Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Information [Abstract]

Schedule of operating decision maker evaluates performance based on each reporting segment

For the three months ended March 31, 2022	CBAT			Hitrans			Corporate unallocated (note)			Consolidated
Net revenues	$	15,020,686		$	65,175,612		$	-		$	80,196,298
Cost of revenues		(14,037,762	)		(60,842,182	)		-			(74,879,944	)
Gross profit		982,924			4,333,430			-			5,316,354
Total operating expenses		(3,108,736	)		(3,137,747	)		(405,132	)		(6,651,615	)
Operating (loss) income		(2,125,812	)		1,195,683			(405,132	)		(1,335,261	)
Finance income (expense), net		107,870			(102,708	)		(148	)		5,014
Other income (expense),net		503,156			(217,952	)		1,632,000			1,917,204
Income tax credit		-			93,546			-			93,546
Net (loss) income		(1,514,786	)		968,569			1,226,720			680,503

For the three months ended March 31, 2023	CBAT			Hitrans			Corporate unallocated (note)			Consolidated
Net revenues	$	29,603,383		$	12,793,318		$	-		$	42,396,701
Cost of revenues		(26,390,025	)		(13,100,932	)		-			(39,490,957	)
Gross profit (loss)		3,213,358			(307,614	)		-			2,905,744
Total operating expenses		(3,227,946	)		(2,430,412	)		(128,276	)		(5,786,634	)
Operating loss		(14,588	)		(2,738,026	)		(128,276	)		(2,880,890	)
Finance income (expenses), net		32,982			(27,619	)		(52	)		5,311
Other income, net		90,530			92,683			85,000			268,213
Income tax credit		-			402,884			-			402,884
Net income (loss)		108,924			(2,270,078	)		(43,328	)		(2,204,482	)
As of March 31, 2023
Identifiable long-lived assets		94,912,129			23,382,309			-			118,294,438
Total assets		178,749,980			73,306,835			113,453			252,170,268

Note: The Company does not allocate its assets located and expenses incurred outside China to its reportable segments because these assets and activities are managed at a corporate level.

Schedule of revenue from these products

	Three months ended March 31,
	2022		2023
High power lithium batteries used in:
Electric vehicles	$	309	$	1,820,248
Light electric vehicles		88,764		1,968,057
Uninterruptable supplies		14,931,613		25,815,078
		15,020,686		29,603,383
Materials used in manufacturing of lithium batteries
Cathode		28,362,877		10,621,073
Precursor		36,812,735		2,172,245
		65,175,612		12,793,318
Total consolidated revenue	$	80,196,298	$	42,396,701

Schedule of sales by geographical markets based on locations of customers

	Three months ended March 31,
	2022		2023
Mainland China	$	71,996,013	$	24,546,737
Europe		8,134,906		17,259,288
Others		65,379		590,676
Total	$	80,196,298	$	42,396,701