Name of Entity or Individual		Relationship with the Company
New Era Group Zhejiang New Energy Materials Co., Ltd.		Shareholder of company’s subsidiary
Zhengzhou BAK Battery Co., Ltd		Note a
Shenzhen BAK Battery Co., Ltd		Former subsidiary and refer to Note b
Shenzhen BAK Power Battery Co., Ltd		Former subsidiary and refer to Note b

(a)

Mr. Xiangqian Li, the Company’s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd.

(b)

Mr. Xiangqian Li is a director of Shenzhen BAK Battery Co., Ltd and Shenzhen BAK Power Battery Co., Ltd

Schedule of receivables from former subsidiary

	December 31, 2022		March 31, 2023

Receivables from Shenzhen BAK Power Battery Co., Ltd	$	5,518,052	$	1,834,983
Less: Allowance for credit losses		-		(16,714	)
	$	5,518,052		1,818,269

Schedule of other balances due from/ (to) related parties

	December 31, 2022		March 31, 2023

Trade receivable, net – Zhengzhou BAK Battery Co., Ltd. (i)	$	9,156,383	$	14,251,802

Bills receivable – Issued by Zhengzhou BAK Battery Co., Ltd (ii)	$	2,941,683	$	2,246,742

Trade payable, net – Zhengzhou BAK Battery Co., Ltd (iii)	$	5,629,343	$	3,307,343

Dividend payable to non-controlling interest of Hitrans (note 14)	$	1,290,942	$	1,298,497

(i)

Representing trade receivables from sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $5.2 million to the Company.

(ii)

Representing bills receivable issued by Zhengzhou BAK Battery Co., Ltd. The Company endorsed the bills receivable as of December 31, 2022 to suppliers for settling trade payables subsequent to December 31, 2022. Bills receivable as of March 31, 2023 were pledged to bank as security for issuance of bills payable (note 12).

(iii)

Representing trade payables on purchase of batteries from Zhengzhou BAK Battery Co., Ltd.