Acquisition of Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2023

Acquisition of Subsidiaries [Abstract]

Schedule of aggregate fair values of the assets acquired and liabilities

Cash and bank	$	7,323,654
Debts product		3,144
Trade and bills receivable, net		37,759,688
Inventories		13,616,922
Prepayments and other receivables		1,384,029
Income tax recoverable		47,138
Amount due from trustee		11,788,931
Property, plant and equipment, net		21,190,890
Construction in progress		2,502,757
Intangible assets, net		1,957,187
Prepaid land use rights, non- current		6,276,898
Leased assets, net		48,394
Deferred tax assets		1,715,998
Short term bank loan		(8,802,402	)
Other short term loans – CBAK Power		(20,597,522	)
Trade accounts and bills payable		(38,044,776	)
Accrued expenses and other payables		(7,439,338	)
Deferred government grants		(290,794	)
Land appreciation tax		(464,162	)
Deferred tax liabilities		(333,824	)
NAV		29,642,812
Less: Waiver of dividend payable		1,250,181
Total NAV acquired		30,892,993
Non-controlling interest (24.43%)		(7,547,158	)
Goodwill		1,606,518
Total identifiable net assets	$	24,952,353

Schedule of components of the consideration

	RMB		USD
Cash consideration for 60% registered equity interest (representing 54.39% of paid-up capital) of Hitrans from Meidu Graphene		118,000,000		18,547,918
Cash consideration for 21.56% registered equity interest (representing 21.18% of paid-up capital) of Hitrans from Hitrans management		40,744,376		6,404,435
Total Purchase Consideration		158,744,376		24,952,353