Acquisition of Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2023

Acquisition of Subsidiaries [Abstract]

Schedule of Aggregate Fair Values of the Assets Acquired and Liabilities

The following table summarizes the estimated aggregate fair values of the assets acquired and liabilities assumed as of the closing date, November 26, 2021.

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, noncurrent		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	)
Net assets		29,642,812
Less: Waiver of dividend payable		1,250,181
Total net assets 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 Consideration Transferred to Effect the Acquisition

The components of the consideration transferred to effect the Acquisition are as follows:

	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