrowed a total of RMB39.6 million ($5.7 million) in 2019, bearing annual interest from 11.3% to 11.6%. The Company fully repaid the loan principal and accrued interest in March 2020. In March 2020, the Company obtained additional one-year term facilities from Jilin Province Trust Co. Ltd with a maximum amount of RMB40.0 million (approximately $5.7 million), which was secured by land use rights and buildings of Eodos Liga Energy Co., Ltd. Under the facilities, the Company borrowed RMB24.2 million ($3.4 million) on March 13, 2020, bearing annual interest of 13.5%. (g) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of June 30, 2020, loan amount of RMB0.5 million ($70,770) remained outstanding. |
Accrued Expenses and Other Pa_2
Accrued Expenses and Other Payables (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accrued Expenses and Other Payables [Abstract] | |
Schedule of accrued expenses and other payables | December 31, June 30, 2019 2020 Construction costs payable (note 1) $ 1,335,483 $ 424,275 Equipment purchase payable 7,440,131 7,434,478 Liquidated damages (note a) 1,210,119 1,210,119 Accrued staff costs 2,485,384 2,672,735 Compensation costs 109,311 - Customer deposits 600,758 324,173 Other payables and accruals (note 16) 2,346,403 2,599,088 $ 15,527,589 $ 14,664,868 |
Deferred Government Grants (Tab
Deferred Government Grants (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Government Grants [Abstract] | |
Schedule of deferred government grants | December 31, June 30, 2019 2020 Total government grants $ 4,260,833 $ 4,129,272 Less: Current portion (142,026 ) (139,974 ) Non-current portion $ 4,118,807 $ 3,989,298 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Schedule of notes payable | December 31, June 30, 2019 2020 Notes payable, net of debt discount $ 2,846,736 $ 2,435,347 |
Income Taxes, Deferred Tax As_2
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes expenses | Three months ended Six months ended 2019 2020 2019 2020 PRC income tax: Current $ - $ - $ - $ - Deferred - - - - $ - $ - $ - $ - |
Schedule of income tax reconciliation | Three months ended Six months ended 2019 2020 2019 2020 Loss before income taxes $ (2,334,174 ) $ (1,198,167 ) $ (5,141,507 ) $ (3,552,278 ) United States federal corporate income tax rate 21 % 21 % 21 % 21 % Income tax credit computed at United States statutory corporate income tax rate (490,176 ) (251,615 ) (1,079,716 ) (745,978 ) Reconciling items: Rate differential for PRC earnings (87,474 ) (26,214 ) (186,505 ) (95,439 ) Non-deductible expenses 27,068 81,224 92,870 148,903 Share based payments 3,869 32,332 7,695 95,360 Valuation allowance on deferred tax assets 546,713 164,273 1,165,656 597,154 Income tax expenses $ - $ - $ - $ - |
Schedule of deferred tax assets and liabilities | December 31, June 30, 2019 2020 Deferred tax assets Trade accounts receivable $ 1,225,916 $ 1,281,707 Inventories 1,026,483 857,830 Property, plant and equipment 768,975 772,532 Provision for product warranty 561,733 535,143 Net operating loss carried forward 29,361,274 30,094,323 Valuation allowance (32,944,381 ) (33,541,535 ) Deferred tax assets, non-current $ - $ - Deferred tax liabilities, non-current $ - $ - |
Schedule of unrecognized tax benefits excluding interest | Gross UTB Surcharge Net UTB Balance as of January 1, 2020 $ 7,042,582 $ - $ 7,042,582 Decrease in unrecognized tax benefits taken in current period (101,774 ) - (101,774 ) Balance as of June 30, 2020 $ 6,940,808 $ - $ 6,940,808 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of non-vested restricted shares | Non-vested shares as of January 1, 2020 1,505,833 Granted - Vested (293,498 ) Forfeited (58,333 ) Non-vested shares as of June 30, 2020 1,154,002 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of calculation of income (loss) per share | Three months ended Six months ended 2019 2020 2019 2020 Net loss $ (2,334,174 ) $ (1,198,167 ) $ (5,141,507 ) $ (3,552,278 ) Less: Net loss (profit) attributable to non-controlling interests 16,790 952 36,731 (4,918 ) Net loss attributable to shareholders of CBAK Energy Technology, Inc. (2,317,384 ) (1,197,215 ) (5,104,776 ) (3,557,196 ) Weighted average shares used in basic and diluted computation (note) 35,379,994 60,430,255 32,095,479 56,877,900 Loss per share– basic and diluted $ (0.07 ) $ (0.02 ) $ (0.16 ) $ (0.06 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies [Abstract] | |
Schedule of capital commitments | December 31, June 30, 2019 2020 For construction of buildings $ 3,397,961 $ 1,729,629 For purchases of equipment - 303,976 Capital injection to CBAK Power, CBAK Trading and CBAK Energy (Note 1) 83,900,000 82,565,000 $ 87,297,961 $ 84,598,605 |
Concentrations and Credit Risk
Concentrations and Credit Risk (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Concentrations and Credit Risk [Abstract] | |
Schedule of revenue by major customers by reporting segments | Three months ended June 30, 2019 2020 Customer B $ 2,633,652 61.66 % $ 2,584,606 55.89 % Customer D * * 1,626,944 35.18 % Shenzhen BAK 769,052 18.01 % * * * Comprised less than 10% of net revenue for the respective period. Six months ended June 30, 2019 2020 Customer A $ 1,527,998 16.18 % $ * * Customer B 3,875,327 41.04 % 4,677,699 40.59 % Customer C 1,066,260 11.29 % * * Customer D * * 2,009,845 17.44 % Customer E * * 3,767,605 32.69 % Customer F 1,025,998 10.87 % * * * Comprised less than 10% of net revenue for the respective period. |
Schedule of accounts receivable by major customer | December 31, 2019 June 30, 2020 Customer A $ 902,309 11.47 % $ * * Customer B 1,725,293 21.93 % 1,740,448 15.19 % Customer C 1,713,628 21.78 % 1,519,014 13.26 % Customer G 830,821 10.56 % * * Customer E * * 4,103,268 35.82 % * Comprised less than 10% of account receivable for the respective period. |
Schedule of net purchase by suplier | Three months ended June 30, 2019 2020 Supplier A $ 326,949 12.03 % $ * * Supplier B 402,026 14.79 % * * Supplier C 278,794 10.25 % * * Supplier D * * 294,786 23.52 % * Comprised less than 10% of net purchase for the respective period. Six months ended June 30, 2019 2020 Supplier E $ 996,484 17.26 % $ * * Shenzhen BAK * * 3,841,680 64.96 % |
Schedule of accounts payable by suplier | December 31, 2019 June 30, 2020 Supplier B $ 1,126,582 10.10 % $ 1,096,148 11.53 % |
Schedule of transactions with the former subsidiaries | Three months ended Six months ended 2019 2020 2019 2020 Purchase of inventories from BAK Shenzhen* $ 65,102 $ - $ 65,102 $ - Shenzhen BAK* - - - 3,841,680 Sales of finished goods to BAK Shenzhen* 685,211 - 769,052 69,226 * Mr. Xiangqian Li, the former CEO, is a director of this company. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Information [Abstract] | |
Schedule of net revenues from manufacture of batteries by products | Three months ended Six months ended 2019 2020 2019 2020 High power lithium batteries used in: Electric vehicles $ 326,484 $ 118,737 $ 1,540,570 $ 333,855 Light electric vehicles - 2,593 - 3,344 Uninterruptable supplies 3,944,452 4,502,917 7,902,041 11,188,322 Total $ 4,270,936 $ 4,624,247 $ 9,442,611 $ 11,525,521 |
Schedule of net revenues from manufacture of batteries by geographical areas | Three months ended Six months ended 2019 2020 2019 2020 Mainland China $ 4,270,936 4,359,930 $ 9,017,662 11,236,719 Europe - 263,800 - 263,800 PRC Taiwan - - 452 - Israel - - 121,678 - USA - - 223,465 - Others - 517 79,354 25,002 Total $ 4,270,936 $ 4,624,247 $ 9,442,611 $ 11,525,521 |
Principal Activities, Basis o_2
Principal Activities, Basis of Presentation and Organization (Details) | Jul. 08, 2020 | Jul. 06, 2020 | Jun. 10, 2020 | Jun. 08, 2020 | Apr. 10, 2020 | Oct. 14, 2019shares | Oct. 10, 2019 | Jan. 07, 2019USD ($)$ / sharesshares | Jul. 08, 2018USD ($) | May 10, 2017USD ($) | Apr. 02, 2017USD ($) | Jul. 28, 2016USD ($)$ / sharesshares | Mar. 04, 2016$ / sharesshares | Sep. 29, 2015USD ($)$ / shares | Jul. 31, 2015USD ($) | Jun. 30, 2015USD ($)shares | Oct. 01, 2007USD ($) | Sep. 30, 2006shares | Jul. 29, 2020 | Apr. 28, 2020 | Apr. 27, 2020 | Feb. 20, 2020 | Jan. 27, 2020 | Jul. 26, 2019$ / sharesshares | Jul. 24, 2019USD ($) | Apr. 26, 2019USD ($)$ / sharesshares | May 04, 2018USD ($) | May 31, 2017USD ($)$ / sharesshares | Apr. 26, 2017USD ($) | Apr. 21, 2017USD ($) | Feb. 17, 2017USD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Nov. 30, 2007shares | Jan. 20, 2005USD ($)shares | Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 30, 2019USD ($) | Jul. 14, 2020HKD ($) | Nov. 21, 2019USD ($) | Oct. 29, 2019USD ($) | Aug. 05, 2019USD ($) | Jul. 16, 2019USD ($) | Jul. 16, 2019CNY (¥) | Jun. 28, 2019USD ($) | Jun. 28, 2019CNY (¥) | Apr. 26, 2019CNY (¥) | Jan. 07, 2019CNY (¥) | Jul. 10, 2018USD ($) | May 04, 2018CNY (¥) | Sep. 30, 2015 | Dec. 27, 2013USD ($) | Aug. 14, 2013USD ($) | |
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of common stock | shares | 2,206,640 | 6,403,518 | 1,720,087 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Proceeds of common stock | $ 5,520,000 | $ 9,600,000 | $ 17,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shares placed in escrow | shares | shares | 435,910 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of terms of shares places in escrow | Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares released from escrow | shares | shares | 73,749 | 217,955 | 217,955 | 73,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments of additional paid in capital | $ 7,955,358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage of equity method investment | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares transferred | shares | shares | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares transferred price per share | $ / shares | $ 2.5 | $ 2.4 | $ 1.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Lender's expenses | $ 150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock shares outstanding | shares | 63,658,132 | 53,076,696 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from advances from potential investors | $ 2,600,000 | $ 9,847,644 | $ 9,800,000 | $ 9,800,000 | $ 2,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion, converted instrument, amount | $ 4,376,731 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, conversion price | $ / shares | $ 2.25 | $ 1.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, value, subscriptions | $ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from received investment from investors | $ 2,985,497 | $ 1,999,910 | $ 1,119,982 | $ 3,499,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans | $ 5,647,478 | $ 5,730,289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange price per share | $ / shares | $ 1.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange price per share | $ / shares | $ 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | [1] | $ 1,392,933 | $ 1,499,736 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of related shares, description | The Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and the Company also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the "2008 Settlement Agreements" with us in fiscal year 2008, pursuant to "Li Settlement Agreement" and "2008 Settlement Agreements", neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company's January 2005 private placement relating to the escrow shares. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | $ 5,139,510 | $ 7,351,587 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange agreement, description | The Company entered into a Fifth exchange agreement (the “Fifth Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $150,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 407,609 shares of the Company’s common stock, par value $0.001 per share to the Lender. | The Company entered into a fourth exchange agreement (the “Fourth Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 271,739 shares of the Company’s common stock, par value $0.001 per share to the Lender. | (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 312,500 shares of the Company's common stock, par value $0.001 per share to the Lender. | (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 207,641 shares of the Company's common stock, par value $0.001 per share to the Lender. | (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 160,256 shares of the Company's common stock, par value $0.001 per share to the Lender. | Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt and the Unpaid Earnest Money of approximately $0.9 million (RMB6,720,000) in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. | ||||||||||||||||||||||||||||||||||||||||||||||||
Agreement CBAK Power, description | Agreement with CBAK Power and Shenzhen BAK, whereby Shenzhen BAK assigned its rights to the unpaid inventories cost (note 6) owed by CBAK Power of approximately $1.0 million (RMB7,000,000), $2.3 million (RMB16,000,000) and $1.0 million (RMB7,300,000) (collectively $4.3 million, the “Sixth Debt”) to Mr. Yunfei Li, Mr. Ping Shen and Asia EVK, respectively. | In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $949,317 (approximately RMB6.7 million) to these investors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation agreement, description | Pursuant to the terms of the cancellation agreement, Mr. Yunfei Li, Mr. Ping Shen and Asia EVK agreed to cancel the Sixth Debt in exchange for 2,062,619, 4,714,557 and 2,151,017 shares of common stock of the Company, respectively, at an exchange price of $0.48 per share. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unutilized committed | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing bank loan, description | The Company had aggregate interest-bearing bank loans of approximately $25.6 million, due in 2020 to 2021, in addition to approximately $38.7 million of other current liabilities. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original principal amount | $ 1,395,000 | $ 1,670,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bears interest rate | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Received proceeds | $ 1,250,000 | $ 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | 125,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lender's expenses | $ 20,000 | $ 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
First Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | $ 5,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | $ 3,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | $ 3,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Yunfei Li [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of common stock | shares | 746,018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock shares outstanding | shares | 3,000,000 | 10,719,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of stock, percentage of ownership after transaction | 17.30% | 16.84% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, value, subscriptions | $ 1,120,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from received investment from investors | $ 225,784 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unutilized committed | $ 6,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Down payments amount | $ 2,060,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Yunfei Li [Member] | First Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | $ 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Yunfei Li [Member] | First Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange price per share | $ / shares | $ 1.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 1,666,667 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Yunfei Li [Member] | Third Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | 2,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Xiangqian Li [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock shares outstanding | shares | 760,557 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of stock, percentage of ownership after transaction | 4.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Dawei Li [Member] | First Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | $ 3,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Dawei Li [Member] | First Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange price per share | $ / shares | $ 1.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 3,431,373 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Dawei Li [Member] | Third Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | $ 1,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Dawei Li [Member] | Third Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange price per share | $ / shares | $ 1.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 1,384,717 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Jun Lang [Member] | Second Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Jun Lang [Member] | Second Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange price per share | $ / shares | $ 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 300,534 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ms. Jing Shi [Member] | Second Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ms. Jing Shi [Member] | Second Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange price per share | $ / shares | $ 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 123,208 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia EVK Energy Auto Limited [Member] | Second Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia EVK Energy Auto Limited [Member] | Second Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange price per share | $ / shares | $ 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 4,782,163 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia EVK Energy Auto Limited [Member] | Fourth Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | 2,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia EVK Energy Auto Limited [Member] | Fourth Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange price per share | $ / shares | $ 1.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 2,769,435 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Yunfei Li [Member] | Third Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange price per share | $ / shares | $ 1.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 2,938,067 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Yunfei Li [Member] | Fourth Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | $ 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Shangdong Liu [Member] | Fifth Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 528,053 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Shibin Mao [Member] | Fifth Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 3,536,068 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ms. Lijuan Wang [Member] | Fifth Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 2,267,798 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Ping Shen [Member] | Fifth Debt [Member] | Cancellation Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancel debt exchange in to common stock | shares | 2,267,798 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Vehicle Co., Ltd [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company contribution related, description | Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen entered into an agreement with CBAK Power and Zhengzhou BAK New Energy Vehicle Co., Ltd. (the Company's supplier of which Mr. Xiangqian Li, the former CEO, is a director of this company) whereby Zhengzhou BAK New Energy Vehicle Co., Ltd. assigned its rights to the unpaid inventories cost owed by CBAK Power of approximately $2.1 million (RMB15,000,000), $1.0 million (RMB7,380,000) and $1.0 million (RMB7,380,000) (collectively $4.1 million, the "Fifth Debt") to Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Mr. Yunfei Li [Member] | First Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | ¥ | ¥ 11,647,890 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Mr. Yunfei Li [Member] | Third Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | ¥ | ¥ 18,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Mr. Dawei Li [Member] | First Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | ¥ | ¥ 23,980,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Mr. Dawei Li [Member] | Third Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | ¥ | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Mr. Jun Lang [Member] | Second Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | ¥ | ¥ 2,225,082 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Ms. Jing Shi [Member] | Second Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | ¥ | 912,204 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Asia EVK Energy Auto Limited [Member] | Second Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | ¥ | ¥ 35,406,036 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Asia EVK Energy Auto Limited [Member] | Fourth Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | ¥ | ¥ 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Mr. Yunfei Li [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt amount | ¥ | ¥ 2,813,810 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
HKD [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash consideration | $ 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Suzhou [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital of subsidiary | $ 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage of equity method investment | 10.00% | 10.00% | 90.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Company contribution related, description | Up to the date of this report, the Company has contributed RMB9.0 million (approximately $1.3 million), and the other shareholders have contributed RMB1.0 million ($141,541) to CBAK Suzhou through injection of a series of cash. CBAK Suzhou is intended to be engaged in development and manufacture of new energy high power battery packs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Suzhou [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital of subsidiary | ¥ | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage of equity method investment | 90.00% | 90.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CBAK Trading [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital of subsidiary | $ 500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash | $ 2,435,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital increased | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CBAK Power [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital of subsidiary | $ 30,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated contributions to subsidiary | $ 29,999,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital increased | $ 60,000,000 | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CBAK Energy [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Registered capital increased | $ 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sixth Exchange Agreement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation agreement, description | The Company entered into a Sixth exchange agreement (the "Sixth Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 461,595 shares of the Company's common stock, par value $0.001 per share to the Lender. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
First Exchange Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation agreement, description | The Company entered into a First exchange agreement for Note II (the "First Exchange Agreement- Note II") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on December 30, 2019, which has an original principal amount of $1,670,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 453,161 shares of the Company's common stock, par value $0.001 per share to the Lender. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Seventh Exchange Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activities, Basis of Presentation and Organization (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation agreement, description | The Company entered into a Seventh exchange agreement (the "Seventh Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $365,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 576,802 shares of the Company's common stock, par value $0.001 per share to the Lender. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | On July 7, 2016, Shenzhen Huijie Purification System Engineering Co., Ltd ("Shenzhen Huijie"), one of the Company's contractors, filed a lawsuit against CBAK Power in the Peoples' Court of Zhuanghe City, Dalian for the failure to pay pursuant to the terms of the contract and entrusted part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,193,301 (RMB8,430,792), including construction costs of $0.9 million (RMB6.1 million), interest of $28,308 (RMB0.2 million) and compensation of $0.3 million (RMB1.9 million), which we already accrued for as of September 30, 2016. On September 7, 2016, upon the request of Shenzhen Huijie, the Court froze CBAK Power's bank deposits totaling $1,193,301 (RMB8,430,792) for a period of one year. Further on September 1, 2017, upon the request of Shenzhen Huijie, the Court froze the bank deposits for another one year until August 31, 2018. The Court froze the bank deposits for another one year until August 27, 2019 upon the request of Shenzhen Huijie on August 27, 2018. On August 27, 2019, the Court again froze the bank deposits for another year until August 27, 2020, upon the request of Shenzhen Huijie. On June 28, 2020, the Court of Dalian entered the final judgement and the bank deposit was released in July 2020. |
Pledged Deposits (Details)
Pledged Deposits (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | |
Pledged Deposits | |||
Bills payable | $ 4,622,244 | $ 4,021,255 | |
Others | [1] | 1,392,933 | 1,499,736 |
Total | $ 6,015,177 | $ 5,520,991 | |
[1] | On July 7, 2016, Shenzhen Huijie Purification System Engineering Co., Ltd ("Shenzhen Huijie"), one of the Company's contractors, filed a lawsuit against CBAK Power in the Peoples' Court of Zhuanghe City, Dalian for the failure to pay pursuant to the terms of the contract and entrusted part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,193,301 (RMB8,430,792), including construction costs of $0.9 million (RMB6.1 million), interest of $28,308 (RMB0.2 million) and compensation of $0.3 million (RMB1.9 million), which we already accrued for as of September 30, 2016. On September 7, 2016, upon the request of Shenzhen Huijie, the Court froze CBAK Power's bank deposits totaling $1,193,301 (RMB8,430,792) for a period of one year. Further on September 1, 2017, upon the request of Shenzhen Huijie, the Court froze the bank deposits for another one year until August 31, 2018. The Court froze the bank deposits for another one year until August 27, 2019 upon the request of Shenzhen Huijie on August 27, 2018. On August 27, 2019, the Court again froze the bank deposits for another year until August 27, 2020, upon the request of Shenzhen Huijie. On June 28, 2020, the Court of Dalian entered the final judgement and the bank deposit was released in July 2020. |
Pledged Deposits (Details Textu
Pledged Deposits (Details Textual) | Aug. 09, 2019USD ($) | Aug. 07, 2019USD ($) | Aug. 07, 2019CNY (¥) | Jul. 07, 2016USD ($) | Jul. 07, 2016CNY (¥) | Mar. 20, 2020USD ($) | Mar. 20, 2020CNY (¥) | Feb. 29, 2020USD ($) | Feb. 29, 2020CNY (¥) | Nov. 30, 2019USD ($) | Nov. 30, 2019CNY (¥) | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Jul. 25, 2019USD ($) | Jul. 25, 2019CNY (¥) | Jun. 30, 2020USD ($) | Jun. 30, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Aug. 31, 2020USD ($) | Aug. 31, 2020CNY (¥) | Jun. 30, 2020CNY (¥) | Mar. 20, 2020CNY (¥) | Feb. 29, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Nov. 30, 2019CNY (¥) | Sep. 07, 2016USD ($) | Sep. 07, 2016CNY (¥) |
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Bank deposits frozen | $ 2,629 | |||||||||||||||||||||||||||
Payments to employees | $ 90,354 | |||||||||||||||||||||||||||
Employee compensation | 76,857 | |||||||||||||||||||||||||||
Employee compensation including salaries, total | $ 170,000 | |||||||||||||||||||||||||||
Employees compensation, description | The request of the employees, the court of Suzhou Industrial Park ruled that bank deposits of CBAK Suzhou totaling $0.17 million (RMB 1,181,359) should be frozen for a period of one year. | The request of the employees, the court of Suzhou Industrial Park ruled that bank deposits of CBAK Suzhou totaling $0.17 million (RMB 1,181,359) should be frozen for a period of one year. | ||||||||||||||||||||||||||
Purchase cost | 300,000 | |||||||||||||||||||||||||||
Shenzhen Huijie [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | $ 1,193,301 | 6,000 | ||||||||||||||||||||||||||
Bank deposits frozen | $ 1,193,301 | |||||||||||||||||||||||||||
Construction costs [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | 900,000 | $ 97,817 | ||||||||||||||||||||||||||
Interest [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | 28,308 | |||||||||||||||||||||||||||
Compensation [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | $ 300,000 | |||||||||||||||||||||||||||
Suzhou Industrial Park [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | $ 19,775 | |||||||||||||||||||||||||||
Bank deposits frozen | 6 | |||||||||||||||||||||||||||
Payments to employees | $ 90,354 | |||||||||||||||||||||||||||
Employee compensation | 76,857 | |||||||||||||||||||||||||||
Employee compensation including salaries, total | 170,000 | |||||||||||||||||||||||||||
RMB [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Bank deposits frozen | ¥ | ¥ 18,575 | |||||||||||||||||||||||||||
Payments to employees | 638,359 | |||||||||||||||||||||||||||
Employee compensation | 543,000 | |||||||||||||||||||||||||||
Employee compensation including salaries, total | $ 1,181,359 | |||||||||||||||||||||||||||
Purchase cost | ¥ | 1,932,947 | |||||||||||||||||||||||||||
RMB [Member] | Shenzhen Huijie [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | ¥ | ¥ 8,430,792 | ¥ 4,434,209 | ||||||||||||||||||||||||||
Bank deposits frozen | ¥ | ¥ 8,430,792 | |||||||||||||||||||||||||||
RMB [Member] | Construction costs [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | ¥ | 6,100,000 | ¥ 691,086 | ||||||||||||||||||||||||||
RMB [Member] | Interest [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | ¥ | 200,000 | |||||||||||||||||||||||||||
RMB [Member] | Compensation [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | ¥ | ¥ 1,900,000 | |||||||||||||||||||||||||||
RMB [Member] | Suzhou Industrial Park [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | 139,713 | |||||||||||||||||||||||||||
Bank deposits frozen | ¥ | 43 | |||||||||||||||||||||||||||
Payments to employees | ¥ | ¥ 638,359 | |||||||||||||||||||||||||||
Employee compensation | ¥ | 543,000 | |||||||||||||||||||||||||||
Employee compensation including salaries, total | ¥ | ¥ 1,181,359 | |||||||||||||||||||||||||||
Suzhou Security [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | 19,775 | |||||||||||||||||||||||||||
Bank deposits frozen | 4,664 | |||||||||||||||||||||||||||
Interest | 114 | 20,000 | ||||||||||||||||||||||||||
Bank deposits | 20,000 | |||||||||||||||||||||||||||
Purchase cost | 3,000 | |||||||||||||||||||||||||||
Service cost | $ 19,661 | 19,775 | ||||||||||||||||||||||||||
Suzhou Security [Member] | RMB [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | ¥ | ¥ 139,713 | |||||||||||||||||||||||||||
Bank deposits frozen | ¥ | 32,955 | |||||||||||||||||||||||||||
Interest | ¥ | 805 | 136,269 | ||||||||||||||||||||||||||
Bank deposits | ¥ | ¥ 150,000 | |||||||||||||||||||||||||||
Purchase cost | ¥ | 1,932,947 | |||||||||||||||||||||||||||
Service cost | ¥ | ¥ 138,908 | 139,713 | ||||||||||||||||||||||||||
Shenzhen Xinjiatuo Automobile Technology Co., Ltd [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | $ 14,000 | $ 280,000 | $ 160,000 | |||||||||||||||||||||||||
Equipment cost | $ 20,000 | $ 140,000 | 140,000 | |||||||||||||||||||||||||
Bank deposits | $ 160,000 | |||||||||||||||||||||||||||
Shenzhen Xinjiatuo Automobile Technology Co., Ltd [Member] | RMB [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | ¥ | ¥ 1,986,400 | ¥ 1,112,269 | ||||||||||||||||||||||||||
Equipment cost | ¥ | ¥ 976,000 | ¥ 976,000 | ||||||||||||||||||||||||||
Bank deposits | ¥ | ¥ 1,117,269 | |||||||||||||||||||||||||||
Dalian Construction [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | 97,817 | |||||||||||||||||||||||||||
Bank deposits frozen | 99,648 | |||||||||||||||||||||||||||
Interest | 1,831 | |||||||||||||||||||||||||||
Dalian Construction [Member] | RMB [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | ¥ | 691,086 | |||||||||||||||||||||||||||
Bank deposits frozen | ¥ | ¥ 704,020 | |||||||||||||||||||||||||||
Interest | ¥ | ¥ 12,934 | |||||||||||||||||||||||||||
Dongguan Shanshan [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | $ 600,000 | |||||||||||||||||||||||||||
Bank deposits frozen | $ 600,000 | |||||||||||||||||||||||||||
Employees compensation, description | Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power's bank deposits totaling $0.6 million (RMB4,434,209) for a period of one year to December 17, 2020. As of June 30, 2020, $34,190 (RMB241,554) was frozen by bank. | Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power's bank deposits totaling $0.6 million (RMB4,434,209) for a period of one year to December 17, 2020. As of June 30, 2020, $34,190 (RMB241,554) was frozen by bank. | ||||||||||||||||||||||||||
Dongguan Shanshan [Member] | RMB [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | ¥ | ¥ 4,434,209 | |||||||||||||||||||||||||||
Bank deposits frozen | ¥ | ¥ 4,434,209 | |||||||||||||||||||||||||||
Frozen [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Bank deposits frozen | $ 93,592 | |||||||||||||||||||||||||||
Frozen [Member] | RMB [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Bank deposits frozen | ¥ | ¥ 661,240 | |||||||||||||||||||||||||||
Cangzhou Huibang [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | $ 300,000 | |||||||||||||||||||||||||||
Bank deposits frozen | $ 300,000 | |||||||||||||||||||||||||||
Interest | 13,679 | |||||||||||||||||||||||||||
Purchase cost | $ 300,000 | |||||||||||||||||||||||||||
Cangzhou Huibang [Member] | RMB [Member] | ||||||||||||||||||||||||||||
Pledged deposits (Textual) | ||||||||||||||||||||||||||||
Total sought amount | ¥ | ¥ 2,029,594 | |||||||||||||||||||||||||||
Bank deposits frozen | ¥ | ¥ 2,029,594 | |||||||||||||||||||||||||||
Interest | ¥ | ¥ 96,647 | |||||||||||||||||||||||||||
Purchase cost | ¥ | ¥ 1,932,947 |
Trade Accounts and Bills Rece_3
Trade Accounts and Bills Receivable, Net (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Trade Accounts and Bills Receivable, net [Abstract] | ||
Trade accounts receivable | $ 16,464,428 | $ 12,517,626 |
Less: Allowance for doubtful accounts | (5,009,230) | (4,650,686) |
Trade accounts receivable, net | 11,455,198 | 7,866,940 |
Bills receivable | 92,261 | 85,480 |
Trade accounts and bills receivable, net | $ 11,547,459 | $ 7,952,420 |
Trade Accounts and Bills Rece_4
Trade Accounts and Bills Receivable, Net (Details 1) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Trade Accounts and Bills Receivable, net [Abstract] | ||
Balance at beginning of period | $ 4,650,686 | $ 3,657,173 |
Provision for the period | 968,627 | 605,098 |
Reversal - recoveries by cash | (540,925) | (281,160) |
Charged to consolidated statements of operations and comprehensive (loss) income | 427,702 | 323,938 |
Foreign exchange adjustment | (69,158) | 2,939 |
Balance at end of period | $ 5,009,230 | $ 3,984,050 |
Trade Accounts and Bills Rece_5
Trade Accounts and Bills Receivable, Net (Details Textual) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Trade Accounts and Bills Receivable, Net (Textual) | ||
Trade accounts and bills receivables | $ 2,114,897 | $ 2,159,356 |
Inventories (Details)
Inventories (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Raw materials | $ 542,413 | $ 482,836 |
Work in progress | 1,042,250 | 1,254,490 |
Finished goods | 3,774,913 | 6,929,388 |
Inventories | $ 5,359,576 | $ 8,666,714 |
Inventories (Details Textual)
Inventories (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Inventories (Textual) | ||||
Inventory write-down | $ 47,977 | $ 494,896 | $ 457,039 | $ 557,668 |
Prepayments and Other Receiva_3
Prepayments and Other Receivables (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Prepayments and Other Receivables [Abstract] | ||
Value added tax recoverable | $ 3,520,903 | $ 4,124,624 |
Prepayments to suppliers | 301,964 | 60,090 |
Deposits | 24,043 | 63,184 |
Staff advances | 44,839 | 53,731 |
Prepaid operating expenses | 381,525 | 317,151 |
Others | 159,075 | 124,133 |
Prepayments and other receivables, gross | 4,432,349 | 4,742,913 |
Less: Allowance for doubtful accounts | (7,000) | (7,000) |
Prepayments and other receivables, net | $ 4,425,349 | $ 4,735,913 |
Payables to Former Subsidiari_3
Payables to Former Subsidiaries, net (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Payables to former subsidiaries | $ 1,508,523 | $ 1,483,352 |
BAK Tianjin [Member] | ||
Payables to former subsidiaries | 10,936 | |
Shenzhen BAK [Member] | ||
Payables to former subsidiaries | ||
BAK Shenzhen [Member] | ||
Payables to former subsidiaries | $ 1,497,587 | $ 1,483,352 |
Payables to Former Subsidiari_4
Payables to Former Subsidiaries, net (Details Textual) | 1 Months Ended |
Apr. 20, 2020USD ($) | |
Payables to Former Subsidiaries (Textual) | |
Amount of unpaid inventories cost | $ 4,300,000 |
Mr. Yunfei Li [Member] | |
Payables to Former Subsidiaries (Textual) | |
Amount of unpaid inventories cost | 1,000,000 |
Mr. Yunfei Li [Member] | RMB [Member] | |
Payables to Former Subsidiaries (Textual) | |
Amount of unpaid inventories cost | 7,000,000 |
Mr. Ping Shen [Member] | |
Payables to Former Subsidiaries (Textual) | |
Amount of unpaid inventories cost | 2,300,000 |
Mr. Ping Shen [Member] | RMB [Member] | |
Payables to Former Subsidiaries (Textual) | |
Amount of unpaid inventories cost | 16,000,000 |
Asia EVK [Member] | |
Payables to Former Subsidiaries (Textual) | |
Amount of unpaid inventories cost | 1,000,000 |
Asia EVK [Member] | RMB [Member] | |
Payables to Former Subsidiaries (Textual) | |
Amount of unpaid inventories cost | $ 7,300,000 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Property, plant and equipment | $ 48,735,416 | $ 50,348,409 |
Impairment | (4,066,524) | (4,126,152) |
Accumulated depreciation | (9,046,208) | (8,044,692) |
Carrying amount | 35,622,684 | 38,177,565 |
Buildings [Member] | ||
Property, plant and equipment | 26,012,510 | 27,262,301 |
Machinery and equipment [Member] | ||
Property, plant and equipment | 22,391,950 | 22,719,932 |
Office equipment [Member] | ||
Property, plant and equipment | 201,245 | 204,196 |
Motor vehicles [Member] | ||
Property, plant and equipment | $ 129,711 | $ 161,980 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Property, Plant and Equipment, Net (Textual) | |||||
Depreciation | $ 560,916 | $ 708,639 | $ 1,142,407 | $ 1,383,486 | |
Dalian manufacturing facilities carrying amount | 23,106,731 | $ 24,671,045 | |||
Impairment losses |
Construction in Progress (Detai
Construction in Progress (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Construction in Progress [Abstract] | ||
Construction in progress | $ 22,154,205 | $ 21,613,577 |
Prepayment for acquisition of property, plant and equipment | 104,449 | 94,047 |
Carrying amount | $ 22,258,654 | $ 21,707,624 |
Construction in Progress (Det_2
Construction in Progress (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Construction in Progress (Textual) | ||||
Interest costs capitalized | $ 304,054 | $ 363,165 | $ 620,222 | $ 713,837 |
Right-of-use assets (Details)
Right-of-use assets (Details) - Prepaid land lease payments [Member] | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Balance, opening | $ 7,194,195 |
Amortization charge for the period | (79,881) |
Foreign exchange adjustment | (103,601) |
Balance, ending | $ 7,010,713 |
Right-of-use assets (Details Te
Right-of-use assets (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Right-of-use assets (Textual) | |
Land period | 50 years |
Land lease term | Aug. 9, 2064 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Intangible Assets, Net [Abstract] | ||
Computer software at cost | $ 30,205 | $ 30,648 |
Accumulated amortization | (17,818) | (15,470) |
Intangible assets, net | $ 12,387 | $ 15,178 |
Intangible Assets, Net (Detai_2
Intangible Assets, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Intangible Assets, Net (Textual) | ||||
Amortization expenses | $ 1,281 | $ 1,330 | $ 2,582 | $ 2,904 |
Trade Accounts and Bills Paya_3
Trade Accounts and Bills Payable (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Trade Accounts and Bills Payable [Abstract] | ||
Trade accounts payable | $ 9,509,354 | $ 11,157,014 |
Bills payable | ||
Bank acceptance bills (Note 12) | 4,583,372 | 3,915,094 |
Commercial acceptance bills | 670,679 | |
Trade accounts and bills payable | $ 14,763,405 | $ 15,072,108 |
Trade Accounts and Bills Paya_4
Trade Accounts and Bills Payable (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Minimum [Member] | |
Trade Accounts and Bills Payable (Textual) | |
Bills payable maturity period | 3 months |
Maximum [Member] | |
Trade Accounts and Bills Payable (Textual) | |
Bills payable maturity period | 1 year |
Loans (Details)
Loans (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Loans [Abstract] | ||
Short-ter bank loan | $ 5,647,478 | $ 5,730,289 |
Current maturities of long-term bank loans | 19,914,792 | 10,844,463 |
Long-term bank borrowings | 9,519,029 | |
Bank loans | $ 25,562,270 | $ 26,093,781 |
Loans (Details 1)
Loans (Details 1) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Carrying Amounts | $ 34,610,296 | $ 36,096,221 |
Pledged deposits (note 2) [Member] | ||
Carrying Amounts | 4,622,244 | 4,021,255 |
Right-of-use assets (note 9) [Member] | ||
Carrying Amounts | 7,010,713 | 7,194,195 |
Buildings [Member] | ||
Carrying Amounts | 16,293,297 | 17,683,961 |
Machinery and equipment [Member] | ||
Carrying Amounts | $ 6,684,042 | $ 7,196,810 |
Loans (Details 2)
Loans (Details 2) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | |
Advance from related parties | $ 467,273 | $ 399,149 | |
Other short-term loans | 4,672,237 | 6,952,438 | |
Advances from unrelated third party | 5,139,510 | 7,351,587 | |
Mr. Xiangqian Li, the Company's Former CEO [Member] | |||
Advance from related parties | [1] | 100,000 | 100,000 |
Mr. Yunfei Li [Member] | |||
Advance from related parties | [2] | 281,846 | 212,470 |
Shareholders [Member] | |||
Advance from related parties | [3] | 85,427 | 86,679 |
Mr. Wenwu Yu [Member] | |||
Advances from unrelated third party | [4] | 29,700 | 30,135 |
Mr. Longqian Peng [Member] | |||
Advances from unrelated third party | [4] | 636,933 | 646,273 |
Mr. Shulin Yu [Member] | |||
Advances from unrelated third party | [5] | 509,547 | 517,018 |
Jilin Province Trust Co. Ltd [Member] | |||
Advances from unrelated third party | [6] | 3,425,287 | 5,687,204 |
Suzhou Zhengyuanwei Needle Ce Co., Ltd [Member] | |||
Advances from unrelated third party | [7] | $ 70,770 | $ 71,808 |
[1] | Advances from Mr. Xiangqian Li, the Company's former CEO, was unsecured, non-interest bearing and repayable on demand. | ||
[2] | Advances from Mr. Yunfei Li, the Company's CEO, was unsecured, non-interest bearing and repayable on demand. | ||
[3] | The earnest money paid by certain shareholders in relation to share purchase (note 1) was unsecured, non-interest bearing and repayable on demand. In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $949,317 (approximately RMB6.7 million) to these investors. On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money. As of June 30, 2020, earnest money of $85,427 remained outstanding. | ||
[4] | Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand. | ||
[5] | On June 25, 2019, the Company entered into a loan agreement with Mr. Shulin Yu, an unrelated party, to loan RMB3.6 million (approximately $0.5 million) for a term of one year, bearing annual interest of 10% and the repayment was guaranteed by Mr. Yunfei Li (the Company's CEO) and Mr. Wenwu Wang (the Company's former CFO). On June 22, 2020, the Company and Mr. Shulin Yu entered into a supplemental agreement to extend the loan for one year to June 24, 2021. As of June 30, 2020, the Company borrowed RMB3.6 million (approximately $0.5 million). | ||
[6] | In January 2019, the Company obtained one-year term facilities from Jilin Province Trust Co. Ltd. with a maximum amount of RMB40.0 million (approximately $5.7 million), which was secured by land use rights and buildings of Eodos Liga Energy Co., Ltd. Under the facilities, the Company borrowed a total of RMB39.6 million ($5.7 million) in 2019, bearing annual interest from 11.3% to 11.6%. The Company fully repaid the loan principal and accrued interest in March 2020. In March 2020, the Company obtained additional one-year term facilities from Jilin Province Trust Co. Ltd with a maximum amount of RMB40.0 million (approximately $5.7 million), which was secured by land use rights and buildings of Eodos Liga Energy Co., Ltd. Under the facilities, the Company borrowed RMB24.2 million ($3.4 million) on March 13, 2020, bearing annual interest of 13.5%. | ||
[7] | In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of June 30, 2020, loan amount of RMB0.5 million ($70,770) remained outstanding. |
Loans (Details Textual)
Loans (Details Textual) | Oct. 14, 2019 | Jun. 04, 2018 | Mar. 31, 2020 | Jun. 25, 2019 | Jan. 31, 2019 | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jun. 10, 2021USD ($) | Jun. 10, 2021CNY (¥) | May 10, 2021USD ($) | May 10, 2021CNY (¥) | Apr. 10, 2021USD ($) | Apr. 10, 2021CNY (¥) | Mar. 10, 2021USD ($) | Mar. 10, 2021CNY (¥) | Feb. 10, 2021USD ($) | Feb. 10, 2021CNY (¥) | Jan. 10, 2021USD ($) | Jan. 10, 2021CNY (¥) | Dec. 10, 2020USD ($) | Dec. 10, 2020CNY (¥) | Jun. 30, 2020CNY (¥) | Jun. 10, 2020USD ($) | Jun. 10, 2020CNY (¥) | May 31, 2020USD ($) | May 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 30, 2019USD ($) | Dec. 30, 2019CNY (¥) | Oct. 31, 2019USD ($) | Oct. 31, 2019CNY (¥) | May 21, 2019USD ($) | May 21, 2019CNY (¥) | Mar. 07, 2019CNY (¥) | Nov. 30, 2018USD ($) | Nov. 30, 2018CNY (¥) | Aug. 31, 2018USD ($) | Aug. 31, 2018CNY (¥) | Aug. 22, 2018USD ($) | Aug. 22, 2018CNY (¥) | Sep. 30, 2015 |
Loans (Textual) | ||||||||||||||||||||||||||||||||||||||||||||
Bank acceptances bills | $ 4,583,372 | $ 4,583,372 | $ 3,915,094 | |||||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 50.00% | |||||||||||||||||||||||||||||||||||||||||||
Unutilized committed banking facilities | 6,800,000 | 6,800,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest | 391,155 | $ 369,250 | 788,361 | $ 750,525 | ||||||||||||||||||||||||||||||||||||||||
Loans, description | The Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors will release the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money. | |||||||||||||||||||||||||||||||||||||||||||
Related party description | The Company obtained additional one-year term facilities from Jilin Province Trust Co. Ltd with a maximum amount of RMB40.0 million (approximately $5.7 million), which was secured by land use rights and buildings of Eodos Liga Energy Co., Ltd. Under the facilities, the Company borrowed RMB24.2 million ($3.4 million) on March 13, 2020, bearing annual interest of 13.5%. | The Company entered into a loan agreement with Mr. Shulin Yu, an unrelated party, to loan RMB3.6 million (approximately $0.5 million) for a term of one year, bearing annual interest of 10% and the repayment was guaranteed by Mr. Yunfei Li (the Company's CEO) and Mr. Wenwu Wang (the Company's former CFO). On June 22, 2020, the Company and Mr. Shulin Yu entered into a supplemental agreement to extend the loan for one year to June 24, 2021. As of June 30, 2020, the Company borrowed RMB3.6 million (approximately $0.5 million). | The Company obtained one-year term facilities from Jilin Province Trust Co. Ltd. with a maximum amount of RMB40.0 million (approximately $5.7 million), which was secured by land use rights and buildings of Eodos Liga Energy Co., Ltd. Under the facilities, the Company borrowed a total of RMB39.6 million ($5.7 million) in 2019, bearing annual interest from 11.3% to 11.6%. The Company fully repaid the loan principal and accrued interest in March 2020. | |||||||||||||||||||||||||||||||||||||||||
Investment agreements description | The Company returned partial earnest money of $949,317 (approximately RMB6.7 million) to these investors. | |||||||||||||||||||||||||||||||||||||||||||
Remained outstanding value | 85,427 | |||||||||||||||||||||||||||||||||||||||||||
Suzhou Zhengyuanwei Needle Ce Co.Ltd [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Loans (Textual) | ||||||||||||||||||||||||||||||||||||||||||||
Loans, description | The Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of June 30, 2020, loan amount of RMB0.5 million ($70,770) remained outstanding. | |||||||||||||||||||||||||||||||||||||||||||
China Everbright Bank Dalian Branch [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Loans (Textual) | ||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 700,000 | 700,000 | $ 5,600,000 | $ 700,000 | $ 5,600,000 | $ 3,960,000 | $ 14,410,000 | $ 8,500,000 | $ 14,200,000 | |||||||||||||||||||||||||||||||||||
Long-term Line of Credit | $ 700,000 | $ 700,000 | $ 1,090,000 | $ 700,000 | $ 3,960,000 | $ 7,100,000 | $ 8,500,000 | |||||||||||||||||||||||||||||||||||||
Debt instrument discount rate | 3.30% | 3.30% | 4.00% | 4.00% | ||||||||||||||||||||||||||||||||||||||||
Loans, description | The Company obtained banking facilities from China Everbright Bank Dalian Branch with a maximum amount of RMB200 million (approximately $28.3 million) with the term from June 12, 2018 to June 10, 2021, bearing interest at 130% of benchmark rate of the People's Bank of China ("PBOC") for three-year long-term loans, at current rate 6.175% per annum. The loans are repayable in six installments of RMB0.8 million ($0.11 million) on December 10, 2018, RMB24.3 million ($3.44 million) on June 10, 2019, RMB0.8 million ($0.11 million) on December 10, 2019, RMB74.7 million ($10.6 million) on June 10, 2020, RMB0.8 million ($0.11 million) on December 10, 2020 and RMB66.3 million ($9.4 million) on June 10, 2021. Under the facilities, the Company borrowed RMB140.7 million (approximately $19.91 million) as of June 30, 2020. The facilities were secured by the Company's land use rights, buildings, machinery and equipment. The Company repaid the bank loan of RMB0.8 million ($0.11 million), RMB24.3 million ($3.44 million), RMB0.8 million ($0.11 million) and RMB1.09 million ($0.16 million) in December 2018, June 2019, December 2019 and June 2020 respectively. | |||||||||||||||||||||||||||||||||||||||||||
Bearing interest | 5.655% | 5.655% | ||||||||||||||||||||||||||||||||||||||||||
China Everbright Bank Dalian Branch [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Loans (Textual) | ||||||||||||||||||||||||||||||||||||||||||||
Long-term Line of Credit | $ 129,700,000 | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||
China Everbright Bank Dalian Branch [Member] | Mr. Yunfei Li [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Loans (Textual) | ||||||||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 15.00% | 15.00% | ||||||||||||||||||||||||||||||||||||||||||
China Everbright Bank Dalian Branch [Member] | CBAK Power [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Loans (Textual) | ||||||||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument discount rate | 4.00% | 4.00% | ||||||||||||||||||||||||||||||||||||||||||
China Everbright Bank Dalian Branch [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Loans (Textual) | ||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | ¥ | ¥ 4,700,000 | ¥ 4,700,000 | ¥ 39,900,000 | ¥ 39,900,000 | ¥ 28,000,000 | ¥ 100,000,000 | ¥ 60,000,000 | ¥ 100,000,000 | ||||||||||||||||||||||||||||||||||||
Long-term Line of Credit | ¥ | ¥ 4,700,000 | ¥ 160,000 | ¥ 4,700,000 | ¥ 28,000,000 | ¥ 50,000,000 | |||||||||||||||||||||||||||||||||||||||
Bank acceptances bills | ¥ | ¥ 28,800,000 | |||||||||||||||||||||||||||||||||||||||||||
China Everbright Bank Dalian Branch [Member] | RMB [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Loans (Textual) | ||||||||||||||||||||||||||||||||||||||||||||
Long-term Line of Credit | ¥ | ¥ 18,360,000 | ¥ 280,000 | ¥ 280,000 | ¥ 280,000 | ¥ 280,000 | ¥ 280,000 | ¥ 150,000 | |||||||||||||||||||||||||||||||||||||
Industrial Bank Co., Ltd. Dalian Branch [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Loans (Textual) | ||||||||||||||||||||||||||||||||||||||||||||
Bank acceptances bills | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||||
Bills receivable | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||||
Industrial Bank Co., Ltd. Dalian Branch [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Loans (Textual) | ||||||||||||||||||||||||||||||||||||||||||||
Bank acceptances bills | ¥ | ¥ 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Bills receivable | ¥ | ¥ 1,500,000 |
Accrued Expenses and Other Pa_3
Accrued Expenses and Other Payables (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Accrued Expenses and Other Payables [Abstract] | ||
Construction costs payable (note 1) | $ 424,275 | $ 1,335,483 |
Equipment purchase payable | 7,434,478 | 7,440,131 |
Liquidated damages (note a) | 1,210,119 | 1,210,119 |
Accrued staff costs | 2,672,735 | 2,485,384 |
Compensation costs | 109,311 | |
Customer deposits | 324,173 | 600,758 |
Other payables and accruals (note 16) | 2,599,088 | 2,346,403 |
Accrued expenses and other payables | $ 14,664,868 | $ 15,527,589 |
Accrued Expenses and Other Pa_4
Accrued Expenses and Other Payables (Details Textual) - USD ($) | Nov. 09, 2007 | Nov. 30, 2007 | Aug. 15, 2006 |
Accrued Expenses and Other Payables (Textual) | |||
Liquidated damages | $ 561,174 | $ 1,051,000 | |
Private Placement [Member] | |||
Accrued Expenses and Other Payables (Textual) | |||
Gross proceeds shares of common stock | $ 13,650,000 | ||
Sale of shares of common stock | 3,500,000 | ||
Sale of share price | $ 3.90 | ||
Cash fee | $ 819,000 | ||
Liquidated damages, description | (a) 1.5% of the aggregate purchase price paid by such investor for the shares it purchased on the one month anniversary of the Effectiveness Deadline; (b) an additional 1.5% of the aggregate purchase price paid by such investor every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until the earliest of the effectiveness of the registration statement, the ten-month anniversary of the Effectiveness Deadline and the time that the Company is no longer required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations; and (c) 0.5% of the aggregate purchase price paid by such investor for the shares it purchased in the Company's November 2007 private placement on each of the following dates: the ten-month anniversary of the Effectiveness Deadline and every thirtieth day thereafter (prorated for periods totaling less than thirty days), until the earlier of the effectiveness of the registration statement and the time that the Company no longer is required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations. Such liquidated damages would bear interest at the rate of 1% per month (prorated for partial months) until paid in full. |
Deferred Government Grants (Det
Deferred Government Grants (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Deferred Government Grants [Abstract] | ||
Total government grants | $ 4,129,272 | $ 4,260,833 |
Less: Current portion | (139,974) | (142,026) |
Non-current portion | $ 3,989,298 | $ 4,118,807 |
Deferred Government Grants (D_2
Deferred Government Grants (Details Textual) | Sep. 13, 2013CNY (¥) | Sep. 30, 2015USD ($) | Oct. 17, 2014CNY (¥) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) |
Deferred Government Grants (Textual) | |||||||
Revenue from grants | $ 23,103,427 | ||||||
Payments for removal costs | $ 1,004,027 | ||||||
Depreciation expenses of the dalian facilities | $ 36,247 | $ 34,886 | $ 70,307 | $ 72,875 | |||
RMB [Member] | |||||||
Deferred Government Grants (Textual) | |||||||
Revenue from grants | ¥ | ¥ 150,000,000 | ¥ 46,150,000 |
Product Warranty Provision (Det
Product Warranty Provision (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Product Warranty Provisions (Textual) | |
Standard product warranty, description | The Company maintains a policy of providing after sales support for certain of its new EV and LEV battery products introduced since October 1, 2015 by way of a warranty program. The limited cover covers a period of six to twelve months for battery cells, a period of twelve to twenty seven months for battery modules for light electric vehicles (LEV) such as electric bicycles, and a period of three years to eight years (or 120,000 or 200,000 km if reached sooner) for battery modules for electric vehicles (EV). The Company accrues an estimate of its exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability at least annually and adjusts the amounts as necessary. |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Notes payable, net of debt discount | $ 2,435,347 | $ 2,846,736 |
Notes Payable (Details Textual)
Notes Payable (Details Textual) - USD ($) | Jul. 08, 2020 | Jul. 06, 2020 | Jun. 10, 2020 | Jun. 08, 2020 | Jul. 29, 2020 | Apr. 28, 2020 | Feb. 20, 2020 | Jan. 27, 2020 | Jul. 24, 2019 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 30, 2019 |
Notes Payable (Textual) | |||||||||||||
Lender's expenses | $ 150,000 | ||||||||||||
Note I [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Accrued coupon interest | $ 121,649 | ||||||||||||
Note II [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Accrued coupon interest | 84,892 | ||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Original principal amount | $ 1,395,000 | $ 1,670,000 | |||||||||||
Bears interest rate | 10.00% | 10.00% | |||||||||||
Received proceeds | $ 1,250,000 | $ 1,500,000 | |||||||||||
Original issue discount | 125,000 | 150,000 | |||||||||||
Lender's expenses | 20,000 | 20,000 | |||||||||||
Debt discount | 125,000 | 150,000 | |||||||||||
Interest expense | $ 250,000 | $ 250,000 | |||||||||||
Securities Purchase Agreement [Member] | Note I [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Interest expense from amortization | $ 31,597 | 63,194 | |||||||||||
Coupon interest | 26,944 | 59,262 | |||||||||||
Securities Purchase Agreement [Member] | Note II [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Interest expense from amortization | 37,917 | 75,417 | |||||||||||
Coupon interest | $ 41,883 | $ 83,964 | |||||||||||
First Exchange Agreement [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Debt, description | The Company entered into a First exchange agreement for Note II (the "First Exchange Agreement- Note II") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on December 30, 2019, which has an original principal amount of $1,670,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 453,161 shares of the Company's common stock, par value $0.001 per share to the Lender. | The Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 160,256 shares of the Company's common stock, par value $0.001 per share to the Lender. | |||||||||||
Second Exchange Agreement [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Debt, description | The Company entered into a second exchange agreement (the "Second Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 207,641 shares of the Company's common stock, par value $0.001 per share to the Lender. | ||||||||||||
Third Exchange Agreement [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Debt, description | The Company entered into a third exchange agreement (the "Third Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 312,500 shares of the Company's common stock, par value $0.001 per share to the Lender. | ||||||||||||
Fourth Exchange Agreement [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Debt, description | The Company entered into a fourth exchange agreement (the "Fourth Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 271,739 shares of the Company's common stock, par value $0.001 per share to the Lender. | ||||||||||||
Fifth Exchange Agreement [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Debt, description | The Company entered into a fifth exchange agreement (the "Fifth Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $150,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 407,609 shares of the Company's common stock, par value $0.001 per share to the Lender. | ||||||||||||
Sixth Exchange Agreement [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Debt, description | The Company entered into a Sixth exchange agreement (the "Sixth Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 461,595 shares of the Company's common stock, par value $0.001 per share to the Lender. | ||||||||||||
Seventh Exchange Agreement [Member] | |||||||||||||
Notes Payable (Textual) | |||||||||||||
Debt, description | The Company entered into a Seventh exchange agreement (the "Seventh Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $365,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 576,802 shares of the Company's common stock, par value $0.001 per share to the Lender |
Income Taxes, Deferred Tax As_3
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Current | ||||
Deferred | ||||
Income taxes expenses |
Income Taxes, Deferred Tax As_4
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Loss before income taxes | $ (1,198,167) | $ (2,334,174) | $ (3,552,278) | $ (5,141,507) |
United States federal corporate income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Income tax credit computed at United States statutory corporate income tax rate | $ (251,615) | $ (490,176) | $ (745,978) | $ (1,079,716) |
Rate differential for PRC earnings | (26,214) | (87,474) | (95,439) | (186,505) |
Non-deductible expenses | 81,224 | 27,068 | 148,903 | 92,870 |
Share based payments | 32,332 | 3,869 | 95,360 | 7,695 |
Valuation allowance on deferred tax assets | 164,273 | 546,713 | 597,154 | 1,165,656 |
Income tax expenses |
Income Taxes, Deferred Tax As_5
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details 2) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Net operating loss carried forward | $ 30,094,323 | $ 29,361,274 |
Valuation allowance | (33,541,535) | (32,944,381) |
Deferred tax assets, non-current | ||
Deferred tax liabilities, non-current | ||
Trade accounts receivable [Member] | ||
Net operating loss carried forward | ||
Deferred tax assets, non-current | 1,281,707 | 1,225,916 |
Inventories [Member] | ||
Net operating loss carried forward | ||
Deferred tax assets, non-current | 857,830 | 1,026,483 |
Property, plant and equipment [Member] | ||
Net operating loss carried forward | ||
Deferred tax assets, non-current | 772,532 | 768,975 |
Provision for product warranty [Member] | ||
Net operating loss carried forward | ||
Deferred tax assets, non-current | $ 535,143 | $ 561,733 |
Income Taxes, Deferred Tax As_6
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details 3) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Gross UTB [Member] | |
Balance as of January 1, 2020 | $ 7,042,582 |
Decrease in unrecognized tax benefits taken in current period | (101,774) |
Balance as of June 30, 2020 | 6,940,808 |
Surcharge [Member] | |
Balance as of January 1, 2020 | |
Decrease in unrecognized tax benefits taken in current period | |
Balance as of June 30, 2020 | |
Net UTB [Member] | |
Balance as of January 1, 2020 | 7,042,582 |
Decrease in unrecognized tax benefits taken in current period | (101,774) |
Balance as of June 30, 2020 | $ 6,940,808 |
Income Taxes, Deferred Tax As_7
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Textual) | ||||||
Federal corporate income tax rate | 21.00% | 21.00% | 21.00% | 21.00% | ||
Operating loss carryforwards available to reduce future taxable income | $ 102,293 | $ 102,293 | $ 103,580,741 | |||
Expire, description | Succeeding 5 tax years. | |||||
PRC Tax [Member] | ||||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Textual) | ||||||
Net operating loss carry forwards | 33,369,466 | $ 33,369,466 | $ 30,437,270 | |||
Uncertain income tax position, description | An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. | |||||
PRC Tax, description | The CIT Law in China applies an income tax rate of 25% to all enterprises but grants preferential tax treatment to High-New Technology Enterprises. CBAK Power was regarded as a "High-new technology enterprise" pursuant to a certificate jointly issued by the relevant Dalian Government authorities. The certificate was valid for three years commencing from year 2018. Under the preferential tax treatment, CBAK Power was entitled to enjoy a tax rate of 15% for the years from 2018 to 2020 provided that the qualifying conditions as a High-new technology enterprise were met. | |||||
United States Tax [Member] | ||||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Textual) | ||||||
Expire, description | Expire in various years through 2035. | |||||
Foreign tax credits, description | Deduction equal to 50 percent to offset the income tax liability, subject to some limitations. | |||||
Offset capital gains | $ 103,478,448 | $ 103,478,448 | ||||
United States Tax [Member] | Maximum [Member] | ||||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Textual) | ||||||
Federal corporate income tax rate | 35.00% | |||||
United States Tax [Member] | Minimum [Member] | ||||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Textual) | ||||||
Federal corporate income tax rate | 21.00% | |||||
Hong Kong Tax [Member] | ||||||
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Textual) | ||||||
Federal corporate income tax rate | 16.50% |
Share-based Compensation (Detai
Share-based Compensation (Details) - Restricted shares granted on August 23, 2019 [Member] | 6 Months Ended |
Jun. 30, 2020shares | |
Non-vested shares, Beginning balance | 1,505,833 |
Granted | |
Vested | (293,498) |
Forfeited | (58,333) |
Non-vested shares, Ending balance | 1,154,002 |
Share-based Compensation (Det_2
Share-based Compensation (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Aug. 23, 2019$ / sharesshares | Apr. 19, 2016USD ($)$ / sharesshares | Jun. 30, 2015$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($) | Dec. 31, 2019$ / shares | Jul. 12, 2015shares | |
Share-based Compensation (Textual) | |||||||||
Share-based compensation | 510,732 | ||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Non-cash share-based compensation expense | $ | $ 18,422 | $ 36,641 | |||||||
Vested shares issued | 293,498 | 293,498 | |||||||
Stock Based Compensation [Member] | |||||||||
Share-based Compensation (Textual) | |||||||||
Vested shares issued | 4,167 | 4,167 | |||||||
2015 Equity Incentive Plan [Member] | |||||||||
Share-based Compensation (Textual) | |||||||||
Aggregate number of shares | (10,000,000) | ||||||||
Restricted shares granted on June 30, 2015 [Member] | |||||||||
Share-based Compensation (Textual) | |||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||
Restricted shares | 690,000 | ||||||||
Fair value per share | $ / shares | $ 3.24 | ||||||||
Vested shares issued | 1,667 | 1,667 | |||||||
Unrecognized stock-based compensation | $ | |||||||||
Restricted shares granted on August 23, 2019 executive officers and directors [Member] | |||||||||
Share-based Compensation (Textual) | |||||||||
Restricted shares | 1,887,000 | ||||||||
Fair value per share | $ / shares | $ 0.9 | ||||||||
Restricted shares granted on August 23, 2019 to the Companys executive officers and directors [Member] | |||||||||
Share-based Compensation (Textual) | |||||||||
Restricted shares | 710,000 | ||||||||
Restricted shares granted on April 19, 2016 [Member] | |||||||||
Share-based Compensation (Textual) | |||||||||
Restricted shares | 500,000 | ||||||||
Fair value per share | $ / shares | $ 2.68 | ||||||||
Non-cash share-based compensation expense | $ | $ 18,219 | $ 153,961 | $ 454,096 | ||||||
Vesting schedules, Description | There are three types of vesting schedules. First, if the number of restricted shares granted is below 3,000, the shares will vest annually in 2 equal installments over a two year period with the first vesting on June 30, 2017. Second, if the number of restricted shares granted is larger than or equal to 3,000 and is below 10,000, the shares will vest annually in 3 equal installments over a three year period with the first vesting on June 30, 2017. Third, if the number of restricted shares granted is above or equal to 10,000, the shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on December 31, 2016. |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (1,198,167) | $ (2,334,174) | $ (3,552,278) | $ (5,141,507) |
Less: Net loss (profit) attributable to non-controlling interests | (952) | (16,790) | 4,918 | (36,731) |
Net loss attributable to shareholders of CBAK Energy Technology, Inc. | $ (1,197,215) | $ (2,317,384) | $ (3,557,196) | $ (5,104,776) |
Weighted average shares used in basic and diluted computation (note) | 35,379,994 | 60,430,255 | 32,095,479 | 56,877,900 |
Loss per share– basic and diluted | $ (0.07) | $ (0.02) | $ (0.16) | $ (0.06) |
Loss Per Share (Details Textual
Loss Per Share (Details Textual) - Restricted shares granted pursuant to 2015 Plan [Member] - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Loss Per Share (Textual) | ||||
Vested restricted shares granted | 5,834 | 84,830 | 5,834 | 142,662 |
Unvested restricted shares | 1,154,002 | 1,154,002 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Capital Commitments | $ 84,598,605 | $ 87,297,961 |
For construction of buildings [Member] | ||
Capital Commitments | 1,729,629 | 3,397,961 |
For purchases of equipment [Member] | ||
Capital Commitments | 303,976 | |
Capital injection to CBAK Power, CBAK Trading and CBAK Energy [Member] | ||
Capital Commitments | $ 82,565,000 | $ 83,900,000 |
Commitments and Contingencies
Commitments and Contingencies (Details Textual) | Aug. 09, 2019USD ($) | Aug. 09, 2019CNY (¥) | Aug. 07, 2019USD ($) | Aug. 07, 2019CNY (¥) | Jul. 07, 2016USD ($) | Jul. 07, 2016CNY (¥) | Jun. 30, 2020USD ($) | Jun. 30, 2020CNY (¥) | Jun. 28, 2020USD ($) | Jun. 28, 2020CNY (¥) | Mar. 20, 2020USD ($) | Mar. 20, 2020CNY (¥) | Nov. 30, 2019USD ($) | Nov. 30, 2019CNY (¥) | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Jul. 25, 2019USD ($) | Jul. 25, 2019CNY (¥) | Jul. 25, 2019USD ($) | Jul. 25, 2019CNY (¥) | Dec. 19, 2017USD ($) | Dec. 19, 2017CNY (¥) | Jun. 30, 2017USD ($) | Jun. 30, 2017CNY (¥) | May 31, 2017USD ($) | May 31, 2017CNY (¥) | Jun. 30, 2020USD ($) | Jun. 30, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2017USD ($) | Jun. 30, 2020CNY (¥) | Jun. 28, 2020CNY (¥) | Apr. 30, 2020USD ($) | Mar. 20, 2020CNY (¥) | Feb. 29, 2020USD ($) | Feb. 29, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Nov. 30, 2019CNY (¥) | Sep. 30, 2019CNY (¥) | Aug. 07, 2019CNY (¥) | May 20, 2019USD ($) | May 20, 2019CNY (¥) | Nov. 08, 2018USD ($) | Nov. 08, 2018CNY (¥) | May 31, 2017CNY (¥) | Sep. 07, 2016USD ($) | Sep. 07, 2016CNY (¥) | Nov. 30, 2007USD ($) | Aug. 15, 2006USD ($) |
Bank transaction | $ 2,629 | $ 2,629 | ||||||||||||||||||||||||||||||||||||||||||||||||
Injected from BAK Asia | 84,598,605 | 84,598,605 | $ 87,297,961 | |||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | 24,043 | 24,043 | 63,184 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision receivable | 17,428,000 | 17,428,000 | 2,466,773 | |||||||||||||||||||||||||||||||||||||||||||||||
Payments to employees | $ 90,354 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation | 76,857 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation including salaries, total | 170,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liquidated damages | $ 561,174 | $ 1,051,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Xinjiatuo Automobile Technology [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | $ 14,000 | $ 280,000 | $ 160,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Litigation fees | 708 | 9,404 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | 160,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equipment cost | 20,000 | $ 140,000 | 140,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Return of prepayment | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liquidated damages | $ 67,940 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contract amount | $ 120,573 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest [Member] | Shenzhen Xinjiatuo Automobile Technology [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | $ 20,000 | 140,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | 20,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bank transaction | ¥ | ¥ 18,575 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision receivable | ¥ | 2,466,773 | ¥ 17,428,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Payments to employees | 638,359 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation | 543,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation including salaries, total | 1,181,359 | |||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Shenzhen Xinjiatuo Automobile Technology [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 1,986,400 | ¥ 1,112,269 | ||||||||||||||||||||||||||||||||||||||||||||||||
Litigation fees | ¥ | 66,440 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equipment cost | ¥ | ¥ 976,000 | ¥ 976,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Return of prepayment | ¥ | ¥ 1,440,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liquidated damages | ¥ | ¥ 480,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contract amount | ¥ | ¥ 851,858 | |||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Interest [Member] | Shenzhen Xinjiatuo Automobile Technology [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 136,269 | ¥ 976,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | 136,269 | |||||||||||||||||||||||||||||||||||||||||||||||||
RMB [Member] | Shenzhen Xinjiatuo Automobile Technology [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Litigation fees | ¥ | ¥ 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | 1,117,269 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equipment cost | $ 976,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | $ 1,193,301 | |||||||||||||||||||||||||||||||||||||||||||||||||
Construction cost | $ 251,141 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | 1,193,301 | $ 1,193,301 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | 28,308 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | Compensation [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | Remaining Contract Amount [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contract amount | $ 900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Litigation fees | $ 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | Construction costs [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | 900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 8,430,792 | |||||||||||||||||||||||||||||||||||||||||||||||||
Construction cost | ¥ | ¥ 1,774,337 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | ¥ | ¥ 8,430,792 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | RMB [Member] | Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | RMB [Member] | Compensation [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | 1,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | RMB [Member] | Remaining Contract Amount [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contract amount | ¥ | ¥ 6,135,860 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | RMB [Member] | Construction costs [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | 6,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Anyuan Bus [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Power sought a total amount | 2,587,346 | |||||||||||||||||||||||||||||||||||||||||||||||||
Anyuan Bus [Member] | Goods Amount [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contract amount | $ 2,466,773 | $ 2,466,773 | ||||||||||||||||||||||||||||||||||||||||||||||||
Litigation fees | $ 18,610 | |||||||||||||||||||||||||||||||||||||||||||||||||
Anyuan Bus [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Power sought a total amount | ¥ | ¥ 18,279,858 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision receivable | ¥ | 2,466,773 | 17,428,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Anyuan Bus [Member] | RMB [Member] | Goods Amount [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contract amount | ¥ | ¥ 17,428,000 | ¥ 17,428,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Litigation fees | ¥ | ¥ 131,480 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | $ 1,193,301 | 6,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank transaction | $ 1,193,301 | |||||||||||||||||||||||||||||||||||||||||||||||||
Litigation fees | $ 29,626 | |||||||||||||||||||||||||||||||||||||||||||||||||
Construction cost | $ 235,969 | $ 1,292,249 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accrued materials purchase cost | 24 | $ 24 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies, description | Upon the request of Cangzhou Huibang for property preservation, the Court of Nanpi ordered to freeze CBAK Power's bank deposits totaling $0.3 million (RMB2,029,594) for a period of one year to March 3, 2021. | Upon the request of Cangzhou Huibang for property preservation, the Court of Nanpi ordered to freeze CBAK Power's bank deposits totaling $0.3 million (RMB2,029,594) for a period of one year to March 3, 2021. | ||||||||||||||||||||||||||||||||||||||||||||||||
Amount of final judgement not received | 265,195 | $ 265,195 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Huijie [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 8,430,792 | ¥ 4,434,209 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank transaction | ¥ | ¥ 8,430,792 | |||||||||||||||||||||||||||||||||||||||||||||||||
Litigation fees | ¥ | ¥ 209,312 | |||||||||||||||||||||||||||||||||||||||||||||||||
Construction cost | ¥ | ¥ 1,667,146 | ¥ 9,129,868 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accrued materials purchase cost | ¥ | 175,722 | |||||||||||||||||||||||||||||||||||||||||||||||||
Suzhou Industrial Park Security Service [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | $ 19,775 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank transaction | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction cost | 4,664 | 4,664 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | 19,775 | 20,000 | 170,000 | 19,775 | ||||||||||||||||||||||||||||||||||||||||||||||
Payments to employees | 90,354 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation | 76,857 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation including salaries, total | $ 170,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Services expenses | 19,661 | 19,775 | ||||||||||||||||||||||||||||||||||||||||||||||||
Suzhou Industrial Park Security Service [Member] | Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | 114 | |||||||||||||||||||||||||||||||||||||||||||||||||
Suzhou Industrial Park Security Service [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | $ 139,713 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank transaction | ¥ | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||
Construction cost | ¥ | 32,955 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | ¥ | 139,713 | ¥ 150,000 | ¥ 1,181,359 | |||||||||||||||||||||||||||||||||||||||||||||||
Payments to employees | ¥ | ¥ 638,359 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation | ¥ | 543,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation including salaries, total | ¥ | ¥ 1,181,359 | |||||||||||||||||||||||||||||||||||||||||||||||||
Services expenses | ¥ | ¥ 138,908 | ¥ 139,713 | ||||||||||||||||||||||||||||||||||||||||||||||||
Suzhou Industrial Park Security Service [Member] | RMB [Member] | Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 805 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cangzhou Huibang [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Materials purchase cost | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cangzhou Huibang [Member] | Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | $ 13,651 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cangzhou Huibang [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 1,932,947 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | ¥ | ¥ 2,029,594 | |||||||||||||||||||||||||||||||||||||||||||||||||
Materials purchase cost | ¥ | 1,932,947 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cangzhou Huibang [Member] | RMB [Member] | Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 96,647 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dongguan Shanshan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | 34,190 | $ 34,190 | $ 600,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies, description | Under which CBAK Power agreed to pay Dongguan Shanshan goods value of $507,652 (RMB3,586,609) in six installments before December 31, 2020, insurance and travel expenses of $1,728 (RMB12,206) before July 31, 2020, and litigation costs of $3,238 (RMB22,878). The bank deposit was thereafter released. | Under which CBAK Power agreed to pay Dongguan Shanshan goods value of $507,652 (RMB3,586,609) in six installments before December 31, 2020, insurance and travel expenses of $1,728 (RMB12,206) before July 31, 2020, and litigation costs of $3,238 (RMB22,878). The bank deposit was thereafter released. | ||||||||||||||||||||||||||||||||||||||||||||||||
Dongguan Shanshan [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | ¥ | 241,554 | ¥ 4,434,209 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dalian Construction Electrical Installation Engineering Co [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | 97,817 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank transaction | 93,592 | |||||||||||||||||||||||||||||||||||||||||||||||||
Construction cost | 97,817 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | 99,648 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dalian Construction Electrical Installation Engineering Co [Member] | Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | $ 1,831 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dalian Construction Electrical Installation Engineering Co [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 691,086 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank transaction | ¥ | 661,240 | |||||||||||||||||||||||||||||||||||||||||||||||||
Construction cost | ¥ | 691,086 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | ¥ | ¥ 704,020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dalian Construction Electrical Installation Engineering Co [Member] | RMB [Member] | Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 12,934 | |||||||||||||||||||||||||||||||||||||||||||||||||
Jihongkai [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | $ 24,872 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrued materials purchase cost | 24,872 | 24,872 | ||||||||||||||||||||||||||||||||||||||||||||||||
Jihongkai [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 175,722 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrued materials purchase cost | ¥ | 175,722 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ganfeng Battery [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | 106,974 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contract amount | 103,751 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | 108,986 | 108,986 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accrued materials purchase cost | 103,751 | 103,751 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest | 3,223 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ganfeng Battery [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 755,780 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contract amount | ¥ | 733,009 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | ¥ | 769,994 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrued materials purchase cost | ¥ | 733,009 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest | ¥ | 22,771 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ligao [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | 10,983 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contract amount | 10,386 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrued materials purchase cost | 10,386 | 10,386 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest | 597 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ligao [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | 77,599 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contract amount | ¥ | 73,380 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrued materials purchase cost | ¥ | 73,380 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest | ¥ | 4,219 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nanjing Jinlong [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | 116,347 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrued materials purchase cost | 116,347 | 116,347 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nanjing Jinlong [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 822,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Xi'an Anpu [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | 119,454 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrued equipment cost | $ 108,703 | $ 108,703 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies, description | Upon the request of Xi'an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power's bank deposits $0.1 million (RMB843,954) for a period to May 11, 2022. As of June 30, 2020, nil was frozen by bank and the Company had accrued the equipment cost of $108,703 (RMB768,000). | Upon the request of Xi'an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power's bank deposits $0.1 million (RMB843,954) for a period to May 11, 2022. As of June 30, 2020, nil was frozen by bank and the Company had accrued the equipment cost of $108,703 (RMB768,000). | ||||||||||||||||||||||||||||||||||||||||||||||||
Xi'an Anpu [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | ¥ 843,954 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equipment cost | ¥ | 786,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liquidated damages | ¥ | 75,954 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrued equipment cost | ¥ | ¥ 768,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Gd [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | $ 22,837 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equipment cost | 21,231 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest | $ 1,606 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Gd [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plaintiff sought a total amount | ¥ | 161,346 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equipment cost | ¥ | 150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest | ¥ | ¥ 11,346 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Klclear [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shenzhen Klclear [Member] | RMB [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | $ 6,250,764 |
Concentrations and Credit Ris_2
Concentrations and Credit Risk (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||||
Net revenues | $ 4,624,247 | $ 4,270,936 | $ 11,525,521 | $ 9,442,611 | |||||
Shenzhen BAK [Member] | |||||||||
Net revenues | [1] | $ 769,052 | |||||||
Concentration risk, Percentage | [1] | 18.01% | |||||||
Customer A [Member] | |||||||||
Net revenues | [1] | $ 1,527,998 | |||||||
Concentration risk, Percentage | [1] | 16.18% | |||||||
Customer B [Member] | |||||||||
Net revenues | $ 2,584,606 | $ 2,633,652 | $ 4,677,699 | $ 3,875,327 | |||||
Concentration risk, Percentage | 55.89% | 61.66% | 40.59% | 41.04% | |||||
Customer C [Member] | |||||||||
Net revenues | [1] | $ 1,066,260 | |||||||
Concentration risk, Percentage | [1] | 11.29% | |||||||
Customer D [Member] | |||||||||
Net revenues | $ 1,626,944 | [1] | $ 2,009,845 | [1] | [1] | ||||
Concentration risk, Percentage | 35.18% | [1] | 17.44% | [1] | [1] | ||||
Customer E [Member] | |||||||||
Net revenues | [1] | $ 3,767,605 | |||||||
Concentration risk, Percentage | [1] | 32.69% | |||||||
Customer F [Member] | |||||||||
Net revenues | [1] | $ 1,025,998 | |||||||
Concentration risk, Percentage | [1] | 10.87% | |||||||
[1] | Comprised less than 10% of net revenue for the respective period. |
Concentrations and Credit Ris_3
Concentrations and Credit Risk (Details 1) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | ||
Accounts receivable | $ 11,547,459 | $ 7,952,420 | ||
Customer A [Member] | ||||
Accounts receivable | [1] | $ 902,309 | ||
Concentration risk, percentage of accounts receivable | [1] | 11.47% | ||
Customer B [Member] | ||||
Accounts receivable | $ 1,740,448 | $ 1,725,293 | ||
Concentration risk, percentage of accounts receivable | 15.19% | 21.93% | ||
Customer C [Member] | ||||
Accounts receivable | $ 1,519,014 | $ 1,713,628 | ||
Concentration risk, percentage of accounts receivable | 13.26% | 21.78% | ||
Customer G [Member] | ||||
Accounts receivable | $ 4,103,268 | $ 830,821 | ||
Concentration risk, percentage of accounts receivable | 35.82% | 10.56% | ||
Customer E [Member] | ||||
Accounts receivable | [1] | |||
Concentration risk, percentage of accounts receivable | [1] | |||
[1] | Comprisedless than 10% of account receivable for the respective period. |
Concentrations and Credit Ris_4
Concentrations and Credit Risk (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |||||
Supplier E [Member] | ||||||||
Net purchase | [1] | $ 996,484 | ||||||
Concentration risk, percentage of net purchase | [1] | 17.26% | ||||||
Shenzhen BAK [Member] | ||||||||
Net purchase | $ 3,841,680 | [1] | ||||||
Concentration risk, percentage of net purchase | 64.96% | [1] | ||||||
Supplier A [Member] | ||||||||
Net purchase | $ 326,949 | |||||||
Concentration risk, percentage of net purchase | 12.03% | [1] | ||||||
Supplier B [Member] | ||||||||
Net purchase | $ 402,026 | |||||||
Concentration risk, percentage of net purchase | 14.79% | [1] | ||||||
Supplier C [Member] | ||||||||
Net purchase | $ 278,794 | |||||||
Concentration risk, percentage of net purchase | 10.25% | [1] | ||||||
Supplier D [Member] | ||||||||
Net purchase | $ 294,786 | |||||||
Concentration risk, percentage of net purchase | [1] | 23.52% | ||||||
[1] | Comprised less than 10% of net purchase for the respective period. |
Concentrations and Credit Ris_5
Concentrations and Credit Risk (Details 3) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts payable | $ 9,509,354 | $ 11,157,014 |
Supplier B [Member] | ||
Accounts payable | $ 1,096,148 | $ 1,126,582 |
Concentration risk, percentage of accounts payable | 11.53% | 10.10% |
Concentrations and Credit Ris_6
Concentrations and Credit Risk (Details 4) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||
Sales of finished goods | $ 4,624,247 | $ 4,270,936 | $ 11,525,521 | $ 9,442,611 | |||
Bak Shenzhen [Member] | |||||||
Purchase of inventories | [1] | 65,102 | 65,102 | ||||
Sales of finished goods | [1] | 685,211 | 69,226 | 769,052 | |||
Shenzhen BAK [Member] | |||||||
Purchase of inventories | [1] | 65,102 | $ 3,841,680 | [1] | |||
Sales of finished goods | [1] | ||||||
[1] | Mr. Xiangqian Li, the former CEO, is a director of this company. |
Segment Information (Details)
Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net revenues | $ 4,624,247 | $ 4,270,936 | $ 11,525,521 | $ 9,442,611 |
Electric vehicles [Member] | ||||
Net revenues | 118,737 | 4,624,247 | 333,855 | 1,540,570 |
Light electric vehicles [Member] | ||||
Net revenues | 2,593 | 3,344 | ||
Uninterruptable supplies [Member] | ||||
Net revenues | $ 4,502,917 | $ 3,944,452 | $ 11,188,322 | $ 7,902,041 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net revenues | $ 4,624,247 | $ 4,270,936 | $ 11,525,521 | $ 9,442,611 |
Mainland China [Member] | ||||
Net revenues | 4,359,930 | 4,270,936 | 11,236,719 | 9,017,662 |
PRC Taiwan [Member] | ||||
Net revenues | 452 | |||
Israel [Member] | ||||
Net revenues | 121,678 | |||
USA [Member] | ||||
Net revenues | 223,465 | |||
Others [Member] | ||||
Net revenues | 517 | 25,002 | 79,354 | |
Europe [Member] | ||||
Net revenues | $ 263,800 | $ 263,800 |
Segment Information (Details Te
Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2020Segment | |
Segment Information (Textual) | |
Number of segment | 1 |