Revenue Recognition

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

3. Revenue Recognition

The Company adopted ASC 606 using the modified retrospective method as applied to customer contracts that were not completed as of January 1, 2018. As a result, financial information for reporting periods beginning after January 1, 2018 are presented under ASC 606, while comparative financial information has not been adjusted and continues to be reported in accordance with the Company’s historical accounting policy for revenue recognition prior to the adoption of ASC 606.

The following table disaggregates product sales by business segment by geography which provides information as to the major source of revenue. See Note 25 for additional description of our reportable business segments and the products being sold in each segment.

	For the year ended December 31, 2018
	Lithium Business		Ni-MH Batteries and Accessories		Consolidated
Primary Geographic Markets	$		$		$
China Mainland		111,255,771		31,173,443		142,429,214
Asia, others		100,595,601		18,659,965		119,255,566
Europe		5,330,496		19,152,307		24,482,803
North America		2,783,104		4,602,476		7,385,580
Others		-		378,798		378,798
Total sales		219,964,972		73,966,989		293,931,961

The Company has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations in (i) contracts that have an original expected length of one year or less; and (ii) contracts where revenue is recognized as invoiced.

The Company does not have amounts of contract assets since revenue is recognized as control of goods is transferred. The contract liabilities consist of advance payments from customers. The contract liabilities are reported in a net position on a customer-by-customer basis at the end of each reporting period. All contract liabilities are expected to be recognized as revenue within one year and are included in other payables and accrued liabilities in the Consolidated Balance Sheet.

Contract liabilities consisted of the following,

	December 31, 2018		December 31, 2017		Change
		$		$		$	%
Contract liabilities		5,639,886		1,759,021		3,880,865	221	%

For the year ended December 31, 2018, the Company recognized sales of $1.5 million related to contract liabilities at January 1, 2018.