0001213900-21-026727.txt : 20210517 0001213900-21-026727.hdr.sgml : 20210517 20210517090118 ACCESSION NUMBER: 0001213900-21-026727 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 129 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210517 DATE AS OF CHANGE: 20210517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CBAK Energy Technology, Inc. CENTRAL INDEX KEY: 0001117171 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 880442833 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32898 FILM NUMBER: 21927912 BUSINESS ADDRESS: STREET 1: BAK INDUSTRIAL PARK, MEIGUI STREET STREET 2: HUAYUANKOU ECONOMIC ZONE CITY: DALIAN STATE: F4 ZIP: 116422 BUSINESS PHONE: (86)(411)6251-0619 MAIL ADDRESS: STREET 1: BAK INDUSTRIAL PARK, MEIGUI STREET STREET 2: HUAYUANKOU ECONOMIC ZONE CITY: DALIAN STATE: F4 ZIP: 116422 FORMER COMPANY: FORMER CONFORMED NAME: CHINA BAK BATTERY INC DATE OF NAME CHANGE: 20050214 FORMER COMPANY: FORMER CONFORMED NAME: MEDINA COFFEE INC DATE OF NAME CHANGE: 20000626 10-Q 1 f10q0321_cbakenergy.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10−Q

 

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended: March 31, 2021

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____________ to _____________

 

Commission File Number: 001-32898

 

CBAK ENERGY TECHNOLOGY, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Nevada   88-0442833
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)

 

BAK Industrial Park, Meigui Street
Huayuankou Economic Zone
Dalian City, Liaoning Province,
People’s Republic of China, 116450

(Address of principal executive offices, Zip Code)

 

(86)(411)-3918-5985

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on
which registered
Common Stock, $0.001 par value   CBAT   Nasdaq Capital Market

  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐   Accelerated filer ☐
Non-accelerated filer ☒   Smaller reporting company ☒
    Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

The number of shares outstanding of each of the issuer’s classes of common stock, as of May 15, 2021 is as follows:

 

Class of Securities   Shares Outstanding
Common Stock, $0.001 par value   88,394,517

 

 

 

 

 

 

CBAK ENERGY TECHNOLOGY, INC.

 

TABLE OF CONTENTS

 

PART I
FINANCIAL INFORMATION
Item 1. Financial Statements. 1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 43
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 53
Item 4. Controls and Procedures. 53
PART II
OTHER INFORMATION
Item 1. Legal Proceedings. 55
Item 1A. Risk Factors. 55
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 55
Item 3. Defaults Upon Senior Securities. 55
Item 4. Mine Safety Disclosures. 55
Item 5. Other Information. 55
Item 6. Exhibits. 56

 

i

 

PART I

FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS.

 

CBAK ENERGY TECHNOLOGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2021

 

Contents   Page(s)
Condensed Consolidated Balance Sheets as of December 31, 2020 and March 31, 2021 (unaudited)   2
Condensed Consolidated Statements of Operations and Comprehensive Income (loss) for the three months ended March 31, 2020 and 2021 (unaudited)   3
Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2020 and 2021 (unaudited)   4
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2021 (unaudited)   5
Notes to the Condensed Consolidated Financial Statements (unaudited)   6-42

 

1

 

CBAK Energy Technology, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

As of December 31, 2020 and March 31, 2021

(Unaudited)

(In US$ except for number of shares)

 

        December 31,     March 31,  
    Note   2020     2021  
              (Unaudited)  
Assets                
Current assets                
Cash and cash equivalents       $ 11,681,750     $ 65,116,897  
Pledged deposits   2     8,989,748       16,323,303  
Trade accounts and bills receivable, net   3     29,571,274       23,306,670  
Inventories   4     5,252,845       6,499,313  
Prepayments and other receivables   5     7,439,544       7,858,583  
Investment in sales-type lease, net   9     235,245       836,714  
                     
Total current assets         63,170,406       119,941,480  
                     
Property, plant and equipment, net   7     41,040,370       40,248,221  
Construction in progress   8     30,193,309       34,104,206  
Right-of-use assets   9     7,500,780       7,430,212  
Operating lease right-of-use assets, net         -       360,382  
Intangible assets, net   10     11,807       11,084  
Investment in sales-type lease, net   9     850,407       1,867,519  
                     
Total assets       $ 142,767,079     $ 203,963,104  
                     
Liabilities                    
Current liabilities                    
Trade accounts and bills payable   11   $ 28,352,292     $ 25,337,685  
Current maturities of long-term bank loans   12     13,739,546       13,688,805  
Other short-term loans   12     1,253,869       1,105,826  
Accrued expenses and other payables   13     11,645,459       9,253,984  
Payables to former subsidiaries, net   6     626,990       382,638  
Deferred government grants, current   14     151,476       150,917  
Product warranty provisions   15     155,888       119,114  
Warrants liability   19     17,783,000       39,222,000  
                     
Total current liabilities         73,708,520       89,260,969  
                     
Deferred government grants, non-current   14     7,304,832       7,240,124  
Operating lease liability, non-current   9     -       237,600  
Product warranty provisions   15     1,835,717       1,858,006  
Long term tax payable   16     7,511,182       7,483,442  
                     
Total liabilities         90,360,251       106,080,141  
                     
Commitments and contingencies   21                
                     
Shareholders’ equity                    
Common stock $0.001 par value; 500,000,000 authorized; 79,310,249 issued and 79,166,043 outstanding as of December 31, 2020; and 88,250,225 issued and 88,106,019 outstanding as of March 31, 2021         79,310       88,250  
Donated shares         14,101,689       14,101,689  
Additional paid-in capital         225,278,113       241,048,002  
Statutory reserves         1,230,511       1,230,511  
Accumulated deficit         (183,984,311 )     (154,375,029 )
Accumulated other comprehensive loss         (239,609 )     (145,568 )
          56,465,703       101,947,855  
Less: Treasury shares         (4,066,610 )     (4,066,610 )
                     
Total shareholders’ equity         52,399,093       97,881,245  
Non-controlling interests         7,735       1,718  
Total equity         52,406,828       97,882,963  
                     
Total liabilities and shareholder’s equity       $ 142,767,079     $ 203,963,104  

 

See accompanying notes to the condensed consolidated financial statements.

 

2

 

CBAK Energy Technology, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

       Three months ended
March 31,		 
   Note   2020   2021 
Net revenues   23   $6,901,274   $9,416,049 
Cost of revenues        (6,695,271)   (7,576,620)
Gross profit        206,003    1,839,429 
Operating expenses:               
Research and development expenses        (298,930)   (483,749)
Sales and marketing expenses        (93,771)   (213,142)
General and administrative expenses        (1,115,618)   (1,324,481)
(Provision for) recovery of doubtful accounts   3    (673,186)   154,061 
Total operating expenses        (2,181,505)   (1,867,311)
Operating loss        (1,975,502)   (27,882)
Finance expenses, net        (428,083)   (7,598)
Other income, net        49,474    1,217,648 
Change in fair value of warrants liability        -    28,426,000 
Loss (income) before income tax        (2,354,111)   29,608,168 
Income tax expense   16    -    - 
Net (loss) income       $(2,354,111)  $29,608,168 
Less: Net (income) loss attributable to non-controlling interests        (5,870)   1,114 
Net (loss) income attribute to shareholders of CBAK Energy Technology, Inc.       $(2,359,981)  $29,609,282 
                
Net (loss) income        (2,354,111)   29,608,168 
Other comprehensive income (loss)               
– Foreign currency translation adjustment        (302,045)   89,138 
Comprehensive (loss) income       $(2,656,156)  $29,697,306 
Less: Comprehensive (income) loss attributable to non-controlling interests        (5,040)   6,017 
Comprehensive (loss) income attributable to CBAK Energy Technology, Inc.       $(2,661,196)  $29,703,323 
                
(Loss) Income per share   18           
– Basic       $(0.04)  $0.35 
– Diluted       $(0.04)  $0.35 
                
Weighted average number of shares of common stock:   18           
– Basic        53,293,776    84,283,605 
– Diluted        53,293,776    84,933,913 

 

See accompanying notes to the condensed consolidated financial statements.

 

3

 

CBAK Energy Technology, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Shareholders’ Equity

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

   Common stock issued       Additional           Accumulated other   Non-   Treasury shares   Total 
   Number       Donated   paid-in   Statutory   Accumulated   comprehensive   controlling   Number       shareholders’ 
   of shares   Amount   shares   capital   reserves   deficit   loss   interests   of shares   Amount   equity 
Balance as of January 1, 2020   53,220,902   $53,222   $14,101,689   $180,208,610   $1,230,511   $(176,177,413)  $(1,744,730)  $52,777    (144,206)  $(4,066,610)  $13,658,056 
                                                        
Net (loss) profit   -    -    -    -    -    (2,359,981)   -    5,870    -    -    (2,354,111)
Share-based compensation for employee and director stock awards   -    -    -    300,135    -    -    -         -    -    300,135 
Common stock issued to investors   367,897    368    -    199,632    -    -    -         -    -    200,000 
Foreign currency translation adjustment   -    -    -    -    -    -    (301,215)   (830)   -    -    (302,045)
Balance as of March 31, 2020   53,588,799   $53,590   $14,101,689   $180,708,377   $1,230,511   $(178,537,394)  $(2,045,945)  $57,817    (144,206)  $(4,066,610)  $11,502,035 
                                                        
Balance as of January 1, 2021   79,310,249   $79,310   $14,101,689   $225,278,113   $1,230,511   $(183,984,311)  $(239,609)  $7,735    (144,206)  $(4,066,610)  $52,406,828 
                                                        
Net profit (loss)   -    -    -    -    -    29,609,282    -    (1,114)   -    -    29,608,168 
Share-based compensation for employee and director stock awards   -    -    -    148,818    -    -    -         -    -    148,818 
Issuance of common stock and warrants   8,939,976    8,940    -    15,621,071    -    -    -         -    -    15,630,011 
Foreign currency translation adjustment   -    -    -    -    -    -    94,041    (4,903)   -    -    89,138 
                                                        
Balance as of March 31, 2021   88,250,225   $88,250   $14,101,689   $241,048,002   $1,230,511   $(154,375,029)  $(145,568)  $1,718    (144,206)  $(4,066,610)  $97,882,963 

 

See accompanying notes to the condensed consolidated financial statements.

 

4

 

CBAK Energy Technology, Inc. and subsidiaries

Condensed Consolidated Statements of Cash Flows

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

   Three months ended
March 31,		 
   2020   2021 
Cash flows from operating activities        
Net (loss) income  $(2,354,111)  $29,608,168 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:          
Depreciation and amortization   587,615    704,496 
Provision for (recovery of) doubtful debts   673,186    (154,061)
Amortization of operating lease right-of-use assets   -    10,052 
Write-down of inventories   409,062    233,305 
Share-based compensation   300,135    148,818 
Changes in fair value of warrants liability   -    (28,426,000)
Gain on disposal of property, plant and equipment   -    (53,022)
Changes in operating assets and liabilities:          
Trade accounts and bills receivable   (3,633,248)   6,314,111 
Inventories   701,957    (1,512,723)
Prepayments and other receivables   51,905    (451,150)
Trade accounts and bills payable   (237,779)   (2,941,048)
Accrued expenses and other payables   (86,889)   (882,416)
Operating lease liabilities   -    (134,149)
Investment in sales-type lease   -    (1,639,959)
Trade receivable from and payables to former subsidiaries   4,273,976    (60,563)
Net cash provided by operating activities   685,809    763,859 
           
Cash flows from investing activities          
Purchases of property, plant and equipment and construction in progress   (261,031)   (5,681,131)
Net cash used in investing activities   (261,031)   (5,681,131)
           
Cash flows from financing activities          
Borrowings from shareholders   269,349    - 
Borrowings from an unrelated party   3,467,148    - 
Repayment of borrowing from an unrelated party   (5,673,515)   - 
Repayment of borrowing from shareholders   -    (145,321)
Proceeds from issuance of shares   -    65,495,011 
Net cash (used in) provided by financing activities   (1,937,018)   65,349,690 
           
Effect of exchange rate changes on cash and cash equivalents, and restricted cash   (112,027)   336,284 
Net increase (decrease) in cash and cash equivalents, and restricted cash   (1,624,267)   60,768,702 
Cash and cash equivalents, and restricted cash at the beginning of period   7,133,948    20,671,498 
Cash and cash equivalents, and restricted cash at the end of period  $5,509,681   $81,440,200 
           
Supplemental non-cash investing and financing activities:          
Transfer of construction in progress to property, plant and equipment  $-   $176,628 
Non-cash payment for purchase of property, plant and equipment and construction in progress by new vehicles  $-   $61,233 
Issuance of common stock (note 1):          
- offset repayment of promissory notes  $200,000   $- 
           
Cash paid during the period for:          
Interest, net of amounts capitalized  $269,019   $2,314 

 

See accompanying notes to the condensed consolidated financial statements.

 

5

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

1. Principal Activities, Basis of Presentation and Organization

 

Principal Activities

 

CBAK Energy Technology, Inc. (formerly known as China BAK Battery, Inc.) (“CBAK” or the “Company”) is a corporation formed in the State of Nevada on October 4, 1999 as Medina Copy, Inc. The Company changed its name to Medina Coffee, Inc. on October 6, 1999 and subsequently changed its name to China BAK Battery, Inc. on February 14, 2005. CBAK and its subsidiaries (hereinafter, collectively referred to as the “Company”) are principally engaged in the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion (known as “Li-ion” or “Li-ion cell”) high power rechargeable batteries. Prior to the disposal of BAK International Limited (“BAK International”) and its subsidiaries (see below), the batteries produced by the Company were for use in cellular telephones, as well as various other portable electronic applications, including high-power handset telephones, laptop computers, power tools, digital cameras, video camcorders, MP3 players, electric bicycles, hybrid/electric vehicles, and general industrial applications. After the disposal of BAK International and its subsidiaries on June 30, 2014, the Company will focus on the manufacture, commercialization and distribution of high power lithium ion rechargeable batteries for use in cordless power tools, light electric vehicles, hybrid electric vehicles, electric cars, electric busses, uninterruptable power supplies and other high power applications.

 

The shares of the Company traded in the over-the-counter market through the Over-the-Counter Bulletin Board from 2005 until May 31, 2006, when the Company obtained approval to list its common stock on The NASDAQ Global Market, and trading commenced that same date under the symbol “CBAK”.

 

On January 10, 2017, the Company filed Articles of Merger with the Secretary of State of Nevada to effectuate a merger between the Company and the Company’s newly formed, wholly owned subsidiary, CBAK Merger Sub, Inc. (the “Merger Sub”). According to the Articles of Merger, effective January 16, 2017, the Merger Sub merged with and into the Company with the Company being the surviving entity (the “Merger”). As permitted by Chapter 92A.180 of Nevada Revised Statutes, the sole purpose of the Merger was to effect a change of the Company’s name.

 

Effective November 30, 2018, the trading symbol for common stock of the Company was changed from CBAK to CBAT. Effective at the opening of business on June 21, 2019, the Company’s common stock started trading on the Nasdaq Capital Market.

 

Basis of Presentation and Organization

 

On November 6, 2004, BAK International, a non-operating holding company that had substantially the same shareholders as Shenzhen BAK Battery Co., Ltd (“Shenzhen BAK”), entered into a share swap transaction with the shareholders of Shenzhen BAK for the purpose of the subsequent reverse acquisition of the Company. The share swap transaction between BAK International and the shareholders of Shenzhen BAK was accounted for as a reverse acquisition of Shenzhen BAK with no adjustment to the historical basis of the assets and liabilities of Shenzhen BAK.

 

On January 20, 2005, the Company completed a share swap transaction with the shareholders of BAK International. The share swap transaction, also referred to as the “reverse acquisition” of the Company, was consummated under Nevada law pursuant to the terms of a Securities Exchange Agreement entered by and among CBAK, BAK International and the shareholders of BAK International on January 20, 2005. The share swap transaction has been accounted for as a capital-raising transaction of the Company whereby the historical financial statements and operations of Shenzhen BAK are consolidated using historical carrying amounts.

 

Also on January 20, 2005, immediately prior to consummating the share swap transaction, BAK International executed a private placement of its common stock with unrelated investors whereby it issued an aggregate of 1,720,087 shares of common stock for gross proceeds of $17,000,000. In conjunction with this financing, Mr. Xiangqian Li, the Chairman and Chief Executive Officer of the Company (“Mr. Li”), agreed to place 435,910 shares of the Company’s common stock owned by him into an escrow account pursuant to an Escrow Agreement dated January 20, 2005 (the “Escrow Agreement”). Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target.

 

6

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

1. Principal Activities, Basis of Presentation and Organization (continued)

 

Basis of Presentation and Organization (continued)

 

Under accounting principles generally accepted in the United States of America (“US GAAP”), escrow agreements such as the one established by Mr. Li generally constitute compensation if, following attainment of a performance threshold, shares are returned to a company officer. The Company determined that without consideration of the compensation charge, the performance thresholds for the year ended September 30, 2005 would be achieved. However, after consideration of a related compensation charge, the Company determined that such thresholds would not have been achieved. The Company also determined that, even without consideration of a compensation charge, the performance thresholds for the year ended September 30, 2006 would not be achieved.

 

While the 217,955 escrow shares relating to the 2005 performance threshold were previously released to Mr. Li, Mr. Li executed a further undertaking on August 21, 2006 to return those shares to the escrow agent for the distribution to the relevant investors. However, such shares were not returned to the escrow agent, but, pursuant to a Delivery of Make Good Shares, Settlement and Release Agreement between the Company, BAK International and Mr. Li entered into on October 22, 2007 (the “Li Settlement Agreement”), such shares were ultimately delivered to the Company as described below. Because the Company failed to satisfy the performance threshold for the fiscal year ended September 30, 2006, the remaining 217,955 escrow shares relating to the fiscal year 2006 performance threshold were released to the relevant investors. As Mr. Li has not retained any of the shares placed into escrow, and as the investors party to the Escrow Agreement are only shareholders of the Company and do not have and are not expected to have any other relationship to the Company, the Company has not recorded a compensation charge for the years ended September 30, 2005 and 2006.

 

At the time the escrow shares relating to the 2006 performance threshold were transferred to the investors in fiscal year 2007, the Company should have recognized a credit to donated shares and a debit to additional paid-in capital, both of which are elements of shareholders’ equity. This entry is not material because total ordinary shares issued and outstanding, total shareholders’ equity and total assets do not change; nor is there any impact on income or earnings per share. Therefore, previously filed consolidated financial statements for the fiscal year ended September 30, 2007 will not be restated. This share transfer has been reflected in these financial statements by reclassifying the balances of certain items as of October 1, 2007. The balances of donated shares and additional paid-in capital as of October 1, 2007 were credited and debited by $7,955,358 respectively, as set out in the consolidated statements of changes in shareholders’ equity.

 

In November 2007, Mr. Li delivered the 217,955 shares related to the 2005 performance threshold to BAK International pursuant to the Li Settlement Agreement; BAK International in turn delivered the shares to the Company. Such shares (other than those issued to investors pursuant to the 2008 Settlement Agreements, as described below) are now held by the Company. Upon receipt of these shares, the Company and BAK International released all claims and causes of action against Mr. Li regarding the shares, and Mr. Li released all claims and causes of action against the Company and BAK International regarding the shares. Under the terms of the Li Settlement Agreement, the Company commenced negotiations with the investors who participated in the Company’s January 2005 private placement in order to achieve a complete settlement of BAK International’s obligations (and the Company’s obligations to the extent it has any) under the applicable agreements with such investors.

 

Beginning on March 13, 2008, the Company entered into settlement agreements (the “2008 Settlement Agreements”) with certain investors in the January 2005 private placement. Since the other investors have never submitted any claims regarding this matter, the Company did not reach any settlement with them.

 

Pursuant to the 2008 Settlement Agreements, the Company and the settling investors have agreed, without any admission of liability, to a settlement and mutual release from all claims relating to the January 2005 private placement, including all claims relating to the escrow shares related to the 2005 performance threshold that had been placed into escrow by Mr. Li, as well as all claims, including claims for liquidated damages relating to registration rights granted in connection with the January 2005 private placement. Under the 2008 Settlement Agreement, the Company has made settlement payments to each of the settling investors of the number of shares of the Company’s common stock equivalent to 50% of the number of the escrow shares related to the 2005 performance threshold these investors had claimed; aggregate settlement payments as of June 30, 2015amounted to 73,749 shares. Share payments to date have been made in reliance upon the exemptions from registration provided by Section 4(2) and/or other applicable provisions of the Securities Act of 1933, as amended. In accordance with the 2008 Settlement Agreements, the Company filed a registration statement covering the resale of such shares which was declared effective by the SEC on June 26, 2008.

 

Pursuant to the Li Settlement Agreement, the 2008 Settlement Agreements and upon the release of the 217,955 escrow shares relating to the fiscal year 2006 performance threshold to the relevant investors, neither Mr. Li or the Company have any obligations to the investors who participated in the Company’s January 2005 private placement relating to the escrow shares.

 

As of March 31, 2021, the Company had not received any claim from the other investors who have not been covered by the “2008 Settlement Agreements” in the January 2005 private placement.

 

7

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

  

1. Principal Activities, Basis of Presentation and Organization (continued)

 

Basis of Presentation and Organization (continued)

 

As the Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and the Company also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the “2008 Settlement Agreements” with us in fiscal year 2008, pursuant to “Li Settlement Agreement” and “2008 Settlement Agreements”, neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company’s January 2005 private placement relating to the escrow shares.

 

On August 14, 2013, Dalian BAK Trading Co., Ltd was established as a wholly owned subsidiary of China BAK Asia Holding Limited (“BAK Asia”) with a registered capital of $500,000. Pursuant to CBAK Trading’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 14, 2015. On August 5, 2019, CBAK Trading’s registered capital was increased to $5,000,000. Pursuant to CBAK Trading’s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 1, 2033. Up to the date of this report, the Company has contributed $2,435,000 to CBAK Trading in cash.

 

On December 27, 2013, Dalian BAK Power Battery Co., Ltd was established as a wholly owned subsidiary of BAK Asia with a registered capital of $30,000,000. Pursuant to CBAK Power’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 27, 2015. On March 7, 2017, the name of Dalian BAK Power Battery Co., Ltd was changed to Dalian CBAK Power Battery Co., Ltd (“CBAK Power”). On July 10, 2018, CBAK Power’s registered capital was increased to $50,000,000. On October 29, 2019, CBAK Power’s registered capital was further increased to $60,000,000. Pursuant to CBAK Power’s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 31, 2021. Up to the date of this report, the Company has contributed $60,000,000 to CBAK Power through injection of a series of patents and cash.

 

On May 4, 2018, CBAK New Energy (Suzhou) Co., Ltd (“CBAK Suzhou”) was established as a 90% owned subsidiary of CBAK Power with a registered capital of RMB10,000,000 (approximately $1.5 million). The remaining 10% equity interest was held by certain employees of CBAK Suzhou. Pursuant to CBAK Suzhou’s articles of association, each shareholder is entitled to the right of the profit distribution or responsible for the loss according to its proportion to the capital contribution. Pursuant to CBAK Suzhou’s articles of association and relevant PRC regulations, CBAK Power was required to contribute the capital to CBAK Suzhou on or before December 31, 2019. Up to the date of this report, the Company has contributed RMB9.0 million (approximately $1.3 million), and the other shareholders have contributed RMB1.0 million (approximately $0.1 million) to CBAK Suzhou through injection of a series of cash. The Company plan to dissolve CBAK Suzhou in 2021.

 

On November 21, 2019, Dalian CBAK Energy Technology Co., Ltd (“CBAK Energy”) was established as a wholly owned subsidiary of BAK Asia with a registered capital of $50,000,000. Pursuant to CBAK Energy’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Energy on or before November 20, 2022. Up to the date of this report, the Company has contributed $20,719,925 to CBAK Energy. CBAK Energy will be focus on manufacture and sale of lithium batteries and lithium batteries’ materials.

 

On July 14, 2020, the Company acquired BAK Asia Investments Limited (“BAK Investments”), a company incorporated under Hong Kong laws, from Mr. Xiangqian Li, the Company’s former CEO, for a cash consideration of HK$1.00. BAK Asia Investments Limited is a holding company without any other business operations.

 

On July 31, 2020, BAK Investments formed a wholly owned subsidiary CBAK New Energy (Nanjing) Co., Ltd. (“CBAK Nanjing”) in China with a registered capital of $100,000,000. Pursuant to CBAK Nanjing’s articles of association and relevant PRC regulations, BAK Investments was required to contribute the capital to CBAK Nanjing on or before July 29, 2040. Up to the date of this report, the Company has contributed $49,989,915 to CBAK Nanjing.

 

On August 6, 2020, Nanjing CBAK New Energy Technology Co., Ltd. (“Nanjing CBAK”) was established as a wholly owned subsidiary of CBAK Nanjing with a registered capital of RMB700,000,000 (approximately $107 million). Pursuant to Nanjing CBAK’s articles of association and relevant PRC regulations, CBAK Nanjing was required to contribute the capital to Nanjing CBAK on or before August 5, 2040. Up to the date of this report, the Company has contributed RMB290,378,836 (approximately $44.3 million) to Nanjing CBAK.

 

On November 9, 2020, Nanjing Daxin New Energy Automobile Industry Co., Ltd (“Nanjing Daxin”) was established as a wholly owned subsidiary of CBAK Nanjing with a register capital of RMB50,000,000 (approximately $7.6 million). Up to the date of this report, the Company has contributed RMB10,000,000 (approximately $1.53 million) to Nanjing Daxin. On January 18, 2021, Nanjing Daxin established a branch in Tianjin City.

 

The Company’s condensed consolidated financial statements have been prepared under US GAAP.

 

8

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

1. Principal Activities, Basis of Presentation and Organization (continued)

 

Basis of Presentation and Organization (continued)

 

These condensed consolidated financial statements are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed consolidated financial statements, which are of a normal and recurring nature, have been included. The results reported in the condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The following (a) condensed consolidated balance sheet as of December 31, 2020, which was derived from the Company’s audited financial statements, and (b) the unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to those rules and regulations, though the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying footnotes of the Company for the year ended December 31, 2020 filed with the SEC on April 13, 2021.

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. This basis of accounting differs in certain material respects from that used for the preparation of the books of account of the Company’s principal subsidiaries, which are prepared in accordance with the accounting principles and the relevant financial regulations applicable to enterprises with limited liability established in the PRC or Hong Kong. The accompanying consolidated financial statements reflect necessary adjustments not recorded in the books of account of the Company’s subsidiaries to present them in conformity with US GAAP.

 

After the disposal of BAK International Limited and its subsidiaries, namely Shenzhen BAK, Shenzhen BAK Power Battery Co., Ltd (formerly BAK Battery (Shenzhen) Co., Ltd.) (“BAK Shenzhen”), BAK International (Tianjin) Ltd. (“BAK Tianjin”), Tianjin Chenhao Technological Development Limited (a subsidiary of BAK Tianjin established on May 8, 2014, “Tianjin Chenhao”), BAK Battery Canada Ltd. (“BAK Canada”), BAK Europe GmbH (“BAK Europe”) and BAK Telecom India Private Limited (“BAK India”), effective on June 30, 2014, and as of December 31, 2019, the Company’s subsidiaries consisted of: i) China BAK Asia Holdings Limited (“BAK Asia”), a wholly owned limited liability company incorporated in Hong Kong on July 9, 2013; ii) Dalian CBAK Trading Co., Ltd. (“CBAK Trading”), a wholly owned limited company established on August 14, 2013 in the PRC; iii) Dalian CBAK Power Battery Co., Ltd. (“CBAK Power”), a wholly owned limited liability company established on December 27, 2013 in the PRC; iv) CBAK New Energy (Suzhou) Co., Ltd. (“CBAK Suzhou”), a 90% owned limited liability company established on May 4, 2018 in the PRC; v) Dalian CBAK Energy Technology Co., Ltd (“CBAK Energy”), a wholly owned limited liability company established on November 21, 2019 in the PRC; (vi) BAK Asia Investments Limited (“BAK Investments”), a wholly owned limited liability company incorporated in Hong Kong acquired on July 14, 2020; (vii) CBAK New Energy (Nanjing) Co., Ltd. (“CBAK Nanjing”), a wholly owned limited liability company established on July 31, 2020 in the PRC; (viii) Nanjing CBAK New Energy Technology Co., Ltd, (“Nanjing CBAK”), a wholly owned limited liability company established on August 6, 2020 in the PRC and (ix) Nanjing Daxin New Energy Automobile Industry Co., Ltd (“Nanjing Daxin”), a wholly owned limited liability company established on November 9, 2020.

 

The Company continued its business and continued to generate revenues from sale of batteries via subcontracting the production to BAK Tianjin and BAK Shenzhen, former subsidiaries before the completion of construction and operation of its facility in Dalian. BAK Tianjin and BAK Shenzhen are now suppliers of the Company, and the Company does not have any significant benefits or liability from the operating results of BAK Tianjin and BAK Shenzhen except the normal risk with any major supplier.

 

As of the date of this report, Mr. Xiangqian Li is no longer a director of BAK International and BAK Tianjin. He remained as a director of Shenzhen BAK and BAK Shenzhen.

 

On and effective March 1, 2016, Mr. Xiangqian Li resigned as Chairman, director, Chief Executive Officer, President and Secretary of the Company. On the same date, the Board of Directors of the Company appointed Mr. Yunfei Li as Chairman, Chief Executive Officer, President and Secretary of the Company. On March 4, 2016, Mr. Xiangqian Li transferred 3,000,000 shares to Mr. Yunfei Li for a price of $2.4 per share. After the share transfer, Mr. Yunfei Li held 3,000,000 shares or 17.3% and Mr. Xiangqian Li held 760,557 shares at 4.4% of the Company’s outstanding stock, respectively. As of March 31, 2021, Mr. Yunfei Li held 10,785,872 shares or 12.2% of the Company’s outstanding stock, and Mr. Xiangqian Li held none of the Company’s outstanding stock.

 

The Company had an accumulated deficit from recurring losses from operations and short-term debt obligations as of December 31, 2020 and March 31, 2021. As of December 31, 2020, the Company has a working capital deficiency of $10.5 million. These factors raise substantial doubts about the Company’s ability to continue as a going concern.

 

9

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

1. Principal Activities, Basis of Presentation and Organization (continued)

 

Basis of Presentation and Organization (continued)

 

In June and July 2015, the Company received advances of approximately $9.8 million from potential investors. On September 29, 2015, the Company entered into a Debt Conversion Agreement with these investors. Pursuant to the terms of the Debt Conversion Agreement, each of the creditors agreed to convert existing loan principal of $9,847,644 into an aggregate 4,376,731 shares of common stock of the Company (“the Shares”) at a conversion price of $2.25 per share. Upon receipt of the Shares on October 16, 2015, the creditors released the Company from all claims, demands and other obligations relating to the Debts. As such, no interest was recognized by the Company on the advances from investors pursuant to the supplemental agreements with investors and the Debt Conversion Agreement.

 

In June 2016, the Company received further advances in the aggregate of $2.9 million from Mr. Jiping Zhou and Mr. Dawei Li. These advances were unsecured, non-interest bearing and repayable on demand. On July 8, 2018, the Company received further advances of $2.6 million from Mr. Jiping Zhou. On July 28, 2016, the Company entered into securities purchase agreements with Mr. Jiping Zhou and Mr. Dawei Li to issue and sell an aggregate of 2,206,640 shares of common stock of the Company, at $2.5 per share, for an aggregate consideration of approximately $5.52 million. On August 17, 2016, the Company issued these shares to the investors.

 

On February 17, 2017, the Company signed investment agreements with eight investors (including Mr. Yunfei Li, the Company’s CEO, and seven of the Company’s existing shareholders) whereby the investors agreed to subscribe new shares of the Company totaling $10 million. Pursuant to the investment agreements, in January 2017 the 8 investors paid the Company a total of $2.06 million as down payments. Mr. Yunfei Li agrees to subscribe new shares of the Company totaled $1,120,000 and paid the earnest money of $225,784 in January 2017. On April 1, April 21, April 26 and May 10, 2017, the Company received $1,999,910, $3,499,888, $1,119,982 and $2,985,497 from these investors, respectively. On May 31, 2017, the Company entered into a securities purchase agreement with the eight investors, pursuant to which the Company agreed to issue an aggregate of 6,403,518 shares of common stock to these investors, at a purchase price of $1.50 per share, for an aggregate price of $9.6 million, among which 746,018 shares issued to Mr. Yunfei Li. On June 22, 2017, the Company issued the shares to the investors.

 

In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors.

 

On January 7, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $3.4 million (RMB23,980,950) and $1.7 million (RMB11,647,890) (totaled $5.1 million, the “First Debt”) to Mr. Dawei Li and Mr. Yunfei Li, respectively.

 

On January 7, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li and Mr. Yunfei Li. Pursuant to the terms of the cancellation agreement, Mr. Dawei Li and Mr. Yunfei Li agreed to cancel the First Debt in exchange for 3,431,373 and 1,666,667 shares of common stock of the Company, respectively, at an exchange price of $1.02 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the First Debt.

 

On April 26, 2019, each of Mr. Jun Lang, Ms. Jing Shi and Asia EVK Energy Auto Limited (“Asia EVK”) entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $0.3 million (RMB2,225,082), $0.1 million (RMB 912,204) and $5.0 million (RMB35,406,036) (collectively $5.4 million, the “Second Debt”) to Mr. Jun Lang, Ms. Jing Shi and Asia EVK, respectively.

 

On April 26, 2019, the Company entered into a cancellation agreement with Mr. Jun Lang, Ms. Jing Shi and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, the creditors agreed to cancel the Second Debt in exchange for 300,534, 123,208 and 4,782,163 shares of common stock of the Company, respectively, at an exchange price of $1.1 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Second Debt.

 

On June 28, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power to loan approximately $1.4 million (RMB10,000,000) and $2.5 million (RMB18,000,000) respectively to CBAK Power for a terms of six months (collectively $3.9 million, the “Third Debt”). The loan was unsecured, non-interest bearing and repayable on demand.

 

On July 16, 2019, each of Asia EVK and Mr. Yunfei Li entered into an agreement with CBAK Power and Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. (the Company’s construction contractor) whereby Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. assigned its rights to the unpaid construction fees owed by CBAK Power of approximately $2.8 million (RMB20,000,000) and $0.4 million (RMB2,813,810) (collectively $3.2 million, the “Fourth Debt”) to Asia EVK and Mr. Yunfei Li, respectively.

 

On July 26, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li, Mr. Yunfei Li and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Dawei Li, Mr. Yunfei Li and Asia EVK agreed to cancel the Third Debt and Fourth Debt in exchange for 1,384,717, 2,938,067 and 2,769,435 shares of common stock of the Company, respectively, at an exchange price of $1.05 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Third Debt and Fourth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.

 

10

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

1. Principal Activities, Basis of Presentation and Organization (continued)

 

Basis of Presentation and Organization (continued)

 

On July 24, 2019, the Company entered into a securities purchase agreement with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company issued a promissory note (the “Note 1”) to the Lender. The Note has an original principal amount of $1,395,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,250,000 after an original issue discount of $125,000 and payment of Lender’s expenses of $20,000.

 

On October 10, 2019, each of Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen entered into an agreement with CBAK Power and Zhengzhou BAK New Energy Vehicle Co., Ltd. (the Company’s supplier of which Mr. Xiangqian Li, the former CEO, is a director of this company) whereby Zhengzhou BAK New Energy Vehicle Co., Ltd. assigned its rights to the unpaid inventories cost owed by CBAK Power of approximately $2.1 million (RMB15,000,000), $1.0 million (RMB7,380,000) and $1.0 million (RMB7,380,000) (collectively $4.2 million, the “Fifth Debt”) to Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen, respectively.

 

On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt and the Unpaid Earnest Money of approximately $1 million (RMB6,720,000) in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.

 

On December 30, 2019, the Company entered into a second securities purchase agreement with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company issued a promissory note (the “Note II”) to the Lender. The Note II has an original principal amount of $1,670,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,500,000 after an original issue discount of $150,000 and payment of Lender’s expenses of $20,000.

 

On January 27, 2020, the Company entered into an exchange agreement (the “First Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 160,256 shares of the Company’s common stock, par value $0.001 per share to the Lender.

 

On February 20, 2020, the Company entered into a second exchange agreement (the “Second Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 207,641 shares of the Company’s common stock, par value $0.001 per share to the Lender.

 

On April 10, 2020, each of Mr. Yunfei Li, Mr. Ping Shen and Asia EVK entered into an agreement with CBAK Power and Shenzhen BAK, whereby Shenzhen BAK assigned its rights to the unpaid inventories cost (note 7) owed by CBAK Power of approximately $1.0 million (RMB7,000,000), $2.3 million (RMB16,000,000) and $1.0 million (RMB7,300,000) (collectively $4.3 million, the “Sixth Debt”) to Mr. Yunfei Li, Mr. Ping Shen and Asia EVK, respectively.

 

On April 27, 2020, the Company entered into a cancellation agreement with Mr. Yunfei Li, Mr. Ping Shen and Asia EVK (the “creditors”). Pursuant to the terms of the cancellation agreement, Mr. Yunfei Li, Mr. Ping Shen and Asia EVK agreed to cancel the Sixth Debt in exchange for 2,062,619, 4,714,557 and 2,151,017 shares of common stock of the Company, respectively, at an exchange price of $0.48 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Sixth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.

 

On April 28, 2020, the Company entered into a third exchange agreement (the “Third Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 312,500 shares of the Company’s common stock, par value $0.001 per share to the Lender.

 

On June 8, 2020, the Company entered into a fourth exchange agreement (the “Fourth Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 271,739 shares of the Company’s common stock, par value $0.001 per share to the Lender.

 

11

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

1. Principal Activities, Basis of Presentation and Organization (continued)

 

Basis of Presentation and Organization (continued)

 

On June 10, 2020, the Company entered into a Fifth exchange agreement (the “Fifth Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $150,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 407,609 shares of the Company’s common stock, par value $0.001 per share to the Lender.

 

On July 6, 2020, the Company entered into a Sixth exchange agreement (the “Sixth Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 461,595 shares of the Company’s common stock, par value $0.001 per share to the Lender.

 

On July 8, 2020, the Company entered into a First exchange agreement for Note II (the “First Exchange Agreement- Note II”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on December 30, 2019, which has an original principal amount of $1,670,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 453,161 shares of the Company’s common stock, par value $0.001 per share to the Lender.

 

On July 29, 2020, the Company entered into a Seventh exchange agreement (the “Seventh Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $365,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 576,802 shares of the Company’s common stock, par value $0.001 per share to the Lender.

 

On October 12, 2020, the Company entered into an Amendment to Promissory Notes (the “Amendment”) with Atlas Sciences, LLC (the Lender), pursuant to which the Lender has the right at any time until the outstanding balance of the Notes has been paid in full, at its election, to convert all or any portion of the outstanding balance of the Notes into shares of common stock of the Company. The conversion price for each conversion will be calculated pursuant to the following formula: 80% multiplied by the lowest closing price of the Company common stock during the ten (10) trading days immediately preceding the applicable conversion (the “Conversion Price”). Notwithstanding the foregoing, in no event will the Conversion Price be less than $1.00.

 

According to the Amendment, on October 13, 2020, the Company exchange $230,000 in principal and $141,275 coupon interest under the Note I and $775,000 principal under the Note II for the issuance of 229,750 and 479,579 shares of the Company’s common stock, par value $0.001 per share to the Lender, respectively.

 

On October 20, 2020, the Company further exchange $645,000 in principal and $133,252 coupon interests under Note II for the issuance of 329,768 shares of the Company’s common stock, par value $0.001 per share to the Lender. Up to the date of this report, the Company has fully repaid the principal and coupon interests of Note I and Note II.

 

On November 5, 2020, each of Tillicum Investment Company Limited, an unrelated party, entered into an agreement with CBAK Nanjing and Shenzhen ESTAR Industrial Company Limited, whereby Shenzhen ESTAR Industrial Company Limited assigned its rights to the unpaid equipment cost owed by CBAK Nanjing of approximately $11.17 million (RMB75,000,000) (the “Seventh Debt”) to Tillicum Investment Company Limited.

 

On November 11, 2020, the Company entered into a cancellation agreement with Tillicum Investment Company Limited (the “creditor”). Pursuant to the terms of the cancellation agreement, Tillicum Investment Company Limited agreed to cancel the Seventh Debt in exchange for 3,192,291 shares of common stock of the Company, at an exchange price of $3.5 per share. Upon receipt of the shares, the creditor released the Company from any claims, demands and other obligations relating to the Seventh Debt. The cancellation agreement contains customary representations and warranties of the creditor. The creditor does not have registration rights with respect to the shares.

 

On December 8, 2020, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of common stock of the Company at a per share purchase price of $5.18, and warrants to purchase an aggregate of 3,795,920 shares of common stock of the Company at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance, for gross proceeds of approximately $49.16 million, before deducting fees to the placement agent and other offering expenses of $3.81 million. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 379,592 shares of the Company’s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance.

 

12

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

1.Principal Activities, Basis of Presentation and Organization (continued)

 

Basis of Presentation and Organization (continued)

 

On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other offering expenses of $5.0 million. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 446,999 shares of the Company’s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance.

 

On May 10, 2021, the Company entered into Amendment No. 1 to the Series B Warrant (the “Series B Warrant Amendment”) with each of the holders of the Company’s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021.

 

As of March 31, 2021, the Company had aggregate interest-bearing bank loans of approximately $13.7 million, due in 2021, in addition to approximately $36.4 million of other current liabilities (excluding warrants derivative liability).

 

As of March 31, 2021, the Company had unutilized committed banking facilities from banks of $4.9 million.

 

The Company is currently expanding its product lines and manufacturing capacity in its Dalian and Nanjing plant, which requires more funding to finance the expansion. The Company plans to raise additional funds through banks borrowing and equity financing in the future to meet its daily cash demands, if required.

 

However, there can be no assurance that the Company will be successful in obtaining further financing. The Company expects that it will be able to secure more potential orders from the new energy market, especially from the electric car market and UPS market. The Company believes that with the booming future market demand in high power lithium ion products, it can continue as a going concern and return to profitability.

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company’s ability to continue as a going concern.

  

Revenue Recognition

 

The Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the five step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation.

 

Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, typically upon delivery to the customer. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that it would have recognized is one year or less or the amount is immaterial.

 

Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers.

 

Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the categories: discounts and returns. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable as the amount is payable to the Company’s customer.

 

13

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

1.Principal Activities, Basis of Presentation and Organization (continued)

 

Recently Adopted Accounting Standards

 

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistent application among reporting entities. Upon adoption, the Company must apply certain aspects of this standard retrospectively for all periods presented while other aspects are applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company applied the new standard beginning January 1, 2021. 

 

In August 2020, the FASB issued ASU No. 2020-06 (“ASU 2020-06”) “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40).” ASU 2020-06 reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion and beneficial conversion models. As a result, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost as long as no other features require bifurcation and recognition as derivatives. For contracts in an entity’s own equity, the type of contracts primarily affected by this update are freestanding and embedded features that are accounted for as derivatives under the current guidance due to a failure to meet the settlement conditions of the derivative scope exception. This update simplifies the related settlement assessment by removing the requirements to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted, and (iii) assess shareholder rights. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and only if adopted as of the beginning of such fiscal year. The Company adopted ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have any impact on the Company’s condensed consolidated financial statement presentation or disclosures.

 

Recently Issued Accounting Standards

 

In May 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this ASU address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for fiscal year beginning after December 15, 2022. The Company is currently evaluating the impact of this new standard on its condensed consolidated financial statements and related disclosures.

 

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption.

  

2.Pledged deposits

 

Pledged deposits as of December 31, 2020 and March 31, 2021 consisted of the following:

 

   December 31,   March 31, 
   2020   2021 
Pledged deposits with bank for:        
Bills payable  $8,791,499   $16,278,065 
Others*   198,249    45,238 
   $8,989,748   $16,323,303 

 

* In November 2019, CBAK Suzhou received notice from Court of Suzhou city that Suzhou Industrial Park Security Service Co., Ltd (“Suzhou Security”) filed a lawsuit against CBAK Suzhou for the failure to pay pursuant to the terms of the sales contract. Suzhou Security sought a total amount of $21,321 (RMB139,713), including services expenses amount of $21,198 (RMB138,908) and interest of $123 (RMB805). Upon the request of Suzhou Security for property preservation, the Court of Suzhou froze CBAK Suzhou’s bank deposits totaling $0.02 million (RMB150,000) for a period of one year. As of March 31, 2021, $5,047 (RMB33,073) was frozen by bank and the Company had accrued the service cost of $21,198 (RMB138,908). 

 

14

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

2.Pledged deposits (continued)

 

 

On March 20, 2020, CBAK Power received notice from Court of Nanpi County, Hebei Province that Cangzhou Huibang Engineering Manufacturing Co., Ltd (“Cangzhou Huibang”) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Cangzhou Huibang sought a total amount of $0.31 million (RMB2,029,594), including materials purchase cost of $0.3 million (RMB1,932,947), and interest of $14,804 (RMB96,647). As of December 31, 2020, the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947). Upon the request of Cangzhou Huibang for property preservation, the Court of Nanpi ordered to freeze CBAK Power’s bank deposits totaling $0.4 million (RMB2,650,000) for a period of two year to March 2, 2022. As of December 31, 2020, $18,518 (RMB120,898) was frozen by bank. In March 2021, CBAK Power had made full payment and bank deposit was released.

 

In February 2020, CBAK Power received notice from Court of Zhuanghe that Dongguan Shanshan Battery Material Co., Ltd (“Dongguan Shanshan”) filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Dongguan Shanshan sought a total amount of $0.7 million (RMB4,434,209). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $0.7 million (RMB4,434,209) for a period of one year to December 17, 2020. In July 2020, CBAK Power and Dongguan Shanshan have come to a settlement amount of $0.6 million (RMB3,635,192) and the bank deposit was then released. In October 2020, CBAK Power fail to pay according to the settlement, Dongguan Shanshan sought a total amount of $0.6 million (RMB3,635,192). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $0.6 million (RMB3,365,192) for a period of one year to October 21, 2021. As of December 31, 2020, $55,230 (RMB360,576) was frozen by bank. In late February 2021, CBAK Power and Dongguan Shanshan entered into a settlement agreement that CBAK would pay $260,393, $76,586, $76,586, $76,586, and $32,088 (RMB1,700,000, RMB500,000, RMB500,000, RMB500,000 and RMB209,487) by March 5, March 31, April 30, May 31 and June 30, 2021, respectively, and after the first payment of RMB 1,700,000 by March 5, 2021, Dongguan Shanshan would release all the enforcement measures against CBAK Power. CBAK Power had made payment on time and the bank deposit was then release. As of March 31, 2020, CBAK Power has accrued the unpaid material purchase cost of $516,865 (RMB3,374,403). As of the date of this report, CBAK Power further paid $76,303 (RMB500,000) to Dongguan Shanshan.

 

In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Nanjing Jinlong Chemical Co., Ltd. (“Nanjing Jinlong”) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Nanjing Jinlong sought a total amount of $125,443 (RMB822,000). Upon the request of Nanjing Jinlong for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits totaling $125,443 (RMB822,000) for a period of one year. As of March 31, 2021, $2,422 (RMB15,869) was frozen by bank and the Company had accrued the material purchase cost of $125,443 (RMB822,000). In April 2021, CBAK Power has mad full settlement to Nanjing Jinlong and the property preservation was then released.

 

In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Xi’an Anpu New Energy Technology Co. LTD (“Xi’an Anpu”) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the equipment purchase contract. Xi’an Anpu sought a total amount of $129,270 (RMB843,954), including $117,636 (RMB768,000) for equipment cost and $11,634 (RMB75,954) for liquidated damages. Upon the request of Xi’an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits $0.1 million (RMB843,954) for a period to May 11, 2021. As of December 31, 2020, $98,284 (RMB641,656) was frozen by bank. The property preservation was released on February 25, 2021 upon CBAK Power settlement.

 

In May 2020, CBAK Power received notice from Court of Wuqing District, Tianjin that Tianjin Changyuan Electric Material Co., Ltd (“Tianjin Changyuan”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. The plaintiff sought a total amount of $13,040 (RMB85,136), including material cost of $12,166 (RMB79,429) and interest of $874 (RMB5,707). In July, 2020, upon the request of the plaintiff for property preservation, the Court of Wuqing District, Tianjin ordered to freeze CBAK Power’s bank deposits totaling $13,041 (RMB85,136) for a period of one year. As of December 31, 2020, $13,041 (RMB85,136) was frozen by bank. CBAK Power had made full payment and the property preservation was released as of March 31, 2021.

 

In October 2020, CBAK Power received a notice from Court of Dalian Economic and Technology Development Zone that Jiuzhao New Energy Technology Co., Ltd. (“Jiuzhao”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of certain purchase contract. Jiuzhao sought a total amount of $0.9 million (RMB6.0 million), including material cost of $0.9 million (RMB5,870,267) and interest of $19,871 (RMB129,732). Upon the request of the plaintiff for property preservation, the Court of Dalian Economic and Technology Development Zone, Jiuzhao ordered to freeze CBAK Power’s bank deposits totaling $0.9 million (RMB6.0 million) for a period to September 17, 2021. As of March 31, 2021, $37,769 (RMB247,492) was frozen by bank and the Company had accrued the unpaid material purchase cost of $0.6 million (RMB3,870,267). As of the date of this report, CBAK Power has fully paid off the debts to Jiuzhao, and the frozen bank deposits were released in April 2021.

 

In October 2019, CBAK Power received notice from Court of Changshou District, Chongqing that Chongqing Zhongrun Chemistry Co., Ltd (“Chongqing Zhongrun”) filed arbitration claims against the Company for failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.4 million (RMB2,484,948), including material cost of $0.4 million (RMB2,397,660) and interest of $13,370 (RMB87,288). On October 31, 2019, CBAK Power and Chongqing Zhongrun reached an agreement that CBAK Power would pay the material cost by the end of December 31, 2019. In 2020, CBAK Power had paid $198,144 (RMB1,293,600). In August 2020, upon the request of Chongqing Zhongrun for property preservation, the Court of Changshou District ordered to freeze CBAK Power’s bank deposits totaling $0.2 million (RMB1,249,836) for a period of one year to August 2021. As of December 31, 2020, the Company has accrued the remaining material purchase cost of $0.2 million (RMB1,104,007) and $2,224 (RMB14,521) was frozen by bank. The property preservation was released in March, 2021 upon CBAK Power settlement.

 

15

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

  

3.Trade Accounts and Bills Receivable, net

 

Trade accounts and bills receivable as of December 31, 2020 and March 31, 2021 consisted of the following:

 

   December 31,   March 31, 
   2020   2021 
Trade accounts receivable  $33,305,997   $27,621,392 
Less: Allowance for doubtful accounts   (5,266,828)   (5,094,948)
    28,039,169    22,526,444 
Bills receivable   1,532,105    780,226 
   $29,571,274   $23,306,670 

 

Included in trade accounts and bills receivables are retention receivables of $1,896,068 and $1,889,066 as of December 31, 2020 and March 31, 2021. Retention receivables are interest-free and recoverable at the end of the retention period of three to five years since the sales of the EV batteries or 200,000 km since the sales of the motor vehicles (whichever comes first).

 

An analysis of the allowance for doubtful accounts is as follows:

 

   March 31,   March 31, 
   2020   2021 
Balance at beginning of period  $4,650,686   $5,266,828 
Provision for the period   871,483    - 
Reversal – recoveries by cash   (198,297)   (154,061)
Charged to consolidated statements of operations and comprehensive income (loss)   673,186    (154,061)
Foreign exchange adjustment   (86,308)   (17,819)
Balance at end of period  $5,237,564   $5,094,948 

 

4.Inventories

 

Inventories as of December 31, 2020 and March 31, 2021 consisted of the following:

 

   December 31,   March 31, 
   2020   2021 
Raw materials  $757,857   $1,042,448 
Work in progress   2,338,342    1,911,177 
Finished goods   2,156,646    3,545,688 
   $5,252,845   $6,499,313 

 

During the three months ended March 31, 2020 and 2021, write-downs of obsolete inventories to lower of cost or market of $409,062 and $233,305, respectively, were charged to cost of revenues.

 

5.Prepayments and Other Receivables

 

Prepayments and other receivables as of December 31, 2020 and March 31, 2021 consisted of the following:

 

   December 31,   March 31, 
   2020   2021 
Value added tax recoverable  $4,524,475   $4,287,428 
Loan receivables (note)   1,358,637    - 
Prepayments to suppliers   424,311    1,193,669 
Deposits   17,385    23,929 
Staff advances   67,867    111,948 
Prepaid operating expenses   529,401    1,223,344 
Others   524,468    1,025,265 
    7,446,544    7,865,583 
Less: Allowance for doubtful accounts   (7,000)   (7,000)
   $7,439,544   $7,858,583 

 

16

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

5.Prepayments and Other Receivables (continued)

 

Note : Nanjing CBAK entered into a loan agreement with Shen Zhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics), to loan SZ Asian Plastics a total amount of $1.4 million (RMB8,870,000) for a period of 6 months from December 1, 2020 to May 31, 2021. The loan is unsecured and bears fixed interest at 6% per annum. The Company’s shareholder Mr. Jiping Zhao, holding 2.39% equity interest in the Company, at the same time held 79.13% equity interests in SZ Asian Plastics. In March 2021, SZ Asian Plastics has fully repaid the loan principal.

 

6.Payables to Former Subsidiaries

 

Payables to former subsidiaries as of December 31, 2020 and March 31, 2021 consisted of the following:

 

   December 31,   March 31, 
   2020   2021 
BAK Tianjin  $29,852   $21,365 
BAK Shenzhen   597,138    361,273 
    626,990    382,638 

 

Balance as of December 31, 2020 and March 31, 2021 consisted of payables for purchase of inventories from BAK Tianjin, BAK Shenzhen and Shenzhen BAK. From time to time, the Company purchased products from these former subsidiaries that they did not produce to meet the needs of its customers.

 

The above balance is unsecured and non-interest bearing and repayable on demand. 

 

7.Property, Plant and Equipment, net

 

Property,plant and equipment as of December 31, 2020 and March 31, 2021 consisted of the following:

 

   December 31,   March 31, 
   2020   2021 
Buildings  $28,150,137   $32,478,253 
Machinery and equipment   32,753,952    28,046,176 
Office equipment   258,458    313,975 
Motor vehicles   197,790    244,825 
　   61,360,337    61,083,229 
Impairment   (8,980,020)   (8,916,742)
Accumulated depreciation   (11,339,947)   (11,918,266)
Carrying amount  $41,040,370   $40,248,221 

 

During the three months ended March 31, 2020 and 2021, the Company incurred depreciation expense of $581,491 and $698,618, respectively.

 

The Company has not yet obtained the property ownership certificates of the buildings in its Dalian manufacturing facilities with a carrying amount of $24,611,468 and $24,324,253 as of December 31, 2020 and March 31, 2021, respectively. The Company built its facilities on the land for which it had already obtained the related land use right. The Company has submitted applications to the Chinese government for the ownership certificates on the completed buildings located on these lands. However, the application process takes longer than the Company expected and it has not obtained the certificates as of the date of this report. However, since the Company has obtained the land use right in relation to the land, the management believe the Company has legal title to the buildings thereon albeit the lack of ownership certificates.

 

During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s property, plant and equipment. The impairment charge, if any, represented the excess of carrying amounts of the Company’s property, plant and equipment over the estimated discounted cash flows expected to be generated by the Company’s production facilities. The Company believes that there was no impairment during the three months ended March 31, 2020 and 2021.

 

17

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

8.Construction in Progress

 

Constructionin progress as of December 31, 2020 and March 31, 2021 consisted of the following:

 

   December 31,   March 31, 
   2020   2021 
Construction in progress  $27,070,916   $

28,465,244

 
Prepayment for acquisition of property, plant and equipment   3,122,393    5,638,962 
Carrying amount  $30,193,309   $

34,104,206

 

 

Construction in progress as of December 31, 2020 and March 31, 2021 was mainly comprised of capital expenditures for the construction of the facilities and production lines of CBAK Power and Nanjing CBAK.

 

For the three months ended March 31, 2020 and 2021, the Company capitalized interest of $316,168 and $213,583, respectively, to the cost of construction in progress.

 

9.Lease

 

(a)Right-of-use assets

  

   Prepaid
land		 
   lease
payments		 
Balance as of January 1, 2021  $7,500,780 
Amortization charge for the period   (43,325)
Foreign exchange adjustment   (27,243)
Balance as of March 31, 2021  $7,430,212 

 

Lump sum payments were made upfront to acquire the leased land from the owners with lease period for 50 years up to August 9, 2064, and no ongoing payments will be made under the terms of these land leases.

 

(b)Company as Lessor

 

The Company derives a portion of its revenue from leasing arrangements of these vehicles to end users. Such arrangements provide for monthly payments covering the vehicles sales and interest. These arrangements meet the criteria to be accounted for as sales-type leases. Accordingly, vehicle sale net of cost is recorded as other income and recognized upon delivery of the vehicle and its acceptance by the end user. Upon the recognition of such revenue, an asset is established for the investment in sales-type leases. Interests are recognized monthly over the lease term. The components of the net investment in sales-type leases as of December 31, 2020 and March 31, 2021 are as follows:

 

   December 31,   March 31, 
   2020   2021 
Total future minimum lease payments receivable  $1,210,305   $2,976,071 
Less: unearned income, representing interest   (124,653)   (271,838)
Present value of minimum lease payments receivables   1,085,652    2,704,233 
Less: Current portion   (235,245)   (836,714)
Non-current portion  $850,407   $1,867,519 

 

Vehicle sale net of cost recognized in other income (expense) and interest income from vehicle leasing was $(91,833) and $26,637 for the three month ended March 31, 2021, respectively.

 

18

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

9.Lease (continued)

 

(b)Company as Lessor (continued)

 

The future minimum lease payments receivable for sales type leases are as follows:

 

12 months ending March 31,  Total Minimum Lease Payments to be Received   Amortization of Unearned Income   Net Investment in Sales Type Leases 
2022  $979,368   $142,654   $836,714 
2023   952,265    91,221    861,044 
2024   911,671    36,609    875,062 
2025   132,767    1,354    131,413 
2026   -    -    - 
Thereafter   -    -    - 
    2,976,071    271,838    2,704,233 

 

(c)Operating lease

 

On January 14, 2021, Nanjing Daxin entered into a lease agreement for manufacturing, warehouse and office space in Tianjing with a three year term, commencing on March 1, 2021 and expiring on February 29, 2024. The monthly rental payment is approximately $11,162 (RMB73,143) per month.

 

The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2021:

 

   Operating
leases		 
12 months ending March 31,    
2022  $11,162 
2023   133,945 
2024   122,783 
2025   - 
Thereafter   - 
Total undiscounted cash flows   267,890 
Less: imputed interest   (30,290)
Present value of lease liabilities  $237,600 

 

Lease term and discount rate    
   March 31,
2021		 
    
Weighted-average remaining lease term - years   2.83 
Operating leases     
      
Weighted-average discount rate (%)   6.175%

 

10.Intangible Assets, net

 

Intangible assets as of December 31, 2020 and March 31, 2021 consisted of the followings:

 

   December 31,
   March 31, 
   2020   2021 
Computer software at cost  $32,686   $32,567 
Accumulated amortization   (20,879)   (21,483)
　  $11,807   $11,084 

 

Amortization expenses were $1,301 and $686 for the three months ended March 31, 2020 and 2021, respectively.

 

19

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

11.Trade Accounts and Bills Payable

 

Trade accounts and bills payable as of December 31, 2020 and March 31, 2021 consisted of the followings:

 

   December 31,   March 31, 
   2020   2021 
Trade accounts payable  $19,560,793   $9,059,620 
Bills payable          
– Bank acceptance bills   8,791,499    16,278,065 
           
　  $28,352,292   $25,337,685 

 

All the bills payable are of trading nature and will mature within one year from the issue date.

 

The bank acceptance bills were pledged by the Company’s bank deposits (Note 2).

 

12.Loans

 

Bank loans:

 

Bank borrowings as of December 31, 2020 and March 31, 2021 consisted of the followings

 

   December 31,   March 31, 
   2020   2021 
Current maturities of long-term bank loans  $13,739,546   $13,688,805 

 

On June 4, 2018, the Company obtained banking facilities from China Everbright Bank Dalian Branch with a maximum amount of RMB200 million (approximately $30.63 million) bearing interest at 130% of benchmark rate of the People’s Bank of China (“PBOC”) for three-year long-term loans with the term from June 12, 2018 to June 10, 2021, at current rate 6.175% per annum. The facilities were secured by the Company’s land use rights, buildings, machinery and equipment. According to the original repayment schedule, the loans are repayable in six installments of RMB0.8 million ($0.12 million) on December 10, 2018, RMB24.3 million ($3.72 million) on June 10, 2019, RMB0.8 million ($0.12 million) on December 10, 2019, RMB74.7 million ($11.44 million) on June 10, 2020, RMB0.8 million ($0.12 million) on December 10, 2020 and RMB66.3 million ($10.16 million) on June 10, 2021. The Company repaid the bank loan of RMB0.8 million ($0.12 million), RMB24.3 million ($3.72 million) and RMB0.8 million ($0.12 million) in December 2018, June 2019 and December 2019, respectively.

 

On June 28, 2020, the Company entered into a supplemental agreement with China Everbright Bank Dalian Branch to change the repayment schedule. According to the modification agreement, the remaining RMB141.8 million (approximately $21.72 million) loans are repayable in eight instalments consisting of RMB1.09 million ($0.17 million) on June 10, 2020, RMB1 million ($0.15 million) on December 10, 2020, RMB2 million ($0.31 million) on January 10, 2021, RMB2 million ($0.31 million) on February 10, 2021, RMB2 million ($0.31 million) on March 10, 2021, RMB2 million ($0.31 million) on April 10, 2021, RMB2 million ($0.31 million) on May 10, 2021, and RMB129.7 million ($19.9 million) on June 10, 2021, respectively. The Company repaid the bank loan of RMB1.09 million ($0.17 million) and RMB51 million ($7.8 million) in June and December 2020, respectively.

   

20

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

12.Loans (continued)

 

Bank loans: (continued)

 

Under the facilities, as of March 31, 2021, outstanding loan balance owing to China Everbright Bank Dalian Branch was RMB89.7 million (approximately $13.7 million). The Company repaid RMB50 million ($7.63 million) and RMB39.7 million ($6.07 million) in April and May 2021 to the bank, respectively.

 

On October 15, 2019, the Company borrowed a total of RMB28 million (approximately $4.12 million) in the form of bills payable from China Everbright Bank Dalian Branch for a term until October 15, 2020, which was secured by the Company’s cash totaled RMB28 million (approximately $4.12 million). The Company discounted the bills payable of even date to China Everbright Bank at a rate of 3.3%. The Company repaid the bills on October 15, 2020.

 

In December 2019, the Company obtained banking facilities from China Everbright Bank Dalian Friendship Branch totaled RMB39.9 million (approximately $6.1 million) for a term until November 6, 2020, bearing interest at 5.655% per annum. The facility was secured by 100% equity in CBAK Power held by BAK Asia and buildings of Hubei BAK Real Estate Co., Ltd., which Mr. Yunfei Li (“Mr. Li”), the Company’s CEO holding 15% equity interest. The Company repaid the bank loan of RMB39.9 million (approximately $6.1 million) in December 2020.

 

In October to December 2020, the Company borrowed a series of acceptance bills from China Merchants Bank totaled RMB13.5 million (approximately $2.07 million) for various terms through April to June 2021, which was secured by the Company’s cash totaled RMB13.5 million (approximately $2.07 million) (Note 2).

 

In December 2020 to March 2021, the Company borrowed a series of acceptance bills from Agricultural Bank of China totaled RMB65.2 million (approximately $9.94 million) for various terms to June to September 2021, which was secured by the Company’s cash totaled RMB65.2 million (approximately $9.94 million) (Note 2). 

 

In January to March 2021, the Company borrowed a series of acceptance bills from China Zheshang Bank Co. Ltd Shenyang Branch totaled RMB28.0 million (approximately $4.27 million) for various terms to July to September 2021, which was secured by the Company’s cash totaled RMB28.0 million (approximately $4.27 million) (Note 2).

 

Thefacilities were secured by the Company’s assets with the following carrying amounts:

 

   December 31,   March 31, 
   2020   2021 
Pledged deposits (note 2)  $8,791,499   $16,278,065 
Right-of-use assets (note 9)   7,500,780    7,430,212 
Buildings   16,721,178    17,187,727 
Machinery and equipment   4,926,886    4,904,473 
   $37,940,343   $45,800,477 

 

As of March 31, 2021, the Company had unutilized committed banking facilities of $4.9 million.

 

During the three months ended March 31, 2020 and 2021, interest of $397,206 and $ 213,583, respectively, was incurred on the Company’s bank borrowings.

 

21

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

12.Loans (continued)

 

Other Short-term Loans

 

Other short-term loans as of December 31, 2020 and March 31, 2021 consisted of the following:

 

       December 31,   March 31, 
   Note   2020   2021 
Advance from related parties            
– Mr. Xiangqian Li, the Company’s Former CEO   (a)   $100,000   $100,000 
– Mr. Yunfei Li   (b)    278,739    133,928 
– Shareholders   (c)    92,446    92,105 
         471,185    326,033 
Advances from unrelated third party               
– Mr. Wenwu Yu   (d)    16,823    16,761 
– Ms. Longqian Peng   (d)    689,275    686,729 
– Suzhou Zhengyuanwei Needle Ce Co., Ltd   (e)    76,586    76,303 
         782,684    779,793 
        $1,253,869   $1,105,826 

 

(a) Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand.

 

(b) Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand.

 

(c) The earnest money paid by certain shareholders in relation to share purchase (note 1) were unsecured, non-interest bearing and repayable on demand.

 

In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors.

 

On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors will release the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money.

 

As of March 31, 2021, earnest money of $92,105 remained outstanding.

 

(d) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.

 

(e) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2021, loan amount of RMB0.5 million ($76,303) remained outstanding.

 

During the three months ended March 31, 2020 and 2021, interest of $154,976 and $2,314 were incurred on the Company’s borrowings from unrelated parties, respectively.

 

22

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

  

13.Accrued Expenses and Other Payables

 

Accrued expenses and other payables as of December 31, 2020 and March 31, 2021 consisted of the following:

 

   December 31,   March 31, 
   2020   2021 
Construction costs payable  $273,279   $

1,086,410

 
Equipment purchase payable   5,431,132    3,120,765 
Liquidated damages (note a)   1,210,119    1,210,119 
Accrued staff costs   2,083,660    1,534,997 
Customer deposits   394,536    289,473 
Other payables and accruals   2,252,733    2,012,220 
   $11,645,459   $

9,253,984

 

  

  (a) On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10-K for the year ended September 30, 2006 (the “2006 Form 10-K”). After the filing of the 2006 Form 10-K, the Company’s previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of December 31, 2019 and March 31, 2020, no liquidated damages relating to both events have been paid.

 

On November 9, 2007, the Company completed a private placement for the gross proceeds to the Company of $13,650,000 by selling 3,500,000 shares of common stock at the price of $3.90 per share. Roth Capital Partners, LLC acted as the Company’s exclusive financial advisor and placement agent in connection with the private placement and received a cash fee of $819,000. The Company may have become liable for liquidated damages to certain shareholders whose shares were included in a resale registration statement on Form S-3 that the Company filed pursuant to a registration rights agreement that the Company entered into with such shareholders in November 2007. Under the registration rights agreement, among other things, if a registration statement filed pursuant thereto was not declared effective by the SEC by the 100th calendar day after the closing of the Company’s private placement on November 9, 2007, or the “Effectiveness Deadline”, then the Company would be liable to pay partial liquidated damages to each such investor of (a) 1.5% of the aggregate purchase price paid by such investor for the shares it purchased on the one month anniversary of the Effectiveness Deadline; (b) an additional 1.5% of the aggregate purchase price paid by such investor every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until the earliest of the effectiveness of the registration statement, the ten-month anniversary of the Effectiveness Deadline and the time that the Company is no longer required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations; and (c) 0.5% of the aggregate purchase price paid by such investor for the shares it purchased in the Company’s November 2007 private placement on each of the following dates: the ten-month anniversary of the Effectiveness Deadline and every thirtieth day thereafter (prorated for periods totaling less than thirty days), until the earlier of the effectiveness of the registration statement and the time that the Company no longer is required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations. Such liquidated damages would bear interest at the rate of 1% per month (prorated for partial months) until paid in full.

 

On December 21, 2007, pursuant to the registration rights agreement, the Company filed a registration statement on Form S-3, which was declared effective by the SEC on May 7, 2008. As a result, the Company estimated liquidated damages amounting to $561,174 for the November 2007 registration rights agreement. As of December 31, 2020 and March 31, 2021, the Company had settled the liquidated damages with all the investors and the remaining provision of approximately $159,000 was included in other payables and accruals.

 

23

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

14.Deferred Government Grants

 

Deferred government grants as of December 31, 2020 and March 31, 2021 consist of the following:

 

   December 31,   March 31, 
   2020   2021 
Total government grants  $7,456,308   $7,391,041 
Less: Current portion   (151,476)   (150,917)
Non-current portion  $7,304,832   $7,240,124 

 

In September 2013, the Management Committee of Dalian Economic Zone Management Committee (the “Management Committee”) provided a subsidy of RMB150 million to finance the costs incurred in moving the Company facilities to Dalian, including the loss of sales while the new facilities were being constructed. For the year ended September 30, 2015, the Company recognized $23,103,427 as income after offset of the related removal expenditures of $1,004,027. No such income or offset was recognized in the three months ended March 31, 2020 and 2021.

 

On October 17, 2014, the Company received a subsidy of RMB46,150,000 pursuant to an agreement with the Management Committee dated July 2, 2013 for costs of land use rights and to be used to construct the new manufacturing site in Dalian. Part of the facilities had been completed and was operated in July 2015 and the Company has initiated amortization on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon.

 

On June 23, 2020, BAK Asia, the Company wholly-owned Hong Kong subsidiary, entered into a framework investment agreement with Jiangsu Gaochun Economic Development Zone Development Group Company (“Gaochun EDZ”), pursuant to which the Company intended to develop certain lithium battery projects that aim to have a production capacity of 8Gwh. Gaochun EDZ agreed to provide various support to facilitate the development and operation of the projects. As of the date of this report, the Company received RMB20 million (approximately $3.05 million) subsidy from Gaochun EDZ. The Company will recognize the government subsidies as income or offsets them against the related expenditures when there are no present or future obligations for the subsidized projects.

 

The Company offset government grants of $35,421 and $38,133 for the three months ended March 31, 2020 and 2021, respectively, against depreciation expenses of the Dalian facilities.

 

15.Product Warranty Provision

 

The Company maintains a policy of providing after sales support for certain of its new EV and LEV battery products introduced since October 1, 2015 by way of a warranty program. The limited cover covers a period of six to twenty four months for battery cells, a period of twelve to twenty seven months for battery modules for light electric vehicles (LEV) such as electric bicycles, and a period of three years to eight years (or 120,000 or 200,000 km if reached sooner) for battery modules for electric vehicles (EV). The Company accrues an estimate of its exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability at least annually and adjusts the amounts as necessary.

 

16.Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities

 

  (a) Income taxes in the condensed consolidated statements of comprehensive loss(income)

 

TheCompany’s provision for income taxes expenses consisted of:

 

   Three months ended
March 31,		 
   2020   2021 
PRC income tax:        
Current  $     -   $        - 
Deferred   -    - 
   $-   $- 

 

24

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

  

16.Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (continued)

 

  (a) Income taxes in the condensed consolidated statements of comprehensive loss (income) (continued)

 

United States Tax

 

CBAK is a Nevada corporation that is subject to U.S. corporate income tax on its taxable income at a rate of up to 21% for taxable years beginning after December 31, 2017 and U.S. corporate income tax on its taxable income of up to 35% for prior tax years. The U.S. Tax Reform signed into law on December 22, 2017 significantly modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating the U.S. to a territorial tax system with a one-time transition tax on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes on certain foreign earnings. Taxpayers may elect to pay the one-time transition tax over eight years, or in a single lump sum.

 

The U.S. Tax Reform also includes provisions for a new tax on GILTI effective for tax years of foreign corporations beginning after December 31, 2017. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of controlled foreign corporations (“CFCs”), subject to the possible use of foreign tax credits and a deduction equal to 50 percent to offset the income tax liability, subject to some limitations.

 

To the extent that portions of CBAK’s U.S. taxable income, such as Subpart F income or GILTI, are determined to be from sources outside of the U.S., subject to certain limitations, the Company may be able to claim foreign tax credits to offset its U.S. income tax liabilities. If dividends that CBAK receives from its subsidiaries are determined to be from sources outside of the U.S., subject to certain limitations, CBAK will generally not be required to pay U.S. corporate income tax on those dividends. Any liabilities for U.S. corporate income tax will be accrued in the Company’s consolidated statements of comprehensive income and estimated tax payments will be made when required by U.S. law.

 

No provision for income taxes in the United States or elsewhere has been made as CBAK had no taxable income for the three months ended March 31, 2020 and 2021.

 

Hong Kong Tax

 

BAK Asia and BAK Investments are subject to Hong Kong profits tax rate of 16.5% and did not have any assessable profits arising in or derived from Hong Kong for the three months ended March 31, 2020 and 2021 and accordingly no provision for Hong Kong profits tax was made in these periods.

 

PRC Tax

 

The CIT Law in China applies an income tax rate of 25% to all enterprises but grants preferential tax treatment to High-New Technology Enterprises. CBAK Power was regarded as a “High-new technology enterprise” pursuant to a certificate jointly issued by the relevant Dalian Government authorities. The certificate was valid for three years commencing from year 2019. Under the preferential tax treatment, CBAK Power was entitled to enjoy a tax rate of 15% for the years from 2019 to 2021 provided that the qualifying conditions as a High-new technology enterprise were met.

 

A reconciliation of the provision for income taxes determined at the statutory income tax rate to the Company’s income taxes is as follows:

 

   Three months ended
March 31,		 
   2020   2021 
Profit (loss) before income taxes  $(2,354,111)  $29,608,168 
United States federal corporate income tax rate   21%   21%
Income tax credit computed at United States statutory corporate income tax rate   (494,363)   6,217,715 
Reconciling items:          
Rate differential for PRC earnings   (69,225)   69,004 
Non-taxable income   -    (5,969,462)
Non-deductible expenses   67,679    82,672 
Share based payments   63,028    31,252 
Valuation allowance on deferred tax assets   432,881    (431,181)
Income tax expenses  $-   $- 

 

25

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

16Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (continued)

 

(b)Deferred tax assets and deferred tax liabilities

 

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2020 and March 31, 2021 are presented below:

  

    December 31,     March 31,  
    2020     2021  
Deferred tax assets            
Trade accounts receivable   $ 1,354,762     $ 1,316,433  
Inventories     575,575       593,697  
Property, plant and equipment     1,271,986       1,261,434  
Provision for product warranty     497,901       494,280  
Net operating loss carried forward     31,060,254       30,663,453  
Valuation allowance     (34,760,478 )     (34,329,297 ) 
Deferred tax assets, non-current   $ -     $ -  
                 
Deferred tax liabilities, non-current   $ -     $  -  

  

As of December 31, 2020 and March 31, 2021, the Company’s U.S. entity had net operating loss carry forwards of $103,580,741, of which $102,293 available to reduce future taxable income which will expire in various years through 2035 and $103,478,448 available to offset capital gains recognized in the succeeding 5 tax years and the Company’s PRC subsidiaries had net operating loss carry forwards of $37,536,687 and $36,798,249, respectively, which will expire in various years through 2028. Management believes it is more likely than not that the Company will not realize these potential tax benefits as these operations will not generate any operating profits in the foreseeable future. As a result, a valuation allowance was provided against the full amount of the potential tax benefits.

 

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.

 

The impact of an uncertain income tax positions on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes.

 

26

 

CBAK Energy Technology, Inc. and subsidiaries

Notes to the condensed consolidated financial statements

For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

16.Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (continued)

 

(b)Deferred tax assets and deferred tax liabilities (continued)

 

The significant uncertain tax position arose from the subsidies granted by the local government for the Company’s PRC subsidiary, which may be modified or challenged by the central government or the tax authority. A reconciliation of January 1, 2021 through March 31, 2021 amount of unrecognized tax benefits excluding interest and penalties (“Gross UTB”) is as follows:

 

   Gross UTB   Surcharge   Net UTB 
Balance as of January 1, 2021  $7,511,182   $         -   $7,511,182 
Increase in unrecognized tax benefits taken in current period   (27,740)   -    (27,740)
Balance as of March 31, 2021  $7,483,442   $-   $7,483,442 

 

As of December 31, 2020 and March 31, 2021, the Company had not accrued any interest and penalties related to unrecognized tax benefits.

 

17.Share-based Compensation

 

Restricted Shares and Restricted Share Units

 

Restricted shares granted on June 30, 2015

 

On June 12, 2015, the Board of Director approved the CBAK Energy Technology, Inc. 2015 Equity Incentive Plan (the “2015 Plan”) for Employees, Directors and Consultants of the Company and its Affiliates. The maximum aggregate number of Shares that may be issued under the Plan is ten million (10,000,000) Shares.

 

On June 30, 2015, pursuant to the 2015 Plan, the Compensation Committee of the Company’s Board of Directors granted an aggregate of 690,000 restricted shares of the Company’s common stock, par value $0.001, to certain employees, officers and directors of the Company with a fair value of $3.24 per share on June 30, 2015. In accordance with the vesting schedule of the grant, the restricted shares will vest in twelve equal quarterly installments on the last day of each fiscal quarter beginning on June 30, 2015 (i.e. last vesting period: quarter ended March 31, 2018). The Company recognizes the share-based compensation expenses on a graded-vesting method.

 

All the restricted shares granted in respect of the restricted shares granted on June 30, 2015 have been vested on March 31, 2018.

 

As of March 31, 2021, there was no unrecognized stock-based compensation associated with the above restricted shares. As of March 31, 2021, 1,667 vested shares were to be issued.

 

Restricted shares granted on April 19, 2016

 

On April 19, 2016, pursuant to the Company’s 2015 Plan, the Compensation Committee of the Board of Directors of the Company granted an aggregate of 500,000 restricted shares of the Company’s common stock, par value $0.001, to certain employees, officers and directors of the Company, of which 220,000 restricted shares were granted to the Company’s executive officers and directors. There are three types of vesting schedules. First, if the number of restricted shares granted is below 3,000, the shares will vest annually in 2 equal installments over a two year period with the first vesting on June 30, 2017. Second, if the number of restricted shares granted is larger than or equal to 3,000 and is below 10,000, the shares will vest annually in 3 equal installments over a three year period with the first vesting on June 30, 2017. Third, if the number of restricted shares granted is above or equal to 10,000, the shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on December 31, 2016. The fair value of these restricted shares was $2.68 per share on April 19, 2016. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method.

 

27

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

17. Share-based Compensation (continued)

  

Restricted Shares and Restricted Share Units (continued)

 

As of March 31, 2021, there was no unrecognized stock-based compensation associated with the above restricted shares and 4,167 vested shares were to be issued.

  

Restricted share units granted on August 23, 2019

 

On August 23, 2019, pursuant to the Company’s 2015 Plan, the Compensation Committee granted an aggregate of 1,887,000 restricted share units of the Company’s common stock to certain employees, officers and directors of the Company, of which 710,000 restricted share units were granted to the Company’s executive officers and directors. There are two types of vesting schedules, (i) the share units will vest semi-annually in 6 equal installments over a three year period with the first vesting on September 30, 2019; (ii) the share units will vest annual in 3 equal installments over a three year period with the first vesting on March 31, 2021. The fair value of these restricted shares was $0.9 per share on August 23, 2019. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method.

 

The Company recorded non-cash share-based compensation expense of $300,135 for three months ended March 31, 2020, in respect of the restricted shares granted on August 23, 2019 of which $254,890, $9,125 and $36,120 were allocated to general and administrative expenses, sales and marketing expenses and research and development expenses.

 

The Company recorded non-cash share-based compensation expense of $93,786 for three months ended March 31, 2021, in respect of the restricted shares granted on August 23, 2019 of which $75,794, $2,982 and $15,010 were allocated to general and administrative expenses, sales and marketing expenses and research and development expenses.

 

As of March 31, 2021, non-vested restricted share units granted on August 23, 2019 are as follows:

 

Non-vested shares as of January 1, 2021   855,504 
Vested   (288,498)
Forfeited   - 
Non-vested shares as of March 31, 2021   567,006 

 

As of March 31, 2021, there was unrecognized stock-based compensation of $159,302 associated with the above restricted shares. As of March 31, 2021, 288,498 vested shares were to be issued.

 

Restricted share units granted on October 23, 2020

 

On October 23, 2020, pursuant to the Company’s 2015 Plan, the Compensation Committee granted an aggregate of 100,000 restricted share units of the Company’s common stock to an employee of the Company. In accordance with the vesting schedule of the grant, the restricted shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on October 30, 2020. The fair value of these restricted shares was $3 per share on October 23, 2020. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method.

 

The Company recorded non-cash share-based compensation expense of nil and $55,032 for three months ended March 31, 2020 and 2021, in respect of the restricted shares granted on October 23, 2020 of which allocated to research and development expenses.

 

As of March 31, 2021, non-vested restricted share units granted on October 23, 2020 are as follows:

 

Non-vested share units as of January 1, 2021           83,333  
Granted     -  
Vested     -  
Non-vested share units as of March 31, 2021     83,333  

 

As of March 31, 2021, there was unrecognized stock-based compensation $152,777 associated with the above restricted share units and no vested shares were to be issued.

 

As the Company itself is an investment holding company which is not expected to generate operating profits to realize the tax benefits arising from its net operating loss carried forward, no income tax benefits were recognized for such stock-based compensation cost under the stock option plan for the three month ended March 31, 2020 and 2021.

 

28

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

18.Income (Loss) Per Share

 

The following is the calculation of income (loss) per share:

 

   Three months ended
March 31,		 
   2020   2021 
Net (loss) income  $(2,354,111)  $29,608,168 
Less: Net loss (income) attributable to non-controlling interests   (5,870)   1,114 
Net (loss) income attributable to shareholders of CBAK Energy Technology, Inc.  $(2,359,981)  $29,609,282 
           
Weighted average shares outstanding – basis (note)   53,293,776    84,283,605 
Dilutive unvested restricted stock and warrants   -    650,308 
Weighted average shares outstanding - diluted   53,293,776    84,933,913 
           
Income (loss) per share of common stock          
Basic  $(0.04)  $0.35 
Diluted  $(0.04)  $0.35 

 

Note: Including 299,332 and 288,498 vested restricted shares granted pursuant to the 2015 Plan that were not yet issued for the three months ended March 31, 2020 and 2021, respectively.

 

For the three months ended March 31, 2020, 1,154,002 unvested restricted shares were anti-dilutive and excluded from shares used in the diluted computation.

 

For the three months ended March 31, 2021, 11,621,967 shares purchasable under warrants were excluded from EPS calculation, as their effects were anti-dilutive.

 

19.Warrants

 

On December 8, 2020, the Company entered in a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of its common stock at a price of $5.18 per share, for aggregate gross proceeds to the Company of approximately $49 million, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. As part of the transaction, the institutional investors also received warrants (“Investor Warrants”) for the purchase of up to 3,795,920 shares of the Company’s common stock at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 379,592 shares of the Company’s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance.

 

29

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

19.Warrants (continued)

 

On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other estimated offering expenses of $5.0 million payable by the Company. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 446,999 shares of the Company’s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance.

 

On May 10, 2021, the Company entered into the “Series B Warrant Amendment” with each of the holders of the Company’s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021.

 

The Company has performed a thorough reassessment of the terms of its warrants with reference to the provisions of ASC Topic 815-40-15-7I, regarding its exposure to changes in currency exchange rates. This reassessment has led to the management’s conclusion that the Company’s warrants issued to the investors should not be considered indexed to the Company’s own stock because the warrants are denominated in U.S. dollar, which is different from the Company’s functional currency, Renminbi. Warrants are remeasured at fair value with changes in fair value recorded in earnings in each reporting period.

 

There was a total of 15,797,479 warrants issued and outstanding as of March 31, 2021.

 

The fair value of the outstanding warrants was calculated using Binomial Model based on backward induction with the following assumptions:

 

Warrants issued in the 2020 Financing

 

Warrants holder  Investor
Warrants		   Placement
Agent
Warrants		 
Appraisal Date (Inception Date)  December 10,
2020		   December 10,
2020		 
Market price per share (USD/share)  $5.36   $5.36 
Exercise price (USD/price)   6.46    6.475 
Risk free rate   0.2%   0.2%
Dividend yield   0.0%   0.0%
Expected term/ Contractual life (years)   3.0 years    3.5 years 
Expected volatility   211.5%   211.5%

 

Appraisal Date  December 31,
2020		   December 31,
2020		 
Market price per share (USD/share)  $5.06   $5.06 
Exercise price (USD/price)   6.46    6.475 
Risk free rate   0.2%   0.2%
Dividend yield   0.0%   0.0%
Expected term/ Contractual life (years)   2.9 years    3.4 years 
Expected volatility   187.6%   187.6%

 

Appraisal Date  March 31,
2021		   March 31,
2021		 
Market price per share (USD/share)  $5.10   $5.1 
Exercise price (USD/price)   6.46    6.475 
Risk free rate   0.3%   0.4%
Dividend yield   0.0%   0.0%
Expected term/ Contractual life (years)   2.7 years    3.2 years 
Expected volatility   134.8%   125.8%

 

30

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

19.Warrants (continued)

 

Warrants issued in the 2021 Financing

 

Warrants holder  Investor Warrants   Placement
Agent
Warrants		 
Appraisal Date (Inception Date)  Series A1
February 10,
2021		   Series A2
February 10,
2021		   Series B February 10,
2021		   February 10,
2021		 
Market price per share (USD/share)  $7.36   $7.36   $7.36   $7.36 
Exercise price (USD/price)   7.67    7.67    7.83    9.204 
Risk free rate   0.2%   0.3%   0.0%   0.2%
Dividend yield   0.0%   0.0%   0.0%   0.0%
Expected term/ Contractual life (years)    3.5 years       3.8 years     0.3 years     3.5 years 
Expected volatility   121.8%   119.5%   214.5%   121.8%

 

Warrants holder  Investor Warrants   Placement Agent Warrants 
Appraisal Date (Inception Date)  Series A1
March 31,
2021		   Series A2
March 31,
2021		   Series B
March 31,
2021		   March 31,
2021		 
Market price per share (USD/share)  $5.10   $5.10   $5.10   $5.10 
Exercise price (USD/price)   7.67    7.67    7.83    9.204 
Risk free rate   0.5%   0.5%   0.0%   0.5%
Dividend yield   0.0%   0.0%   0.0%   0.0%
Expected term/ Contractual life (years)    3.4 years       3.6 years     0.1 years     3.4 years 
Expected volatility   123.5%   121.6%   110.5%   123.5%

 

The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 3 inputs:

 

   Three months ended
March 31,		 
   2020   2021 
Balance at the beginning of period  $-   $17,783,000 
Warrants issued to institution investors   -    47,519,000 
Warrants issued to placement agent   -    2,346,000 
Warrants redeemed   -    - 
Fair value change of warrants included in earnings   -    (28,426,000)
Balance at end of period   -    39,222,000 

 

The following is a summary of the warrant activity: 

 

   Number of
Warrants		   Average
Exercise Price		   Weighted
Average
Remaining
Contractual
Term in
Years		 
             
Outstanding at January 1, 2021   4,175,512   $6.46    3.0 
Exercisable at January 1, 2021   3,795,920   $6.46    2.9 
Granted   11,621,967    7.79    2.3 
Exercised / surrendered   -    -      
Expired   -    -      
Outstanding at March 31, 2021   15,797,479   $7.44    2.3 
Exercisable at March 31, 2021   14,970,888   $7.41    2.3 

 

31

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 


20.Fair Value of Financial Instruments

 

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. Certain current assets and current liabilities are financial instruments. Management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and, if applicable, their current interest rates are equivalent to interest rates currently available. The three levels of valuation hierarchy are defined as follows:

 

  ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
  ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
  ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

  

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, pledged deposits, trade accounts and bills receivable and payable, other receivables, balances with former subsidiaries, other short-term loans, short-term and long-term bank loans and other payables approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest.

 

As of December 31, 2020, and March 31, 2021, the Company’s balance sheet included Level 3 liabilities comprised of the fair value of warrant liabilities aggregating $17,783,000 and $39,220,000, respectively (see Note 19).

 

21.Commitments and Contingencies

 

(i)Capital Commitments

 

As of December 31, 2020 and March 31, 2021, the Company had the following contracted capital commitments:

 

   December 31,   March 31, 
   2020   2021 
For construction of buildings  $2,465,092   $1,995,782 
For purchase of equipment   10,308,416    19,255,199 
Capital injection   228,115,914    191,817,530 
   $240,889,422   $213,068,511 

  

32

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

21.Commitments and Contingencies (continued)

 

(ii)Litigation

 

On July 7, 2016, Shenzhen Huijie Purification System Engineering Co., Ltd (“Shenzhen Huijie”), one of the Company’s contractors, filed a lawsuit against CBAK Power in the Peoples’ Court of Zhuanghe City, Dalian, (the “Court of Zhuanghe”) for failure to pay pursuant to the terms of the contract and entrusting part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,241,648 (RMB8,430,792), including construction costs of $0.9 million (RMB6.1 million, which the Company already accrued for at June 30, 2016), interest of $29,812 (RMB0.2 million) and compensation of $0.3 million (RMB1.9 million). On September 7, 2016, upon the request of Shenzhen Huijie for property preservation, the Court of Zhuanghe froze CBAK Power’s bank deposits totaling $1,210,799 (RMB8,430,792) for a period of one year. On September 1, 2017, upon the request of Shenzhen Huijie, the Court of Zhuanghe froze the bank deposits for another one year until August 31, 2018. The Court further froze the bank deposits for another one year until August 27, 2019 upon the request of Shenzhen Huijie on August 27, 2018. On August 27, 2019, the Court froze the bank deposits for another year until August 27, 2020, upon the request of Shenzhen Huijie. On June 28, 2020, the Court of Dalian entered the final judgement as described below and the frozen bank deposit was released in July 2020.

 

On June 30, 2017, according to the trial of first instance, the Court of Zhuanghe ruled that CBAK Power should pay the remaining contract amount of RMB6,135,860 (approximately $0.9 million) claimed by Shenzhen Huijie as well as other expenses incurred including deferred interest, discounted charge on bills payable, litigation fee and property preservation fee totaled $0.1 million. The Company has accrued for these amounts as of December 31, 2017. On July 24, 2017, CBAK Power filed an appellate petition to the Intermediate Peoples’ Court of Dalian (“Court of Dalian)” to appeal the adjudication dated on June 30, 2017. On November 17, 2017, the Court of Dalian rescinded the original judgement and remanded the case to the Court of Zhuanghe for retrial. The Court of Zhuanghe conducted a retrial and requested an appraisal to be performed by a third-party appraisal institution on the construction cost incurred and completed by Shenzhen Huijie on the subject project. On November 8, 2018, the Company received from the Court of Zhuanghe the construction-cost-appraisal report which determined that the construction cost incurred and completed by Shenzhen Huijie for the subject project to be $1,344,605 (RMB9,129,868). On May 20, 2019, the Court of Zhuanghe entered a judgment that Shenzhen Huijie should pay back to CBAK Power $261,316 (RMB1,774,337) (the amount CBAK Power paid in excess of the construction cost appraised by the appraisal institution) and the interest incurred since April 2, 2019. Shenzhen Huijie filed an appellate petition to the Court of Dalian. On June 28, 2020, the Court of Dalian entered the final judgment that Shenzhen Huijie should pay back to CBAK Power $245,530 (RMB1,667,146) (the amount CBAK Power paid in excess of the construction cost appraised by the appraisal institution) and the interest incurred since April 2, 2019, and reimburse the litigation fees totaling $30,826 (RMB209,312) that CBAK Power has paid. As of March 31, 2021, CBAK Power have not received the final judgement amount totaled $0.3 million (RMB 1,876,458) from Shenzhen Huijie. Shenzhen Huijie filed an appellate petition to High Peoples’ Court of Liaoning ("Court of Liaoning") to appeal the adjudication dated on June 28, 2020. In April 2021, the Court of Liaoning rescinded the original judgement and remanded the case to the Court of Dalian for retrial. Upon receiving the notice from the Court of Liaoning, CBAK Power has accrued the construction cost of $0.9 million (RMB6,135,860) as of March 31, 2021.

 

In May 2017, CBAK Power filed a lawsuit in the Court of Zhuanghe against Pingxiang Anyuan Tourism Bus Manufacturing Co., Ltd., (“Anyuan Bus”) one of CBAK Power’s customers, for failure to pay pursuant to the terms of the sales contract. CBAK Power sought a total amount of RMB18,279,858 ($2,692,174), including goods amount of RMB17,428,000 ($2,566,716) and interest of RMB851,858 ($125,458). On December 19, 2017, the Court of Zhuanghe determined that Anyuan Bus should pay the goods amount of RMB17,428,000 ($2,566,716) and the interest until the goods amount was paid off, and a litigation fee of RMB131,480 ($19,364). Anyuan Bus did not appeal and as a result, the judgment is currently in the enforcement phase. On June 29, 2018, the Company filed application petition with the Court of Zhuanghe for enforcement of the judgement against all of Anyuan Bus’s shareholders, including Jiangxi Zhixin Automobile Co., Ltd, Anyuan Bus Manufacturing Co., Ltd, Anyuan Coal Group Co., Ltd, Qian Ronghua, Qian Bo and Li Junfu. On October 22, 2018, the Court of Zhuanghe issued a judgment supporting the Company’s petition that all the Anyuan Bus’s shareholders should be liable to pay the Company the debt as confirmed under the trial. On November 9, 2018, all the shareholders of Anyuan Bus appealed against the judgment after receiving the notice from the Court. On March 29, 2019, the Company received judgment from the Court of Zhuanghe that all these six shareholders cannot be added as judgment debtors. On April 11, 2019, the Company filed appellate petition to the Intermediate Peoples’ Court of Dalian challenging the judgment from the Court of Zhuanghe. On October 9, 2019, the Intermediate Peoples’ Court of Dalian dismissed the appeal by the Company and affirmed the original judgment. As of December 31, 2020 and March 31, 2021, CBAK Power made a full provision against the receivable from Anyuan Bus of RMB17,428,000 ($2,659,626).

 

33

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

21.Commitments and Contingencies (continued)

 

(ii)Litigation (continued)

 

On July 25, 2019, CBAK Power received notice from Shenzhen Court of International Arbitration that Shenzhen Xinjiatuo Automobile Technology Co., Ltd filed arbitration against the Company for failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.16 million (RMB1,112,269), including equipment cost of $0.14 million (RMB976,000) and interest of $0.02 million (RMB136,269). On August 9, 2019, upon the request of Shenzhen Xinjiatuo Automobile Technology Co., Ltd, Shenzhen Court of International Arbitration froze CBAK Power’s bank deposits totaling $0.16 million (RMB1,117,269), including equipment cost $0.14 million (RMB976,000), interest $0.02 million (RMB136,269) and litigation fees of $736 (RMB5,000) for a period of one year to August 2020. On August 7, 2019, CBAK Power filed counter claim arbitration against Shenzhen Xinjiatuo Automobile Technology Co., Ltd for return of the prepayment due to the unqualified equipment, and sought a total amount of $0.29 million (RMB1,986,440), including return of prepayment of $0.2 million (RMB1,440,000), liquidated damages of $70,692 (RMB480,000) and litigation fees of $9,785 (RMB66,440). In early July 2020, Shenzhen Court of International Arbitration made arbitration award dismissing the plaintiff’s claim and CBAK Power’s counterclaim and the frozen bank deposits were released in early August 2020.

 

In early September 2019, CBAK Power received notice from Court of Nanshan District, Shenzhen that Shenzhen HSL Business Technology Co., Ltd (“HSL”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of purchase contract. The plaintiff sought an amount of $44,751 (RMB292,164) for material cost and interest as accrued until settlement. In late September 2019, CBAK Power and HSL reached agreement that CBAK Power would pay $15,317 (RMB100,000), $7,659 (RMB50,000) and $21,775 (RMB142,164) by October 15, October 30 and November 30, 2019, respectively, and CBAK Power would pay litigation fees of $550 (RMB 3,589) to HSL by the end of November 2019. The Company has settled $22,976 (RMB150,000) in 2019, $11,794 (RMB77,005) in 2020. As of December 31, 2020, CBAK Power had not settled the remaining material purchase cost of $9,981 (RMB 65,159) and accrued the material purchase cost. In late March 2021, CBAK Power and HSL entered into a debt reduction agreement that if CBAK Power would pay $7,630 (RMB50,000) to HSL before March 31, 2021, HSL would cancel all the remaining debts. Thereafter, CBAK Power fully paid $7,630 (RMB50,000) to HSL, and the lawsuit was settled in March 2021.

 

In November 2019, CBAK Suzhou received notice from Court of Suzhou city that Suzhou Industrial Park Security Service Co., Ltd (“Suzhou Security”) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the sales contract. Suzhou Security sought a total amount of $21,321 (RMB139,713), including services expenses amount of $21,198 (RMB138,908) and interest of $123 (RMB805). Upon the request of Suzhou Security for property preservation, the Court of Suzhou froze CBAK Suzhou’s bank deposits totaling $0.02 million (RMB150,000) for a period of one year. As of March 31, 2021, $5,047 (RMB33,073) was frozen by bank and CBAK Suzhou accrued the service cost of $21,198 (RMB138,908).

 

In early September of 2019, several employees of CBAK Suzhou filed arbitration with Suzhou Industrial Park Labor Disputes Arbitration Commission against CBAK Suzhou for failure to pay their salaries in time. The employees seek for a payment including salaries of $97,779 (RMB638,359) and compensation of $83,173 (RMB543,000), totaling $0.18 million (RMB1,181,359). In addition, upon the request of the employees for property preservation, bank deposit of $0.18 million (RMB1,181,359) was frozen by the court of Suzhou for a period of one year. On September 5, 2019, CBAK Suzhou and the employees reached an agreement that CBAK Suzhou will pay these salaries and compensation. In February 2020, CBAK Suzhou had made full payment and the frozen bank deposit was released in October 2020.

 

In October 2019, CBAK Power received notice from Court of Changshou District, Chongqing that Chongqing Zhongrun Chemistry Co., Ltd (“Chongqing Zhongrun”) filed arbitration claims against the Company for failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.4 million (RMB2,484,948), including material cost of $0.4 million (RMB2,397,660) and interest of $13,370 (RMB87,288). On October 31, 2019, CBAK Power and Chongqing Zhongrun reached an agreement that CBAK Power would pay the material cost by the end of December 31, 2019. In 2020, CBAK Power had paid $198,152 (RMB1,293,653). In August 2020, upon the request of Chongqing Zhongrun for property preservation, the Court of Changshou District ordered to freeze CBAK Power’s bank deposits totaling $0.2 million (RMB1,249,836) for a period of one year to August 2021. As of December 31, 2020, the Company has accrued the material purchase cost of $0.2 million (RMB1,104,007) and $2,224 (RMB14,521) was frozen by bank. In February 2021, CBAK Power and Chongqing Zhongrun entered into a settlement agreement that if CBAK Power would pay $174,018 (RMB1,128,227, including RMB24,220 litigation expenses incurred) to Chongqing Zhongrun before March 5, 2021, Chongqing Zhongrun would waive the claims on interests. Thereafter, CBAK Power fully repaid to Chongqing Zhongrun and the frozen bank deposits were released in March 2021.

 

34

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

21.Commitments and Contingencies (continued)

 

(ii)Litigation (continued)

 

In October 2019, CBAK Power received notice from Court of Zhuanghe City that Hunan Zhongke Xingcheng Co., Ltd (“Hunan Zhongke”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Hunan Zhongke sought a total amount of $154,003 (RMB1,005,425). In 2020, the Company have paid $38,293 (RMB250,000). Upon the request of Hunan Zhongke for property preservation, the Court of Zhuanghe City ordered to freeze CBAK Power’s bank deposits totaling $0.1 million (RMB768,876) for a period of one year to July 2021. As of December 31, 2020, the Company accrued the remaining material purchase cost of $115,710 (RMB755,425) and nil was frozen by bank. In December 2020, CBAK Power and Hunan Zhongke entered into a debt reduction agreement that if CBAK Power would pay $81,368 (RMB531,220) to Hunan Zhongke before January 10, 2021, Hunan Zhongke would cancel the remaining debts of $34,342 (RMB224,205). Thereafter, CBAK Power fully paid $81,368 (RMB531,220) to Hunan Zhongke and the frozen bank deposits were released in January 2021.

 

In December 2019, CBAK Power received notice from Court of Zhuanghe that Dalian Construction Electrical Installation Engineering Co., Ltd. (“Dalian Construction”) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the construction contract. Dalian Construction sought a total amount of $101,780 (RMB691,086) and interest $1,905 (RMB12,934). As of December 31, 2019, the Company has accrued the construction cost of $101,780 (RMB691,086). Upon the request of Dalian Construction for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $103,685 (RMB704,020) for a period of one year to December 2020. As of December 31, 2019, $97,384 (RMB661,240) was frozen by bank. In January 2020, CBAK Power and Dalian Construction reached a settlement agreement, and the bank deposit was then released. The Company has repaid all the construction cost as of December 31, 2020.

 

In February 2020, CBAK Power received notice from Court of Zhuanghe that Dongguan Shanshan Battery Material Co., Ltd (“Dongguan Shanshan”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Dongguan Shanshan sought a total amount of $0.7 million (RMB4,434,209). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $0.7 million (RMB4,434,209) for a period of one year to December 17, 2020. In July 2020, CBAK Power and Dongguan Shanshan have agreed to a settlement amount of $0.5 million (RMB3,635,192) and the bank deposit was then released. In October 2020, because the Company failed to pay according to the settlement, Dongguan Shanshan sought a total amount of $0.6 million (RMB3,635,192). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $0.6 million (RMB3,365,192) for a period of one year to October 21, 2021. In late February 2021, CBAK Power and Dongguan Shanshan entered into a settlement agreement that CBAK would pay $260,393, $76,586, $76,586, $76,586, and $32,088 (RMB1,700,000, RMB500,000, RMB500,000, RMB00,000 and RMB209,487) by March 5, March 31, April 30, May 31 and June 30, 2021, respectively, and after the first payment of $260,393 (RMB1,700,000) by March 5, 2021, Dongguan Shanshan would release all the enforcement measures against CBAK Power. CABK Power had made payment on time and the bank deposit was then released. As of March 31, 2021, CBAK Power has accrued the unpaid materials purchase cost of $0.2 million (RMB1.2 million). As of the date of this report, CBAK Power further paid $76,303 (RMB500,000) to Dongguan Shanshan.

 

In March 2020, CBAK Power received notice from Court of Baodi District, Tianjin that BTR Tianjin Nanomaterial Manufacturing Co., Ltd (“Tianjin BTR”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of purchase contract. The plaintiff sought an amount of $49,398 (RMB322,500) for material cost that CBAK Power owed to Tianjin BTR and its related party Shenzhen BTR Nanomaterial Technology Co., Ltd (“Shenzhen BTR”) (together “BTRs”) and interest as accrued until settlement. In April 2020, CBAK Power and BTRs reached an agreement that CBAK Power would pay BTR $7,659, $19,912 and $21,827 (RMB 50,000, RMB130,000 and RMB142,500) by the end of April, May and June 2020, respectively, and CBAK Power would pay litigation fees of $456 (RMB 2,975) to Tianjing BTR by the end of November, 2020. As of December 31, 2020, CBAK Power has paid $15,317 (RMB100,000) to Tianjin BTR and accrued remaining materials cost $27,234 (RMB177,800) and $6,847 (RMB44,700) for Tianjin BTR and Shenzhen BTR respectively. In late January 2021, CBAK Power and Tianjing BTR reached another settlement agreement to settle all the outstanding debts (including $773 (RMB5,045) litigation expenses) by paying $13,253 (RMB86,525) in cash and return of LFP materials at a value of $14,754 (RMB96,320) and CBAK Power and Shenzhen BTR reached a settlement agreement by returning LFP materials at a value of $6,847 (RMB44,700). Thereafter, CBAK Power fully paid $13,253 (RMB 86,525) and delivered the LFP materials to BTRs, and the lawsuit was settled in March 2021.

 

35

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

21.Commitments and Contingencies (continued)

 

(ii)Litigation (continued)

 

In May 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that United Winners Laser Co., Ltd (“United Winners”) filed 3 lawsuits against CBAK Power for failure to pay pursuant to the terms of 3 purchase contracts. The plaintiff sought a total amount of $0.4 million (RMB2,845,844), including equipment cost of $0.4 (RMB2,692,000) and interest of $23,565 (RMB153,844). In late December 2020, CBAK Power and United Winners reached a settlement agreement to settle all the debts by paying $0.29 million (RMB1,884,400) by December 30, 2020 in cash and delivery of 3 electric vehicles to offset debt of $41,234 (RMB269,200), and the remaining debt of $82,468 (RMB538,400) would be relieved. CBAK Power paid $0.29 million (RMB1,884,400) and delivered the 3 electric vehicles to United Winners in December 31, 2020, and the lawsuit was settled in February 2021.

 

In June 2020, CBAK Power received notice from Court of Tongzhou District, Beijing that Beijing Hongfa Electric Technology Co., Ltd (“Hongfa”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of purchase contract. The plaintiff sought a total amount of $29,993 (RMB195,810) for material cost and interest as accrued until settlement. In December 2020, CBAK Power and Hongfa reached debt reduction agreement that CBAK Power would pay Hongfa $23,646 (RMB 154,375) by the January 10, 2021, and the remaining debt of $6,347 (RMB41,435) would be relieved. As of December 31, 2020, CBAK Power repaid $22,976 (RMB150,000) and accrued materials cost of $7, 017 (RMB45,810). Thereafter, CBAK Power fully paid to Hongfa, and the lawsuit was settled in January 2021.

 

On March 20, 2020, CBAK Power received notice from Court of Nanpi County, Hebei Province that Cangzhou Huibang Engineering Manufacturing Co., Ltd (“Cangzhou Huibang”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Cangzhou Huibang sought a total amount of $0.31 million (RMB2,029,594), including materials purchase cost of $0.30 million (RMB1,932,947), and interest of $14,804 (RMB96,647). Upon the request of Cangzhou Huibang for property preservation, the Court of Nanpi ordered to freeze CBAK Power’s bank deposits totaling $0.4 million (RMB2,650,000) for a period of one year to March 3, 2021. As of December 31, 2020, the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947) and $18,518 (RMB120,898) was frozen by bank. In late February 2021, CBAK Power and Cangzhou Huibang entered into a settlement agreement that if CBAK Power would pay $0.3 million (RMB1,965,447) within 10 days from the signature date of the agreement, Cangzhou Huibang would waive the remaining claims. Thereafter, CBAK Power paid $0.3 million (RMB1,965,447) to Cangzhou Huibang and the frozen bank deposits were released in March 2021.

 

In early January 2020, CBAK Power received notice from Court of Nanshan District of Shenzhen that Shenzhen Klclear Technology Co., Ltd. (“Shenzhen Klclear”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the materials purchase contract. Shenzhen Klclear sought a total amount of $1 million (RMB6,250,764), which the Company have already accrued for as of December 31, 2020. In February 2020, the Court of Nanshan District ruled that the Company should pay $0.8 million (RMB5,238,495) and the interest fees incurred from September 28, 2018. In April 2020, CBAK Power filed an appellate petition to the Intermediate Peoples’ Court of Shenzhen to appeal the adjudication in February 2020. As of the date of this report, the Intermediate Peoples’ Court of Shenzhen has not yet rendered the judgment.

 

In May 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Tianjin Changxing Metal Co., Ltd (“Tianjin Changxing”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Tianjin Changxing sought a total amount of $29,652 (RMB193,588). On August 24, 2020, upon the request of Tianjin Changxing for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits totaling $32,915 (RMB214,892) for a period of one year. As of December 31, 2020, nil was frozen by bank and CBAK Power accrued the material purchase cost of $29,652 (RMB193,588). In late December 2020, CBAK Power and Tianjin Changxing entered into a debt reduction agreement that if CBAK Power would pay $26,755 (RMB174,671) to Tianjin Changxing, Tianjin Changxing would cancel the remaining debts. Thereafter, CBAK Power fully paid to Tianjin Changxing and the frozen bank deposits were released in January 2021.

 

36

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

21.Commitments and Contingencies (continued)

 

(ii)Litigation (continued)

 

In May 2020, CBAK Power received notice from Court of Wuqing District, Tianjin that Tianjin Changyuan Electric Material Co., Ltd (“Tianjin Changyuan”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. The plaintiff sought a total amount of $13,040 (RMB85,136), including material cost of $12,166 (RMB79,429) and interest of $874 (RMB5,707). In July, 2020, upon the request of the plaintiff for property preservation, the Court of Wuqing District, Tianjin ordered to freeze CBAK Power’s bank deposits totaling $13,041 (RMB85,136) for a period of one year. As of December 31, 2020, $13,041 (RMB85,136) was frozen by bank and the Company had accrued the material purchase cost and litigation expenses of $12,314 (RMB80,393). In March 2021, CBAK Power and Tianjin Changyuan entered into a debt reduction agreement that if CBAK Power would pay $9,851 (RMB 64,314) to Tianjin Changyuan before April 30, 2021, Tianjin Changyuan would cancel the remaining debts of $2,463 (RMB16,079). CBAK Power has paid $9,851 (RMB 64,314) in March 2021.

 

In June 2020, CBAK Suzhou received notice from Court of Suzhou Industrial Park that Ligao (Shandong) New Energy Technology Co., Ltd (“Ligao”) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Ligao sought a total amount of $11,886 (RMB77,599), including contract amount of $11,240 (RMB73,380) and interest of $646 (RMB4,219). As of December 31, 2020, CBAK Suzhou had accrued the material purchase cost of $11,240 (RMB73,380). On December 31, 2020, CBAK Power, CBAK Suzhou and Ligao entered into a debt reduction agreement that if CBAK Power would pay $7,961 (RMB51,975) to Ligao, Ligao would cancel all the remaining debts. Thereafter, CBAK Power fully paid $7,961 (RMB51,975) to Ligao, and the lawsuit was settled in January 2021.

 

In June 2020, CBAK Suzhou received notice from Court of Yushui District, Xinyu City that Jiangxi Ganfeng Battery Technology Co., Ltd (“Ganfeng Battery”) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Ganfeng Battery sought a total amount of $115,764 (RMB755,780), including contract amount of $112,277 (RMB733,009) and interest of $3,487 (RMB22,771). Upon the request of Ganfeng Battery for property preservation, the Court of Yushui ordered to freeze CBAK Suzhou’s bank deposits totaling $115,764 (RMB755,780) for a period of one year to May 2021. In October 2020, CBAK Power, Ganfeng Battery, CBAK Suzhou and Zhengzhou Jingfan New Energy Automobile Co., Ltd entered into a settlement agreement that CBAK Power would deliver 7 eletric vehicles to Ganfeng Battery to offset all the CBAK Suzhou’ debts to Ganfeng Battery and all vehicles were delivered to Ganfeng Battery before December 31, 2020.

 

In June 2020, CBAK Suzhou received notice from Court of Suzhou Industrial Park that Suzhou Jihongkai Machine Equipment Co., Ltd (“Jihongkai”) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Jihongkai sought contract amount of $26,916 (RMB175,722) and interest as accrued until settlement. As of December 31, 2020, the Company had accrued the material purchase cost of $26,916 (RMB175,722). In January 2021, CBAK Power, CBAK Suzhou and Jihongkai entered into a settlement agreement to settle all the debts and related litigation expenses by paying $12,213 (RMB79,736) in cash and delivery of an electric vehicle at a value of $15,287 (RMB99,800) from CBAK Power to Jihongkai. Thereafter, CBAK Power fully paid $12,213 (RMB79,736) and delivered the electric vehicle to Jihongkai, and the lawsuit was settled in January 2021.

 

37

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

21.Commitments and Contingencies (continued)

 

(ii)Litigation (continued)

 

In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Nanjing Jinlong Chemical Co., Ltd. (“Nanjing Jinlong”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Nanjing Jinlong sought a total amount of $125,443 (RMB822,000). Upon the request of Nanjing Jinlong for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits totaling $125,908 (RMB822,000) for a period of one year to May 2021. As of March 31, 2021, $2,422 (RMB15,869) was frozen by bank and CBAK Power accrued the material purchase cost of $125,443 (RMB822,000). In April 2021, CBAK Power has made full settlement to Nanjing Jinlong and the frozen bank deposits were released in April 2021.

 

In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Xi’an Anpu New Energy Technology Co. LTD (“Xi’an Anpu”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the equipment purchase contract. Xi’an Anpu sought a total amount of $129,270 (RMB843,954), including $117,636 (RMB768,000) for equipment cost and $11,634 (RMB75,954) for liquidated damages. Upon the request of Xi’an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits $129,270 (RMB843,954) for a period to May 11, 2021. As of December 31, 2020, $98,284 (RMB641,656) was frozen by bank and CBAK Power accrued the equipment purchase cost of $117,636 (RMB768,000). In January 2021, CBAK Power and Xi’an Anpu entered into a settlement agreement to settle all the debts by paying $64,406 (RMB420,478) in cash and delivery of 3 electric vehicles at a value of $45,952 (RMB300,000). Thereafter, CBAK Power fully paid $64,406 (RMB420,479) and delivered the 3 electric vehicles to Xi’an Anpu, and the lawsuit was settled in February 2021.

 

In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Shenzhen Gd Laser Technology Co., Ltd. (“Shenzhen Gd”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Shenzhen Gd sought a total amount of $24,713 (RMB161,346), including equipment cost of $22,975 (RMB150,000) and interest amount of $1,738 (RMB11,346). As of March 31, 2021, the equipment was not received by CBAK Power. CBAK Power has included the equipment cost of $22,975 (RMB150,000) under capital commitments. In April 2021, CBAK Power reached agreement with Shenzhen Gd to terminate the purchase agreement and Shenzhen Gd filed application to withdraw the lawsuit against CBAK Power in April 2021.

 

In July 2020, CBAK Power received notice from Court of Shandong Linyi Economic and Technology Development Zone (“Court of Shandong”) that Shandong Tianjiao New Energy Co. LTD (“Tianjiao”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the equipment purchase contract. Tianjiao sought an amount of $391,777 (RMB2,557,756) for equipment cost and interest as accrued until settlement. Upon the request of Tianjiao for property preservation, the Court of Shandong ordered to freeze CBAK Power’s bank deposits $0.5 million (RMB3,000,000) for a period of one year. In December 2020, CBAK and Tianjiao reached an agreement that CBAK would pay Tianjiao $45,952 (RMB300,000) by the end of each month from December 2020 to July 2021, and RMB 157,756 by the end of August 2021. As of March 31, 2020, CBAK Power accrued unpaid materials cost $207,202 (RMB1,357,756) and nil was frozen by bank.

 

In October 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Shanghai Shengmeng Industrial Technology Co., Ltd. (“Shengmeng”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Shengmeng sought a total amount of $13,429 (RMB87,672) for material cost and interest as accrued until settlement. In November 2020, CBAK and Shengmeng reached an agreement that CBAK would pay $4,595 (RMB30,000) by November 30, 2020 and $5,004 (RMB 32,672) by December 20, 2020, and CBAK would pay litigation fees of $156 (RMB1,021) to Shengmeng. Thereafter, CBAK Power fully paid off the debts to Shengmeng, and the lawsuit was settled in March 2021.

 

In October 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Jiuzhao New Energy Technology Co., Ltd. (“Jiuzhao”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Jiuzhao sought a total amount of $0.9 million (RMB6,000,000), including material cost of $0.9 million (RMB5,870,267) and interest amount of $19,871 (RMB129,733). In December 1, 2020, CBAK and Jiuzhao reached an agreement that CBAK Power would pay Jiuzhao $76,586 (RMB500,000) by the end of each month from December 2020 to October 2021, and $56,715 (RMB370,267) by November 30, 2021, and CBAK would pay litigation fees of $4,886 (RMB 31,900) to Jiuzhao. As of March 31, 2020, CBAK Power has accrued $0.6 million (RMB3,870,267) material cost and $37,769 (RMB247,492) was frozen by bank. As of the date of this report, CBAK Power has fully paid off the debts to Jiuzhao, and the frozen bank deposits were released in April 2021.

 

In November 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Dalian Tianda Metal Machinery Trade Co., Ltd. (“Tianda”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Tianda sought a total amount of $27,365 (RMB178,655) for material cost and interest as accrued until settlement. In December 2020, CBAK Power and Tianda reached an agreement that CBAK Power would pay Tianda $7,659 (RMB50,000) by the 30th of each month from November 2020 to January 2021, and $4,389 (RMB28,655) by end of February 2021, and CBAK Power would pay litigation fees of $297 (RMB1,937) to Tianda by November 30, 2020. As of December 31, 2020, CBAK Power has accrued $18,358 (RMB119,855) material cost and nil was frozen by bank. Thereafter, CBAK Power fully paid off the debts to Tianda, and the lawsuit was settled in February 2021.

 

38

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

21.Commitments and Contingencies (continued)

 

(ii)Litigation (continued)

 

In December 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Shenzhen Haoneng Technology Co., Ltd. (“Haoneng”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the equipment purchase contract. Haoneng sought a total amount of $266,182 (RMB1,737,797), including equipment purchase cost of $263,094 (RMB1,724,000) and interest amount of $2,106 (RMB13,797). As of March 31, 2021, CBAK Power has accrued the equipment purchase cost of $263,094 (RMB 1,724,000).

 

In December 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Haoneng filed another lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Haoneng sought a total amount of $1.57million (RMB10,257,030), including equipment cost of $1.4 million (RMB9,072,000) and interest amount of $0.17 million (RMB1,185,030). As of March 31, 2021, the equipment was not received by CBAK Power, CBAK Power has included the equipment cost of $1.4 million8 (RMB9,072,000) under capital commitments.

 

In April 2020, CBAK Suzhou received notice from Court of Suzhou Industrial Park that Suzhou Suwangda Plastic Product Co., Ltd (“Suwangda”) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Suwangda sought contract amount of $13,325 (RMB86,992) and interest as accrued until settlement. As of December 31, 2020, the Company has accrued the material cost of $13,325 (RMB86,992). In March 2021, CBAK Power, CBAK Suzhou and Suwangda entered into a settlement agreement to settle all the debts by paying $9,670 (RMB63,134) from CBAK Power to Suwangda. Thereafter, CBAK Power fully paid $9,670 (RMB63,134) and the lawsuit was settled in March 2021. The remaining $3,654 (RMB23,858) was waived by Suwangda.

 

In June 2020, CBAK Power received notice from Court of Pingyuan County, Shandong province that Shandong Hangewei New Energy Vehicle Control Co., Ltd (“Hangewei”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Hangewei sought a total amount of $16,307 (RMB 106,464) and interest as accrued until settlement. In October 2020, CBAK Power and Hangewei entered into a settlement agreement to settle all the debts by paying Hangewei $1,532 (RMB10,000) and $12,254 (RMB80,000) by the end of October and November 2020, respectively. CBAK Power paid $13,786 (RMB90,000) before December 31, 2020 and the remaining $2,521 (RMB16,464) was waived by Hangewei.

 

39

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares) 

 

22.Concentrations and Credit Risk

 

(a)Concentrations

  

The Company had the following customers that individually comprised 10% or more of net revenue for the three months ended March 31, 2020 and 2021 as follows:

 

   Three months ended March 31, 
   2020   2021 
Customer A  $2,093,093    30.33%  $2,903,261    30.83%
Customer B    *    *    1,789,045    19.00%
Customer C    *    *    1,348,200    14.32%
Customer D   3,796,267    55.01%   *    * 

 

* Comprised less than 10% of net revenue for the respective period.

 

The Company had the following customers that individually comprised 10% or more of accounts receivable as of December 31, 2020 and March 31, 2021 as follows:

 

   December 31,
2020		   March 31,
2021		 
Customer A  $3,148,737    11.23%  $6,335,867    28.13%
Zhengzhou BAK Battery Co., Ltd (note a)   15,258,164    54.42%   8,437,625    37.46%

 

The Company had the following suppliers that individually comprised 10% or more of net purchase for the three months ended March 31, 2020 and 2021 as follows:

 

   Three months ended March 31, 
   2020   2021 
Supplier A  $*   *   $659,513    10.21%
Zhengzhou BAK Battery Co., Ltd (note a)   *    *    1,259,309    19.49%
Shenzhen BAK (note b)   3,841,680    82.43%   *    * 

 

* Comprised less than 10% of net purchase for the respective period.

 

The Company had the following suppliers that individually comprised 10% or more of accounts payable as of December 31, 2020 and March 31, 2021 as follows:

 

   December 31,
2020		   March 31,
2021		 
Supplier B  $9,272,478    47.40%  $1,728,201    19.08%
Supplier C   2,017,814    10.32%   950,038    10.49%
Supplier D   *    *    947,819    10.46%

 

Apart from the above, for the three months ended March 31, 2020 and 2021, the Company recorded the following transactions:

 

   Three months ended
March 31,		 
   2020   2021 
         
Sales of finished goods and raw materials to        
BAK Shenzhen (note b)  $69,226   $- 
Zhengzhou BAK Battery Co., Ltd (note a)   -    108,290 
Zhengzhou BAK Electronics Co., Ltd.  (note c)   -    412,353 

 

40

 

CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

22. Concentrations and Credit Risk (continued)

 

  (a) Concentrations (continued)

 

Apart from the above, the Company recorded the following as of December 31, 2020 and March 31, 2021:

 

   December 31, 2020   March 31, 2021 
Trade accounts and bills receivables, net          
Zhengzhou BAK Electronics Co., Ltd (note c)  $-   $461,024 
Zhengzhou BAK New Energy Vehicle Co., Ltd (note d)   1,759,050    911,599 

 

Notes:  
a Mr. Xiangqian Li, the Company’s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $2,327,491 to the Company.
b Mr. Xiangqian Li is a director of Shenzhen BAK and BAK Shenzhen.
c BAK Shenzhen has 95% equity interests in Zhengzhou BAK Electronics Co., Ltd. Up to the date of this report, Zhengzhou BAK Electronics Co., Ltd. repaid nil to the Company.
d Mr. Xiangqian Li is a director of Zhengzhou BAK New Energy Vehicle Co., Ltd. For the three months ended March 31, 2020 and 2021, sales of finished goods and raw materials to Zhengzhou BAK New Energy Vehicle Co., Ltd were nil. Up to the date of this report, Zhengzhou BAK New Energy Technology Co., Ltd repaid nil to the Company.

 

(b) Credit Risk

 

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and pledged deposits. As of December 31, 2020 and March 31, 2021, substantially all of the Company’s cash and cash equivalents were held by major financial institutions located in the PRC, which management believes are of high credit quality.

 

For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses. Historically, such losses have been within management’s expectations.

 

23. Segment Information

 

The Company used to engage in one business segment, the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion rechargeable batteries for use in a wide array of applications. The Company manufactured five types of Li-ion rechargeable batteries: aluminium-case cell, battery pack, cylindrical cell, lithium polymer cell and high-power lithium battery cell. The Company’s products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices.

 

After the disposal of BAK International and its subsidiaries (see Note 1), the Company focused on producing high-power lithium battery cells. Net revenues for the three months ended March 31, 2020 and 2021 were as follows:

 

Net revenues by product:

 

   Three months ended
March 31,		 
   2020   2021 
High power lithium batteries used in:        
Electric vehicles  $215,118   $100,976 
Light electric vehicles   751    34,104 
Uninterruptable supplies   6,685,405    8,763,583 
    6,901,274    8,898,663 
Raw materials used in lithium batteries   -    517,386 
Total  $6,901,274   $9,416,049 

 

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CBAK Energy Technology, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended March 31, 2020 and 2021

(Unaudited)

(In US$ except for number of shares)

 

23. Segment Information (continued)

 

Net revenues by geographic area:

 

   Three months ended
March 31,		 
   2020   2021 
Mainland China  $6,876,789   $7,625,793 
Europe   -    1,789,045 
Other   24,485    1,211 
Total  $6,901,274   $9,416,049 

 

Substantially all of the Company’s long-lived assets are located in the PRC.

 

24. Subsequent Events 

 

On April 1, 2021, CBAK Power entered into a framework investment agreement with Hangzhou Juzhong Daxin Asset Management Co., Ltd. ("Juzhong Daxin") for a potential acquisition of Zhejiang Meidu Hitrans Lithium Battery Technology Co., Ltd ("Hitrans"). Juzhong Daxin is the trustee of 85% of equity interests of Hitrans and has the voting right and right to dividend over the 85% of equity interests. Subject to definitive acquisition agreements to be entered into among the parties, including shareholders owning the 85% of equity interests of Hitrans, CBAK Power intends to acquire 85% of equity interests of Hitrans in cash in 2021. As of date of this report, CBAK Power has paid $3.05 million (RMB20,000,000) to Juzhong Daxin as a security deposit. Hitrans is an unrelated third party of the Company engaging in researching, manufacturing and trading of raw materials and is one of the major suppliers of the Company in fiscal 2020. 

 

On April 21, 2021, CBAK Power, along with Shenzhen BAK Power Battery Co., Ltd (BAK SZ), Shenzhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics) and Xiaoxia Liu, entered into an investment agreement with Junxiu Li, Hunan Xintao New Energy Technology Partnership, Xingyu Zhu, and Jiangsu Saideli Pharmaceutical Machinery Manufacturing Co., Ltd for an investment in Hunan DJY Technology Co., Ltd ("DJY"). CBAK Power has paid $1.4 million (RMB9,000,000) to acquire 9.74% of the equity interests of DJY. CBAK Power has appointed one director to the Board of Directors of DJY. DJY is an unrelated third party of the Company engaging in researching and manufacturing of raw materials and equipment.

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

The following management’s discussion and analysis should be read in conjunction with our financial statements and the notes thereto and the other financial information appearing elsewhere in this report. Our financial statements are prepared in U.S. dollars and in accordance with U.S. GAAP.

 

Special Note Regarding Forward Looking Statements

 

Statements contained in this report include “forward-looking statements” within the meaning of such term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We use words such as “believe,” “expect,” “anticipate,” “project,” “target,” “plan,” “optimistic,” “intend,” “aim,” “will” or similar expressions which are intended to identify forward-looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those identified in Item 1A, “Risk Factors” described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause the results of the Company to differ materially from those expressed or implied by such forward-looking statements.

 

Readers are urged to carefully review and consider the various disclosures made by us in this report and our other filings with the SEC. These reports attempt to advise interested parties of the risks and factors that may affect our business, financial condition and results of operations and prospects. The forward-looking statements made in this report speak only as of the date hereof and we disclaim any obligation, except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in our expectations or future events.

 

Use of Terms

 

Except as otherwise indicated by the context and for the purposes of this report only, references in this report to:

 

●“Company”, “we”, “us” and “our” are to the combined business of CBAK Energy Technology, Inc., a Nevada corporation, and its consolidated subsidiaries;
   
● “BAK Asia” are to our Hong Kong subsidiary, China BAK Asia Holdings Limited;
   
● “CBAK Trading” are to our PRC subsidiary, Dalian CBAK Trading Co., Ltd.;
   
● “CBAK Power” are to our PRC subsidiary, Dalian CBAK Power Battery Co., Ltd.;
   
● “CBAK Suzhou” are to our PRC subsidiary, CBAK New Energy (Suzhou) Co., Ltd.;
   
● “CBAK Energy” are to our PRC subsidiary, Dalian CBAK Energy Technology Co., Ltd.;
   
● “BAK Investments” are to our Hong Kong subsidiary, BAK Asia Investments Limited;
   
● “CBAK Nanjing” are to our PRC subsidiary, CBAK New Energy (Nanjing) Co., Ltd;
   
● “Nanjing CBAK” are to our PRC subsidiary, Nanjing CBAK New Energy Technology Co., Ltd.;
   
● “Nanjing Daxin” are to our PRC subsidiary, Nanjing Daxin New Energy Automobile Industry Co., Ltd.;
   
● “China” and “PRC” are to the People’s Republic of China;
   
● “RMB” are to Renminbi, the legal currency of China;
  
●“U.S. dollar”, “$” and “US$” are to the legal currency of the United States;
  
●“SEC” are to the United States Securities and Exchange Commission;
  
●“Securities Act” is to the Securities Act of 1933, as amended; and
  
●“Exchange Act” are to the Securities Exchange Act of 1934, as amended.

 

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Overview

 

We are a manufacturer of new energy high power lithium batteries that are mainly used in light electric vehicles, electric vehicles, electric tools, energy storage (such as uninterruptible power supply (UPS) applications) and other high-power applications. Our primary product offering consists of new energy high power lithium batteries, but we are also seeking to expand into the production and sale of light electric vehicles.

 

We acquired most of our operating assets, including customers, employees, patents and technologies from our former subsidiary BAK International (Tianjin) Ltd. (“BAK Tianjin”). We acquired these assets in exchange for a reduction in accounts receivable from our former subsidiaries that were disposed of in June 2014.

 

As of March 31, 2021, we report financial and operational information in one segment: high-power lithium battery cells production.

 

We currently conduct our business through six wholly-owned operating subsidiaries in China. We own these operating subsidiaries through BAK Asia and BAK Investments, which are investment holding companies formed under the laws of Hong Kong.

 

As disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed on April 13, 2021 and other reports filed with the SEC, we have been expanding our manufacturing capabilities through construction of new production lines in Nanjing and Dalian, China. To maintain our competitive position, we are also developing the model 32140 large-sized cylindrical “tabless” battery and the special 26650 lithium battery designed for application in ultra-low temperature. In addition, we have been developing our light electric vehicle business via our PRC subsidiary, Nanjing Daxin. On January 18, 2021, Nanjing Daxin established a branch in Tianjin City for the production of light electric vehicles.

 

Due to the growing environmental pollution problem, the Chinese government has been providing support to the development of new energy facilities and vehicles for several years. It is expected that we will be able to secure more potential orders from the new energy market. We believe that with the booming market demand in high power lithium-iron products, we can continue as a going concern and return to profitability sustainedly.

 

Recent Financing Activities

 

On February 8, 2021, we entered into a securities purchase agreement with certain investors, pursuant to which we issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, we issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. We received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. We completed another registered direct offering with the same investors in December 2020. See the “Liquidity and Capital Resources” section below for more details.

 

On May 10, 2021, we entered into that Amendment No. 1 to the Series B Warrant (the “Series B Warrant Amendment”) with each of the holders of the Company’s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021.

 

Recent Business Development

 

On April 1, 2021, CBAK Power entered into a framework investment agreement with Hangzhou Juzhong Daxin Asset Management Co., Ltd. ("Juzhong Daxin") for a potential acquisition of Zhejiang Meidu Hitrans Lithium Battery Technology Co., Ltd ("Hitrans"). Juzhong Daxin is the trustee of 85% equity interests of Hitrans and has the voting right and right to dividend over the 85% equity interests. Subject to definitive acquisition agreements to be entered into among the parties, including shareholders owning the 85% equity interests of Hitrans, CBAK Power intends to acquire the 85% equity interests of Hitrans in cash in 2021. As of date of this report, CBAK Power has paid $3.05 million (RMB20,000,000) to Juzhong Daxin as a security deposit. Hitrans is an unrelated third party engaging in researching, manufacturing and trading of raw materials and is one of the major suppliers of the Company in fiscal 2020.

 

In April 2021, CBAK Power and certain other unrelated companies and individuals jointly acquired approximately 22.7% of the equity interests of Hunan DJY Technology Co., Ltd ("DJY"), among which CBAK Power invested RMB9,000,000 (approximately $1.4 million) to acquire approximately 9.7% of the equity interests of DJY. CBAK Power has appointed one director to the Board of Directors of DJY. DJY is a private company engaged in researching and manufacturing of raw materials and manufacturing equipment. We intend to improve our supply chain and enhance our competitiveness through this investment.

 

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Financial Performance Highlights for the Quarter Ended March 31, 2021

 

The following are some financial highlights for the quarter ended March 31, 2021:

 

  ● Net revenues: Net revenues increased by $2.5 million, or 36%, to $9.4 million for the three months ended March 31, 2021, from $6.9 million for the same period in 2020.
     
  ● Gross profit: Gross profit was $1.8 million, representing an increase of $1.6 million, for the three months ended March 31, 2021, from gross profit of $0.2 million for the same period in 2020.
     
  ● Operating loss: Operating loss was $27,882 for the three months ended March 31, 2021, reflecting a decrease of $1.9 million from an operating loss of $2.0 million for the same period in 2020.
     
  ● Net profit (loss): Net profit was $29.6 million for the three months ended March 31, 2021, compared to a net loss of $2.4 million for the same period in 2020.
     
  ● Fully diluted income per share: Fully diluted income per share was $0.35 for the three months ended March 31, 2021, as compared to fully diluted loss per share of $0.04 for the same period in 2020.

 

Financial Statement Presentation

 

Net revenues. The Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the five-step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation.

 

Revenues from product sales are recognized when the customer obtains control of our product, which occurs at a point in time, typically upon delivery to the customer. We expense incremental costs of obtaining a contract as and when incurred it the expected amortization period of the asset that it would have recognized is on year or less or the amount is immaterial.

 

Revenue from product sales is recorded net of reserves established for applicable discounts and allowances that are offered within contracts with our customers.

 

Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the categories: discounts and returns. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable as the amount is payable to the Company’s customer.

 

Cost of revenues. Cost of revenues consists primarily of material costs, employee remuneration for staff engaged in production activity, share-based compensation, depreciation and related expenses that are directly attributable to the production of products. Cost of revenues also includes write-downs of inventory to lower of cost and net realizable value.

 

Research and development expenses. Research and development expenses primarily consist of remuneration for R&D staff, share-based compensation, depreciation and maintenance expenses relating to R&D equipment, and R&D material costs.

 

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Sales and marketing expenses. Sales and marketing expenses consist primarily of remuneration for staff involved in selling and marketing efforts, including staff engaged in the packaging of goods for shipment, warranty expenses, advertising cost, depreciation, share-based compensation and travel and entertainment expenses. We do not pay slotting fees to retail companies for displaying our products, engage in cooperative advertising programs, participate in buy-down programs or similar arrangements.

 

General and administrative expenses. General and administrative expenses consist primarily of employee remuneration, share-based compensation, professional fees, insurance, benefits, general office expenses, depreciation, liquidated damage charges and bad debt expenses.

 

Finance costs, net. Finance costs consist primarily of interest income and interest on bank loans, net of capitalized interest.

 

Income tax expenses. Our subsidiaries in PRC are subject to an income tax rate of 25%. Our Hong Kong subsidiaries are subject to profits tax at a rate of 16.5%. However, because we did not have any assessable income derived from or arising in Hong Kong, the entities had not paid any such tax.

 

Results of Operations

 

Comparison of Three Months Ended March 31, 2020 and 2021

 

The following tables set forth key components of our results of operations for the periods indicated.

 

(All amounts, other than percentages, in thousands of U.S. dollars)

 

   Three Months Ended
March 31,		  Change
   2020  2021  $  %
Net revenues  $6,901   $9,416    2,515    36 
Cost of revenues   (6,695)   (7,577)   (882)   13 
Gross profit   206    1,839    1,633    793 
                     
Operating expenses:                    
Research and development expenses   (299)   (484)   (185)   62 
Sales and marketing expenses   (94)   (213)   (119)   127 
General and administrative expenses   (1,115)   (1,324)   (209)   19 
(Provision for) recovery of doubtful accounts   (673)   154    827    (123)
Total operating expenses   (2,181)   (1,867)   314    (14)
Operating loss   (1,975)   (28)   1,947    (99)
Finance expense, net   (428)   (8)   420    (98)
Other income, net   49    1,218    1,169    2,386 
Change in fair value of warrants liability   -    28,426    28,426    100 
(Loss) income before income tax   (2,354)   29,608    31,962    (1,358)
Income tax expenses   -    -    -    - 
Net (loss) income  $(2,354)   29,608    31,962    (1,358)
Less: Net (loss) income attributable to non-controlling interests   (6)   1    7    (117)
Net (loss) income attributable to shareholders of CBAK Energy Technology, Inc.   (2,360)  $29,609    31,969    (1,355)

 

Net revenues. Net revenues increased by $2.5 million, or 36%, to $9.4 million for the three months ended March 31, 2021, from $6.9 million for the same period in 2020.

 

The following table sets forth the breakdown of our net revenues by end-product applications derived from high-power lithium batteries.

 

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(All amounts in thousands of U.S. dollars other than percentages)

 

   Three months ended
March 31,		  Change
   2020  2021  $  %
High power lithium batteries used in:            
Electric vehicles  $215   $101    (114)   (53)
Light electric vehicles   1    34    33    3,300 
Uninterruptable supplies   6,685    8,764    2,079    31 
    6,901    8,899    1,998    29 
Raw materials used in lithium batteries   -    517    517    100 
Total  $6,901   $9,416    2,515    36 

 

Net revenues from sales of batteries for electric vehicles was $0.1 million for the three months ended March 31, 2021 as compared to $0.2 million in the same period of 2020, representing a decrease of $0.1 million, or 53%.

 

Net revenues from sales of batteries for light electric vehicles was $34,104 for the three months ended March 31, 2021, as compared to $751 in the same period of 2020, marking a sharp increase of $33,353, or 4441%.

 

Net revenues from sales of batteries for uninterruptable power supplies (“UPS”) was $8.8 million in the three months ended March 31, 2021, as compared with $6.7 million in the same period in 2020, representing an increase of $2.1 million, or 31%. As we continued to focus more on this market, sale of batteries for uninterruptable power supplies have continued to increase significantly.

 

Net revenues from sales of raw materials used in lithium batteries were $0.5 million in the three months ended March 31, 2021, as compared with nil in the same period in 2020, representing an increase of $0.5 million. We obtained favorable prices on bulk purchase of raw materials from certain suppliers and then sold such raw materials to our clients, generating certain gross profit in the three months ended March 31, 2021.

 

Cost of revenues. Cost of revenues increased to $7.6 million for the three months ended March 31, 2021, as compared to $6.7 million for the same period in 2020, an increase of $0.9 million, or 13%. Included in cost of revenues were write down of obsolete inventories of $0.2 million for three months ended March 31, 2021, while it was $0.4 million for the same period in 2020. We write down the inventory value whenever there is an indication that it is impaired. However, further write-down may be necessary if market conditions deteriorate.

 

Gross profit. Gross profit for the three months ended March 31, 2021 was $1.8 million, or 19.5% of net revenues as compared to gross profit of $0.2 million, or 3.0% of net revenues, for the same period in 2020. Our Dalian facilities commenced manufacturing activities in July 2015. With our sustained effort, the quality passing rate of our product has continued to improve as a result of cost control and upgrades to production lines.

 

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Research and development expenses. Research and development expenses increased to approximately $0.5 million for the three months ended March 31, 2021, as compared to approximately $0.3 million for the same period in 2020, an increase of $0.2 million, or 62%. We suspended our operations in the first quarter of 2020 because of COVID-19 in China, resulting in significant reduction in costs and expenses incurred, while in the same quarter of 2021, our operations were largely unaffected by COVID-19.

 

Sales and marketing expenses. Sales and marketing expenses increased to approximately $0.2 million for the three months ended March 31, 2021, as compared to approximately $0.1 million for the same period in 2020, an increase of approximately $0.1 million, or 127%. As a percentage of revenues, sales and marketing expenses were 2.3% and 1.4% for the three months ended March 31, 2021 and 2020, respectively. We suspended our operations in the first quarter of 2020 because of COVID-19 in China, resulting in significant reduction in costs and expenses incurred. By contrast, in the first quarter of 2021, our operations were largely unaffected by COVID-19.

 

General and administrative expenses. General and administrative expenses increased to $1.3 million, or 14.1% of revenues, for the three months ended March 31, 2021, as compared to $1.1 million, or 16.2% of revenues, for the same period in 2020, representing an increase of $0.2 million, or 19%. As described above, we suspended our operations in the first quarter of 2020, while in the same quarter of 2021, our operations were largely unaffected by COVID-19. Meanwhile, fees related to our status as a public company increased by $0.16 million due to an increased amount of SEC filings and issuance of shares in the first quarter of 2021 compared with the same period in 2020.

 

Provision for (recovery of) doubtful accounts. Recovery of doubtful accounts was $0.2 million for the three months ended March 31, 2021, as compared to a provision for doubtful accounts of $0.7 million for the same period in 2020. We determine the allowance based on historical write-off experience, customer specific facts and economic conditions.

 

Operating loss. As a result of the above, our operating loss totaled $0.02 million for the three months ended March 31, 2021, as compared to $2.0 million for the same period in 2020, representing a decrease of $1.95 million, or 99%.

 

Finance expenses, net. Finance expense, net was $7,598 for the three months ended March 31, 2021, as compared to $0.43 million for the same period in 2020, representing a decrease of $0.42 million as a result of our lower loan balances in 2021.

 

Other income, net. Other income was $1.2 million for the three months ended March 31, 2021, as compared to $49,474 for the same period in 2020. The increase was primarily resulted from debts relief from materials and equipment suppliers.

 

Changes in fair value of warrants liability. We issued warrants in the financing we consummated in December 2020 and February 2021. We determined that these warrants should be accounted for as derivative liabilities, as the warrants are dominated in a currency (U.S. dollar) other than our functional currency. The change in fair value of warrants liability is mainly due to the share price decline.

 

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Income tax. Income tax was nil for the three months ended March 31, 2021 and 2020, respectively.

 

Net income (loss). As a result of the foregoing, we had a net profit of $29.6 million for the three months ended March 31, 2021, compared to the net loss of $2.4 million for the same period in 2020.

 

Liquidity and Capital Resources

 

We had financed our liquidity requirements from a variety of sources, including short-term bank loans, other short-term loans and bills payable under bank credit agreements, advance from our related and unrelated parties, investors and issuance of capital stock.

 

We generated a net profit of $29.6 million for the three months ended March 31, 2021. As of March 31, 2021, we had cash and cash equivalents and restricted cash of $81.4 million. Our total current assets were $119.9 million and our total current liabilities were $89.3 million, resulting in a net working capital of $30.6 million.

 

We had an accumulated deficit from recurring losses from operations and short-term debt obligations as of December 31, 2020 and March 31, 2021. As of December 31, 2020, we had a working capital deficiency of $10.5 million. These factors raise substantial doubts about our ability to continue as a going concern. The report from our independent registered public accounting firm for the year ended December 31, 2020 included an explanatory paragraph in respect of the substantial doubt of our ability to continue as a going concern. We are currently expanding our product lines and manufacturing capacity in our Dalian and Nanjing plant, which requires more funding to finance the expansion. We plan to renew our bank borrowings upon maturity and raise additional funds through bank borrowings and equity financing to meet our daily cash demands. However, there can be no assurance that we will be successful in obtaining the financing.

 

These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Lending from Financial Institutions

 

On June 4, 2018, we obtained banking facilities from China Everbright Bank Dalian Branch with a maximum amount of RMB200 million (approximately $30.63 million), bearing interest at 130% of benchmark rate of the People’s Bank of China (“PBOC”) for three-year long-term loans with the term of June 12, 2018 to June 10, 2021, which is currently 6.175% per annum. Under the facilities, we borrowed RMB126.0 million ($18.1 million), RMB23.3 million ($3.3 million), RMB9.0 million ($1.3 million) and RMB9.5 million ($1.4 million) on June 12, June 20, September 20, and October 19, 2018, respectively. The loans are repayable in six installments of RMB0.8 million ($0.12 million) on December 10, 2018, RMB24.3 million ($3.50 million) on June 10, 2019, RMB0.8 million ($0.12 million) on December 10, 2019, RMB74.7 million ($10.7 million) on June 10, 2020, RMB0.8 million ($0.12 million) on December 10, 2020 and RMB66.3 million ($9.6 million) on June 10, 2021. We repaid the bank loan of RMB0.8 million ($0.12 million), RMB24.3 million ($3.72 million) and RMB0.8 million ($0.12 million) in December 2018, June 2019 and December 2019, respectively.

 

On June 28, 2020, we entered into a supplemental agreement with China Everbright Bank Dalian Branch to change the repayment schedule. According to the modification agreement, the remaining RMB141.8 million (approximately $21.72 million) loans are repayable in eight instalments consisting of RMB1.09 million ($0.17 million) on June 10, 2020, RMB1 million ($0.15 million) on December 10, 2020, RMB2 million ($0.31 million) on January 10, 2021, RMB2 million ($0.31 million) on February 10, 2021, RMB2 million ($0.31 million) on March 10, 2021, RMB2 million ($0.31 million) on April 10, 2021, RMB2 million ($0.31 million) on May 10, 2021, and RMB129.7 million ($19.9 million) on June 10, 2021, respectively. We repaid the bank loan of RMB1.09 million ($0.17 million) and RMB51 million ($7.8 million) in June and December 2020, respectively.

 

As a result, the balance of loan that we borrowed from China Everbright Bank Dalian Branch as of March 31, 2021 was RMB89.7 million ($13.7 million). The facilities were secured by our Dalian site’s land use rights and part of our Dalian site’s buildings, machinery and equipment. We repaid the remaining bank loan of RMB50 million ($7.63 million) and RMB39.7 million ($6.1 million) in April and May 2021, respectively.

 

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During October to December 2020, we borrowed a series of acceptance bills from China Merchants Bank totaled RMB13.5 million (approximately $2.07 million) for various terms through April to June 2021, which was secured by our cash totaled RMB13.5 million (approximately $2.07 million).

 

In December 2020 to March 2021, we borrowed a series of acceptance bills from Agricultural Bank of China totaled RMB65.2 million (approximately $9.94 million) for various terms to June to September 2021, which was secured by our cash totaled RMB65.2 million (approximately $9.94 million).

 

In January to March 2021, we borrowed a series of acceptance bills from China Zheshang Bank Co. Ltd Shenyang Branch totaled RMB28.0 million (approximately $4.27 million), which was secured by our cash totaled RMB28.0 million (approximately $4.27 million).

 

As of March 31, 2021, we had unutilized committed banking facilities of $4.9 million. We plan to renew these loans upon maturity and intend to raise additional funds through bank borrowings in the future to meet our daily cash demands, if required.

 

Equity and Debt Financings from Investors

 

We have also obtained funds through private placements, registered direct offerings and other equity and note financings.

 

On December 8, 2020, we entered into a securities purchase agreement with certain institutional investors, pursuant to which we issued in a registered direct offering, an aggregate of 9,489,800 shares of common stock of the Company at a per share purchase price of $5.18, and warrants to purchase an aggregate of 3,795,920 shares of common stock of the Company at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance, for gross proceeds of approximately $49.16 million, before deducting fees to the placement agent and other estimated offering expenses payable by the Company.

 

On February 8, 2021, we entered into another securities purchase agreement with the same investors, pursuant to which we issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, we issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. We received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other estimated offering expenses payable by the Company.

 

On May 10, 2021, we entered into the Series B Warrant Amendment with each of the holders of the Company’s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021.

 

We currently are expanding our product lines and manufacturing capacity in our Dalian and Nanjing plants, which requires additional funding to finance the expansion. We may also require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue. We plan to renew these loans upon maturity, if required, and plan to raise additional funds through bank borrowings and equity financing in the future to meet our daily cash demands, if required. However, there can be no assurance that we will be successful in obtaining this financing. If our existing cash and bank borrowing are insufficient to meet our requirements, we may seek to sell equity securities, debt securities or borrow from lending institutions. We can make no assurance that financing will be available in the amounts we need or on terms acceptable to us, if at all. The sale of equity securities, including convertible debt securities, would dilute the interests of our current shareholders. The incurrence of debt would divert cash for working capital and capital expenditures to service debt obligations and could result in operating and financial covenants that restrict our operations and our ability to pay dividends to our shareholders. If we are unable to obtain additional equity or debt financing as required, our business operations and prospects may suffer.

 

The accompanying condensed consolidated financial statements have been prepared assuming we will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to our ability to continue as a going concern.

 

50

 

The following table sets forth a summary of our cash flows for the periods indicated:

 

(All amounts in thousands of U.S. dollars)

 

   Three Months Ended
March 31,		 
   2020   2021 
Net cash provided by operating activities  $686   $764 
Net cash used in investing activities   (261)   (5,681)
Net cash (used in) provided by financing activities   (1,937)   65,350 
Effect of exchange rate changes on cash and cash equivalents   (112)   336 
Net (decrease) increase in cash and cash equivalents and restricted cash   (1,624)   60,769 
Cash and cash equivalents and restricted cash at the beginning of period   7,134    20,671 
Cash and cash equivalents and restricted cash at the end of period  $5,510   $81,440 

 

Operating Activities

 

Net cash provided by operating activities was $0.8 million in the three months ended March 31, 2021, as compared with $0.7 million in the same period in 2020. The net cash provided by operating activities for the three months ended March 31, 2021 was mainly attributable to our net profit (before gain on disposal of property, plant and equipment, non-cash depreciation and amortization, recovery of doubtful debts, write-down of inventories, share-based compensation and changes in fair value of warrants liability) of $2.1 million, a decrease of trade accounts and bills receivable of $6.3 million, partially offset by an increase in inventories of $1.5 million, an increase of $0.5 million of prepayments and other receivables, a decrease of trade accounts and bills payable of $2.9 million and a decrease of accrued expenses and other payables of $0.9 million.

 

The net cash provided by operating activities for the three months ended March 31, 2020 was mainly attributable to an increase of $4.3 million of trade payables to former subsidiaries and a decrease in inventories of $0.7 million, partially offset by our net loss (excluding non-cash depreciation and amortization, provision for doubtful debts, write-down of inventories and share-based compensation) of $0.4 million, a decrease of trade accounts and bills payable of $0.2 million, and an increase of $3.6 million in trade accounts and bills receivables.

 

Investing Activities

 

Net cash used in investing activities was $5.7 million for the three months ended March 31, 2021, as compared to $0.3 million in the same period of 2020. The net cash used in investing activities comprised the purchases of property, plant and equipment and construction in progress.

 

Financing Activities

 

Net cash provided by financing activities was $65.4 million in the three months ended March 31, 2021, as compared to net cash used in financing activities of $1.9 million in the same period in 2020. The net cash provided by financing activities for the three months ended March 31, 2021 was mainly attributable to $65.5 million net proceeds from issuance of shares to institutional investors in February 2021.

 

The net cash used in financing activities for the three months ended March 31, 2020 was mainly attributable to repayment of borrowings of $5.7 million to Jilin Province Trust Co. Ltd., partially offset by borrowing of $3.5 million from Jilin Province Trust Co. Ltd. under a renewed credit facility.

 

51

 

As of March 31, 2021, the principal amounts outstanding under our credit facilities and lines of credit were as follows:

 

(All amounts in thousands of U.S. dollars)

 

   Maximum amount available   Amount borrowed 
Long-term credit facilities:        
China Everbright Bank  $18,603   $13,689 
           
Other lines of credit:          
China Merchants Bank  $2,066   $2,066 
Agricultural Bank of China   9,943    9,943 
China Zheshang Bank Co., Ltd   4,269    4,269 
    16,278    16,278 
           
Total  $34,881   $29,967 

 

Capital Expenditures

 

We incurred capital expenditures of $5.7 million and $0.3 million in the three months ended March 31, 2021 and 2020, respectively. Our capital expenditures were used primarily to construct our Dalian facility and Nanjing facility.

 

We estimate that our total capital expenditures in fiscal year 2021 will reach approximately $15.2 million. Such funds will be used to renovate the current product lines and construct new plants that will be equipped with new product lines and battery module packing lines.

 

Contractual Obligations and Commercial Commitments

 

The following table sets forth our contractual obligations and commercial commitments as of March 31, 2021:

 

(All amounts in thousands of U.S. dollars)

 

   Payments Due by Period 
　  Total   Less than
1 year		   1 - 3 years   3 - 5 years   More than
5 years		 
Contractual Obligations                    
Current maturities of long-term bank loans  $13,689   $13,689   $-    -   $- 
Bills payable   16,278    16,278    -    -    - 
Payable to former subsidiaries   383    383    -    -    - 
Other short-term loans   1,106    1,106    -    -    - 
Capital injection to CBAK Trading   2,565    2,565    -    -    - 
Capital injection to CBAK Power   30,000    30,000    -    -    - 
Capital injection to CBAK Energy   40,680    40,680    -    -    - 
Capital injection to CBAK Nanjing   46,990    46,990    -    -    - 
Capital injection to Nanjing CBAK   65,478    65,478    -    -    - 
Capital injection to Nanjing Daxin   6,104    6,104                
Capital commitments for construction of buildings   1,996    1,996    -    -    - 
Capital commitments for purchase of equipment   19,255    19,255    -    -    - 
Future interest payment on bank loans   167    167    -    -    - 
Total  $244,691   $244,691   $-    -   $- 

  

Other than the contractual obligations and commercial commitments set forth above, we did not have any other long-term debt obligations, operating lease obligations, capital commitments, purchase obligations or other long-term liabilities as of March 31, 2021.

 

52

 

Off-Balance Sheet Transactions

 

We have not entered into any transactions, agreements or other contractual arrangements to which an entity unconsolidated with us is a party and under which we have (i) any obligation under a guarantee, (ii) any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity, (iii) any obligation under derivative instruments that are indexed to our shares and classified as shareholders’ equity in our consolidated balance sheets, or (iv) any obligation arising out of a variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

 

Critical Accounting Policies

 

Our condensed consolidated financial information has been prepared in accordance with U.S. GAAP, which requires us to make judgments, estimates and assumptions that affect (1) the reported amounts of our assets and liabilities, (2) the disclosure of our contingent assets and liabilities at the end of each fiscal period and (3) the reported amounts of revenues and expenses during each fiscal period. We continually evaluate these estimates based on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future based on available information and reasonable assumptions, which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

 

There were no material changes to the critical accounting policies previously disclosed in our audited consolidated financial statements for the year ended December 31, 2020 included in the Annual Report on Form 10-K filed on April 13, 2021.

 

Changes in Accounting Standards

 

Please refer to note 1 to our condensed consolidated financial statements, “Principal Activities, Basis of Presentation and Organization –Recently Issued Accounting Standards,” for a discussion of relevant pronouncements.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Evaluation of Disclosure Controls and Procedures

 

As required by Rule 13a-15 under the Exchange Act, our management has carried out an evaluation, with the participation and under the supervision of our Chief Executive Officer and Interim Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2021. Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Interim Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating and implementing possible controls and procedures.

 

53

 

Management conducted its evaluation of disclosure controls and procedures under the supervision of our Chief Executive Officer and our Interim Chief Financial Officer. Based upon, and as of the date of this evaluation, our Chief Executive Officer and Interim Chief Financial Officer concluded that our disclosure controls and procedures were ineffective as of March 31, 2021.

 

As we disclosed in our Annual Report on Form 10-K filed with the SEC on April 13, 2021, during our assessment of the effectiveness of internal control over financial reporting as of December 31, 2020, management identified the following material weakness in our internal control over financial reporting:

 

●We did not have appropriate policies and procedures in place to evaluate the proper accounting and disclosures of key documents and agreements.
  
●We do not have sufficient and skilled accounting personnel with an appropriate level of technical accounting knowledge and experience in the application of accounting principles generally accepted in the United States commensurate with our financial reporting requirements.

 

In order to cure the foregoing material weakness, we have taken or are taking the following remediation measures:

  
●We are in the process of hiring a permanent chief financial officer with significant U.S. GAAP and SEC reporting experience. Ms. Xiangyu Pei was appointed by the Board of Directors of the Company as the Interim Chief Financial Officer on August 23, 2019.
  
●Since September 2016, we have regularly offered our financial personnel trainings on internal control and risk management. Since November 2016, we have regularly provided trainings to our financial personnel on U.S. GAAP accounting guidelines. We plan to continue to provide trainings to our financial team and our other relevant personnel on the U.S. GAAP accounting guidelines applicable to our financial reporting requirements.

 

We intend to complete the remediation of the material weaknesses discussed above as soon as practicable but we can give no assurance that we will be able to do so. Designing and implementing an effective disclosure controls and procedures is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to devote significant resources to maintain a financial reporting system that adequately satisfies our reporting obligations. The remedial measures that we have taken and intend to take may not fully address the material weakness that we have identified, and material weaknesses in our disclosure controls and procedures may be identified in the future. Should we discover such conditions, we intend to remediate them as soon as practicable. We are committed to taking appropriate steps for remediation, as needed.

 

Changes in Internal Control over Financial Reporting

 

Except for the matters described above, there were no changes in our internal controls over financial reporting during the quarter ended March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

54

 

PART II

OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

  

The information set forth in Note 21 “Commitments and Contingencies—(ii) Litigation” to our consolidated financial statements in Part I, Item 1 of this Form 10-Q is incorporated by reference herein.   

 

ITEM 1A. RISK FACTORS.

 

There are no material changes from the risk factors previously disclosed in Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

 

Other than as previously disclosed in current reports on Form 8-K, there were no unregistered sales of equity securities or repurchase of common stock during the period covered by this report. 

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES.

 

Not applicable.

 

ITEM 5. OTHER INFORMATION.

 

None.

 

55

 

ITEM 6. EXHIBITS.

 

The following exhibits are filed as part of this report or incorporated by reference:

 

Exhibit No.   Description
     
31.1   Certifications of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2   Certifications of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1   Certifications of Principal Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
32.2   Certifications of Principal Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Extension Schema Document
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

56

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: May 17, 2021

 

  CBAK ENERGY TECHNOLOGY, INC.
     
  By: /s/ Yunfei Li
    Yunfei Li
    Chief Executive Officer
     
  By: /s/ Xiangyu Pei
    Xiangyu Pei
    Interim Chief Financial Officer

 

57

 

EXHIBIT INDEX

 

Exhibit No.   Description
     
31.1   Certifications of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2   Certifications of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1   Certifications of Principal Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
32.2   Certifications of Principal Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Extension Schema Document
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

 

 

58

 

 

 EX-31.1 2 f10q0321ex31-1_cbakenergy.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATIONS

 

I, Yunfei Li, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of CBAK Energy Technology, Inc.;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 17, 2021

 

/s/ Yunfei Li  
Yunfei Li  
Chief Executive Officer  
(Principal Executive Officer)  

 

 

 EX-31.2 3 f10q0321ex31-2_cbakenergy.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATIONS 

 

I, Xiangyu Pei, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of CBAK Energy Technology, Inc.;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 17, 2021

 

/s/ Xiangyu Pei  
Xiangyu Pei  
Interim Chief Financial Officer  
(Principal Financial and Accounting Officer)  

 

 

 EX-32.1 4 f10q0321ex32-1_cbakenergy.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned, Yunfei Li, the Chief Executive Officer of CBAK ENERGY TECHNOLOGY, INC. (the “Company”), DOES HEREBY CERTIFY that:

 

1. The Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

 

2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

IN WITNESS WHEREOF, the undersigned has executed this statement this 17th day of May, 2021.

 

  /s/ Yunfei Li
  Yunfei Li
  Chief Executive Officer
  (Principal Executive Officer)

  

A signed original of this written statement required by Section 906 has been provided to CBAK Energy Technology, Inc. and will be retained by CBAK Energy Technology, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

The forgoing certification is being furnished to the Securities and Exchange Commission pursuant to § 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

 

 EX-32.2 5 f10q0321ex32-2_cbakenergy.htm CERTIFICATION

Exhibit 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned, Xiangyu Pei, the Interim Chief Financial Officer of CBAK ENERGY TECHNOLOGY, INC. (the “Company”), DOES HEREBY CERTIFY that:

 

1. The Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

 

2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

IN WITNESS WHEREOF, the undersigned has executed this statement this 17th day of May, 2021.

 

  /s/ Xiangyu Pei
  Xiangyu Pei
  Interim Chief Financial Officer
  (Principal Financial and Accounting Officer)

 

A signed original of this written statement required by Section 906 has been provided to CBAK Energy Technology, Inc. and will be retained by CBAK Energy Technology, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

The forgoing certification is being furnished to the Securities and Exchange Commission pursuant to § 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

 

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xbrli:shares xbrli:pure iso4217:CNY In November 2019, CBAK Suzhou received notice from Court of Suzhou city that Suzhou Industrial Park Security Service Co., Ltd (“Suzhou Security”) filed a lawsuit against CBAK Suzhou for the failure to pay pursuant to the terms of the sales contract. Suzhou Security sought a total amount of $21,321 (RMB139,713), including services expenses amount of $21,198 (RMB138,908) and interest of $123 (RMB805). Upon the request of Suzhou Security for property preservation, the Court of Suzhou froze CBAK Suzhou’s bank deposits totaling $0.02 million (RMB150,000) for a period of one year. As of March 31, 2021, $5,047 (RMB33,073) was frozen by bank and the Company had accrued the service cost of $21,198 (RMB138,908). Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand. Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand. The earnest money paid by certain shareholders in relation to share purchase (note 1) were unsecured, non-interest bearing and repayable on demand. In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors. On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors will release the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money. As of March 31, 2021, earnest money of $92,105 remained outstanding. Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand. In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2021, loan amount of RMB0.5 million ($76,303) remained outstanding. On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10-K for the year ended September 30, 2006 (the “2006 Form 10-K”). After the filing of the 2006 Form 10-K, the Company’s previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of December 31, 2019 and March 31, 2020, no liquidated damages relating to both events have been paid. Comprised less than 10% of net revenue for the respective period. Comprised less than 10% of net purchase for the respective period. Mr. Xiangqian Li is a director of Shenzhen BAK and BAK Shenzhen. Mr. Xiangqian Li, the Company’s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $2,327,491 to the Company. BAK Shenzhen has 95% equity interests in Zhengzhou BAK Electronics Co., Ltd. Up to the date of this report, Zhengzhou BAK Electronics Co., Ltd. repaid nil to the Company. Mr. Xiangqian Li is a director of Zhengzhou BAK New Energy Vehicle Co., Ltd. For the three months ended March 31, 2020 and 2021, sales of finished goods and raw materials to Zhengzhou BAK New Energy Vehicle Co., Ltd were nil. 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(formerly known as China BAK Battery, Inc.) (&#x201c;CBAK&#x201d; or the &#x201c;Company&#x201d;) is a corporation formed in the State of Nevada on October 4, 1999 as Medina Copy, Inc. The Company changed its name to Medina Coffee, Inc. on October 6, 1999 and subsequently changed its name to China BAK Battery, Inc. on February 14, 2005. CBAK and its subsidiaries (hereinafter, collectively referred to as the &#x201c;Company&#x201d;) are principally engaged in the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion (known as &#x201c;Li-ion&#x201d; or &#x201c;Li-ion cell&#x201d;) high power rechargeable batteries. Prior to the disposal of BAK International Limited (&#x201c;BAK International&#x201d;) and its subsidiaries (see below), the batteries produced by the Company were for use in cellular telephones, as well as various other portable electronic applications, including high-power handset telephones, laptop computers, power tools, digital cameras, video camcorders, MP3 players, electric bicycles, hybrid/electric vehicles, and general industrial applications. After the disposal of BAK International and its subsidiaries on June 30, 2014, the Company will focus on the manufacture, commercialization and distribution of high power lithium ion rechargeable batteries for use in cordless power tools, light electric vehicles, hybrid electric vehicles, electric cars, electric busses, uninterruptable power supplies and other high power applications.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The shares of the Company traded in the over-the-counter market through the Over-the-Counter Bulletin Board from 2005 until May 31, 2006, when the Company obtained approval to list its common stock on The NASDAQ Global Market, and trading commenced that same date under the symbol &#x201c;CBAK&#x201d;.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 10, 2017, the Company filed Articles of Merger with the Secretary of State of Nevada to effectuate a merger between the Company and the Company&#x2019;s newly formed, wholly owned subsidiary, CBAK Merger Sub, Inc. (the &#x201c;Merger Sub&#x201d;). According to the Articles of Merger, effective January 16, 2017, the Merger Sub merged with and into the Company with the Company being the surviving entity (the &#x201c;Merger&#x201d;). As permitted by Chapter 92A.180 of Nevada Revised Statutes, the sole purpose of the Merger was to effect a change of the Company&#x2019;s name.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Effective November 30, 2018, the trading symbol for common stock of the Company was changed from CBAK to CBAT. Effective at the opening of business on June 21, 2019, the Company&#x2019;s common stock started trading on the Nasdaq Capital Market.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Basis of Presentation and Organization</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 6, 2004, BAK International, a non-operating holding company that had substantially the same shareholders as Shenzhen BAK Battery Co., Ltd (&#x201c;Shenzhen BAK&#x201d;), entered into a share swap transaction with the shareholders of Shenzhen BAK for the purpose of the subsequent reverse acquisition of the Company. The share swap transaction between BAK International and the shareholders of Shenzhen BAK was accounted for as a reverse acquisition of Shenzhen BAK with no adjustment to the historical basis of the assets and liabilities of Shenzhen BAK.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 20, 2005, the Company completed a share swap transaction with the shareholders of BAK International. The share swap transaction, also referred to as the &#x201c;reverse acquisition&#x201d; of the Company, was consummated under Nevada law pursuant to the terms of a Securities Exchange Agreement entered by and among CBAK, BAK International and the shareholders of BAK International on January 20, 2005. The share swap transaction has been accounted for as a capital-raising transaction of the Company whereby the historical financial statements and operations of Shenzhen BAK are consolidated using historical carrying amounts.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Also on January 20, 2005, immediately prior to consummating the share swap transaction, BAK International executed a private placement of its common stock with unrelated investors whereby it issued an aggregate of 1,720,087 shares of common stock for gross proceeds of $17,000,000. In conjunction with this financing, Mr. Xiangqian Li, the Chairman and Chief Executive Officer of the Company (&#x201c;Mr. Li&#x201d;), agreed to place 435,910 shares of the Company&#x2019;s common stock owned by him into an escrow account pursuant to an Escrow Agreement dated January 20, 2005 (the &#x201c;Escrow Agreement&#x201d;). Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under accounting principles generally accepted in the United States of America (&#x201c;US GAAP&#x201d;), escrow agreements such as the one established by Mr. Li generally constitute compensation if, following attainment of a performance threshold, shares are returned to a company officer. The Company determined that without consideration of the compensation charge, the performance thresholds for the year ended September 30, 2005 would be achieved. However, after consideration of a related compensation charge, the Company determined that such thresholds would not have been achieved. The Company also determined that, even without consideration of a compensation charge, the performance thresholds for the year ended September 30, 2006 would not be achieved.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">While the 217,955 escrow shares relating to the 2005 performance threshold were previously released to Mr. Li, Mr. Li executed a further undertaking on August&#xa0;21, 2006 to return those shares to the escrow agent for the distribution to the relevant investors. However, such shares were not returned to the escrow agent, but, pursuant to a Delivery of Make Good Shares, Settlement and Release Agreement between the Company, BAK International and Mr. Li entered into on October&#xa0;22, 2007 (the &#x201c;Li Settlement Agreement&#x201d;), such shares were ultimately delivered to the Company as described below. Because the Company failed to satisfy the performance threshold for the fiscal year ended September 30, 2006, the remaining 217,955 escrow shares relating to the fiscal year 2006 performance threshold were released to the relevant investors. As Mr. Li has not retained any of the shares placed into escrow, and as the investors party to the Escrow Agreement are only shareholders of the Company and do not have and are not expected to have any other relationship to the Company, the Company has not recorded a compensation charge for the years ended September 30, 2005 and 2006.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At the time the escrow shares relating to the 2006 performance threshold were transferred to the investors in fiscal year 2007, the Company should have recognized a credit to donated shares and a debit to additional paid-in capital, both of which are elements of shareholders&#x2019; equity. This entry is not material because total ordinary shares issued and outstanding, total shareholders&#x2019; equity and total assets do not change; nor is there any impact on income or earnings per share. Therefore, previously filed consolidated financial statements for the fiscal year ended September 30, 2007 will not be restated. This share transfer has been reflected in these financial statements by reclassifying the balances of certain items as of October 1, 2007. The balances of donated shares and additional paid-in capital as of October 1, 2007 were credited and debited by $7,955,358 respectively, as set out in the consolidated statements of changes in shareholders&#x2019; equity.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In November 2007, Mr. Li delivered the 217,955 shares related to the 2005 performance threshold to BAK International pursuant to the Li Settlement Agreement; BAK International in turn delivered the shares to the Company. Such shares (other than those issued to investors pursuant to the 2008 Settlement Agreements, as described below) are now held by the Company. Upon receipt of these shares, the Company and BAK International released all claims and causes of action against Mr. Li regarding the shares, and Mr. Li released all claims and causes of action against the Company and BAK International regarding the shares. Under the terms of the Li Settlement Agreement, the Company commenced negotiations with the investors who participated in the Company&#x2019;s January 2005 private placement in order to achieve a complete settlement of BAK International&#x2019;s obligations (and the Company&#x2019;s obligations to the extent it has any) under the applicable agreements with such investors.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Beginning on March 13, 2008, the Company entered into settlement agreements (the &#x201c;2008 Settlement Agreements&#x201d;) with certain investors in the January 2005 private placement. Since the other investors have never submitted any claims regarding this matter, the Company did not reach any settlement with them.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Pursuant to the 2008 Settlement Agreements, the Company and the settling investors have agreed, without any admission of liability, to a settlement and mutual release from all claims relating to the January 2005 private placement, including all claims relating to the escrow shares related to the 2005 performance threshold that had been placed into escrow by Mr. Li, as well as all claims, including claims for liquidated damages relating to registration rights granted in connection with the January 2005 private placement. Under the 2008 Settlement Agreement, the Company has made settlement payments to each of the settling investors of the number of shares of the Company&#x2019;s common stock equivalent to 50% of the number of the escrow shares related to the 2005 performance threshold these investors had claimed; aggregate settlement payments as of June 30, 2015amounted to 73,749 shares. Share payments to date have been made in reliance upon the exemptions from registration provided by Section 4(2) and/or other applicable provisions of the Securities Act of 1933, as amended. In accordance with the 2008 Settlement Agreements, the Company filed a registration statement covering the resale of such shares which was declared effective by the SEC on June 26, 2008.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Pursuant to the Li Settlement Agreement, the 2008 Settlement Agreements and upon the release of the 217,955 escrow shares relating to the fiscal year 2006 performance threshold to the relevant investors, neither Mr. Li or the Company have any obligations to the investors who participated in the Company&#x2019;s January 2005 private placement relating to the escrow shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, the Company had not received any claim from the other investors who have not been covered by the &#x201c;2008 Settlement Agreements&#x201d; in the January 2005 private placement.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As the Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and the Company also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the &#x201c;2008 Settlement Agreements&#x201d; with us in fiscal year 2008, pursuant to &#x201c;Li Settlement Agreement&#x201d; and &#x201c;2008 Settlement Agreements&#x201d;, neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company&#x2019;s January 2005 private placement relating to the escrow shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 14, 2013, Dalian BAK Trading Co., Ltd was established as a wholly owned subsidiary of China BAK Asia Holding Limited (&#x201c;BAK Asia&#x201d;) with a registered capital of $500,000. Pursuant to CBAK Trading&#x2019;s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 14, 2015. On August 5, 2019, CBAK Trading&#x2019;s registered capital was increased to $5,000,000. Pursuant to CBAK Trading&#x2019;s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 1, 2033. Up to the date of this report, the Company has contributed $2,435,000 to CBAK Trading in cash.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 27, 2013, Dalian BAK Power Battery Co., Ltd was established as a wholly owned subsidiary of BAK Asia with a registered capital of $30,000,000. Pursuant to CBAK Power&#x2019;s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 27, 2015. On March 7, 2017, the name of Dalian BAK Power Battery Co., Ltd was changed to Dalian CBAK Power Battery Co., Ltd (&#x201c;CBAK Power&#x201d;). On July 10, 2018, CBAK Power&#x2019;s registered capital was increased to $50,000,000. On October 29, 2019, CBAK Power&#x2019;s registered capital was further increased to $60,000,000. Pursuant to CBAK Power&#x2019;s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 31, 2021. Up to the date of this report, the Company has contributed $60,000,000 to CBAK Power through injection of a series of patents and cash.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 4, 2018, CBAK New Energy (Suzhou) Co., Ltd (&#x201c;CBAK Suzhou&#x201d;) was established as a 90% owned subsidiary of CBAK Power with a registered capital of RMB10,000,000 (approximately $1.5 million). The remaining 10% equity interest was held by certain employees of CBAK Suzhou. Pursuant to CBAK Suzhou&#x2019;s articles of association, each shareholder is entitled to the right of the profit distribution or responsible for the loss according to its proportion to the capital contribution. Pursuant to CBAK Suzhou&#x2019;s articles of association and relevant PRC regulations, CBAK Power was required to contribute the capital to CBAK Suzhou on or before December 31, 2019. Up to the date of this report, the Company has contributed RMB9.0 million (approximately $1.3 million), and the other shareholders have contributed RMB1.0 million (approximately $0.1 million) to CBAK Suzhou through injection of a series of cash. The Company plan to dissolve CBAK Suzhou in 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 21, 2019, Dalian CBAK Energy Technology Co., Ltd (&#x201c;CBAK Energy&#x201d;) was established as a wholly owned subsidiary of BAK Asia with a registered capital of $50,000,000. Pursuant to CBAK Energy&#x2019;s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Energy on or before November 20, 2022. Up to the date of this report, the Company has contributed $20,719,925 to CBAK Energy. CBAK Energy will be focus on manufacture and sale of lithium batteries and lithium batteries&#x2019; materials.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 14, 2020, the Company acquired BAK Asia Investments Limited (&#x201c;BAK Investments&#x201d;), a company incorporated under Hong Kong laws, from Mr. Xiangqian Li, the Company&#x2019;s former CEO, for a cash consideration of HK$1.00. BAK Asia Investments Limited is a holding company without any other business operations.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 31, 2020, BAK Investments formed a wholly owned subsidiary CBAK New Energy (Nanjing) Co., Ltd. (&#x201c;CBAK Nanjing&#x201d;) in China with a registered capital of $100,000,000. Pursuant to CBAK Nanjing&#x2019;s articles of association and relevant PRC regulations, BAK Investments was required to contribute the capital to CBAK Nanjing on or before July 29, 2040. Up to the date of this report, the Company has contributed $49,989,915 to CBAK Nanjing.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 6, 2020, Nanjing CBAK New Energy Technology Co., Ltd. (&#x201c;Nanjing CBAK&#x201d;) was established as a wholly owned subsidiary of CBAK Nanjing with a registered capital of RMB700,000,000 (approximately $107 million). Pursuant to Nanjing CBAK&#x2019;s articles of association and relevant PRC regulations, CBAK Nanjing was required to contribute the capital to Nanjing CBAK on or before August 5, 2040. Up to the date of this report, the Company has contributed RMB290,378,836 (approximately $44.3 million) to Nanjing CBAK.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 9, 2020, Nanjing Daxin New Energy Automobile Industry Co., Ltd (&#x201c;Nanjing Daxin&#x201d;) was established as a wholly owned subsidiary of CBAK Nanjing with a register capital of RMB50,000,000 (approximately $7.6 million). Up to the date of this report, the Company has contributed RMB10,000,000 (approximately $1.53 million) to Nanjing Daxin. On January 18, 2021, Nanjing Daxin established a branch in Tianjin City.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company&#x2019;s condensed consolidated financial statements have been prepared under US GAAP.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">These condensed consolidated financial statements are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed consolidated financial statements, which are of a normal and recurring nature, have been included. The results reported in the condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The following (a) condensed consolidated balance sheet as of December 31, 2020, which was derived from the Company&#x2019;s audited financial statements, and (b) the unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to those rules and regulations, though the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying footnotes of the Company for the year ended December 31, 2020 filed with the SEC on April 13, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. This basis of accounting differs in certain material respects from that used for the preparation of the books of account of the Company&#x2019;s principal subsidiaries, which are prepared in accordance with the accounting principles and the relevant financial regulations applicable to enterprises with limited liability established in the PRC or Hong Kong. The accompanying consolidated financial statements reflect necessary adjustments not recorded in the books of account of the Company&#x2019;s subsidiaries to present them in conformity with US GAAP.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">After the disposal of BAK International Limited and its subsidiaries, namely Shenzhen BAK, Shenzhen BAK Power Battery Co., Ltd (formerly BAK Battery (Shenzhen) Co., Ltd.) (&#x201c;BAK Shenzhen&#x201d;), BAK International (Tianjin) Ltd. (&#x201c;BAK Tianjin&#x201d;), Tianjin Chenhao Technological Development Limited (a subsidiary of BAK Tianjin established on May 8, 2014, &#x201c;Tianjin Chenhao&#x201d;), BAK Battery Canada Ltd. (&#x201c;BAK Canada&#x201d;), BAK Europe GmbH (&#x201c;BAK Europe&#x201d;) and BAK Telecom India Private Limited (&#x201c;BAK India&#x201d;), effective on June 30, 2014, and as of December 31, 2019, the Company&#x2019;s subsidiaries consisted of: i) China BAK Asia Holdings Limited (&#x201c;BAK Asia&#x201d;), a wholly owned limited liability company incorporated in Hong Kong on July 9, 2013; ii) Dalian CBAK Trading Co., Ltd. (&#x201c;CBAK Trading&#x201d;), a wholly owned limited company established on August 14, 2013 in the PRC; iii) Dalian CBAK Power Battery Co., Ltd. (&#x201c;CBAK Power&#x201d;), a wholly owned limited liability company established on December 27, 2013 in the PRC; iv) CBAK New Energy (Suzhou) Co., Ltd. (&#x201c;CBAK Suzhou&#x201d;), a 90% owned limited liability company established on May 4, 2018 in the PRC; v) Dalian CBAK Energy Technology Co., Ltd (&#x201c;CBAK Energy&#x201d;), a wholly owned limited liability company established on November 21, 2019 in the PRC; (vi) BAK Asia Investments Limited (&#x201c;BAK Investments&#x201d;), a wholly owned limited liability company incorporated in Hong Kong acquired on July 14, 2020; (vii) CBAK New Energy (Nanjing) Co., Ltd. (&#x201c;CBAK Nanjing&#x201d;), a wholly owned limited liability company established on July 31, 2020 in the PRC; (viii) Nanjing CBAK New Energy Technology Co., Ltd, (&#x201c;Nanjing CBAK&#x201d;), a wholly owned limited liability company established on August 6, 2020 in the PRC and (ix) Nanjing Daxin New Energy Automobile Industry Co., Ltd (&#x201c;Nanjing Daxin&#x201d;), a wholly owned limited liability company established on November 9, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company continued its business and continued to generate revenues from sale of batteries via subcontracting the production to BAK Tianjin and BAK Shenzhen, former subsidiaries before the completion of construction and operation of its facility in Dalian. BAK Tianjin and BAK Shenzhen are now suppliers of the Company, and the Company does not have any significant benefits or liability from the operating results of BAK Tianjin and BAK Shenzhen except the normal risk with any major supplier.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of the date of this report, Mr. Xiangqian Li is no longer a director of BAK International and BAK Tianjin. He remained as a director of Shenzhen BAK and BAK Shenzhen.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On and effective March 1, 2016, Mr. Xiangqian Li resigned as Chairman, director, Chief Executive Officer, President and Secretary of the Company. On the same date, the Board of Directors of the Company appointed Mr. Yunfei Li as Chairman, Chief Executive Officer, President and Secretary of the Company. On March&#xa0;4, 2016, Mr. Xiangqian Li transferred 3,000,000 shares to Mr. Yunfei Li for a price of $2.4 per share. After the share transfer, Mr. Yunfei Li held 3,000,000 shares or 17.3% and Mr. Xiangqian Li held 760,557 shares at 4.4% of the Company&#x2019;s outstanding stock, respectively. As of March 31, 2021, Mr. Yunfei Li held 10,785,872 shares or 12.2% of the Company&#x2019;s outstanding stock, and Mr. Xiangqian Li held none of the Company&#x2019;s outstanding stock.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company had an accumulated deficit from recurring losses from operations and short-term debt obligations as of December 31, 2020 and March 31, 2021. As of December 31, 2020, the Company has a working capital deficiency of $10.5 million. These factors raise substantial doubts about the Company&#x2019;s ability to continue as a going concern.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June and July 2015, the Company received advances of approximately $9.8 million from potential investors. On September 29, 2015, the Company entered into a Debt Conversion Agreement with these investors. Pursuant to the terms of the Debt Conversion Agreement, each of the creditors agreed to convert existing loan principal of $9,847,644 into an aggregate 4,376,731 shares of common stock of the Company (&#x201c;the Shares&#x201d;) at a conversion price of $2.25 per share. Upon receipt of the Shares on October 16, 2015, the creditors released the Company from all claims, demands and other obligations relating to the Debts. As such, no interest was recognized by the Company on the advances from investors pursuant to the supplemental agreements with investors and the Debt Conversion Agreement.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2016, the Company received further advances in the aggregate of $2.9 million from Mr. Jiping Zhou and Mr. Dawei Li. These advances were unsecured, non-interest bearing and repayable on demand. On July 8, 2018, the Company received further advances of $2.6 million from Mr. Jiping Zhou. On July 28, 2016, the Company entered into securities purchase agreements with Mr. Jiping Zhou and Mr. Dawei Li to issue and sell an aggregate of 2,206,640 shares of common stock of the Company, at $2.5 per share, for an aggregate consideration of approximately $5.52 million. On August 17, 2016, the Company issued these shares to the investors.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 17, 2017, the Company signed investment agreements with eight investors (including Mr. Yunfei Li, the Company&#x2019;s CEO, and seven of the Company&#x2019;s existing shareholders) whereby the investors agreed to subscribe new shares of the Company totaling $10 million. Pursuant to the investment agreements, in January 2017 the 8 investors paid the Company a total of $2.06 million as down payments. Mr. Yunfei Li agrees to subscribe new shares of the Company totaled $1,120,000 and paid the earnest money of $225,784 in January 2017. On April 1, April 21, April 26 and May 10, 2017, the Company received $1,999,910, $3,499,888, $1,119,982 and $2,985,497 from these investors, respectively. On May 31, 2017, the Company entered into a securities purchase agreement with the eight investors, pursuant to which the Company agreed to issue an aggregate of 6,403,518 shares of common stock to these investors, at a purchase price of $1.50 per share, for an aggregate price of $9.6 million, among which 746,018 shares issued to Mr. Yunfei Li. On June 22, 2017, the Company issued the shares to the investors.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 7, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $3.4 million (RMB23,980,950) and $1.7 million (RMB11,647,890) (totaled $5.1 million, the &#x201c;First Debt&#x201d;) to Mr. Dawei Li and Mr. Yunfei Li, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 7, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li and Mr. Yunfei Li. Pursuant to the terms of the cancellation agreement, Mr. Dawei Li and Mr. Yunfei Li agreed to cancel the First Debt in exchange for 3,431,373 and 1,666,667 shares of common stock of the Company, respectively, at an exchange price of $1.02 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the First Debt.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 26, 2019, each of Mr. Jun Lang, Ms. Jing Shi and Asia EVK Energy Auto Limited (&#x201c;Asia EVK&#x201d;) entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $0.3 million (RMB2,225,082), $0.1 million (RMB 912,204) and $5.0 million (RMB35,406,036) (collectively $5.4 million, the &#x201c;Second Debt&#x201d;) to Mr. Jun Lang, Ms. Jing Shi and Asia EVK, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 26, 2019, the Company entered into a cancellation agreement with Mr. Jun Lang, Ms. Jing Shi and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, the creditors agreed to cancel the Second Debt in exchange for 300,534, 123,208 and 4,782,163 shares of common stock of the Company, respectively, at an exchange price of $1.1 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Second Debt.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 28, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power to loan approximately $1.4 million (RMB10,000,000) and $2.5 million (RMB18,000,000) respectively to CBAK Power for a terms of six months (collectively $3.9 million, the &#x201c;Third Debt&#x201d;). The loan was unsecured, non-interest bearing and repayable on demand.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 16, 2019, each of Asia EVK and Mr. Yunfei Li entered into an agreement with CBAK Power and Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. (the Company&#x2019;s construction contractor) whereby Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. assigned its rights to the unpaid construction fees owed by CBAK Power of approximately $2.8 million (RMB20,000,000) and $0.4 million (RMB2,813,810) (collectively $3.2 million, the &#x201c;Fourth Debt&#x201d;) to Asia EVK and Mr. Yunfei Li, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 26, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li, Mr. Yunfei Li and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Dawei Li, Mr. Yunfei Li and Asia EVK agreed to cancel the Third Debt and Fourth Debt in exchange for 1,384,717, 2,938,067 and 2,769,435 shares of common stock of the Company, respectively, at an exchange price of $1.05 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Third Debt and Fourth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 24, 2019, the Company entered into a securities purchase agreement with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company issued a promissory note (the &#x201c;Note 1&#x201d;) to the Lender. The Note has an original principal amount of $1,395,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,250,000 after an original issue discount of $125,000 and payment of Lender&#x2019;s expenses of $20,000.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 10, 2019, each of Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen entered into an agreement with CBAK Power and Zhengzhou BAK New Energy Vehicle Co., Ltd. (the Company&#x2019;s supplier of which Mr. Xiangqian Li, the former CEO, is a director of this company) whereby Zhengzhou BAK New Energy Vehicle Co., Ltd. assigned its rights to the unpaid inventories cost owed by CBAK Power of approximately $2.1 million (RMB15,000,000), $1.0 million (RMB7,380,000) and $1.0 million (RMB7,380,000) (collectively $4.2 million, the &#x201c;Fifth Debt&#x201d;) to Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt and the Unpaid Earnest Money of approximately $1 million (RMB6,720,000) in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Fifth Debt&#xa0;and the Unpaid Earnest Money. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 30, 2019, the Company entered into a second securities purchase agreement with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company issued a promissory note (the &#x201c;Note II&#x201d;) to the Lender. The Note II has an original principal amount of $1,670,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,500,000 after an original issue discount of $150,000 and payment of Lender&#x2019;s expenses of $20,000.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 27, 2020, the Company entered into an exchange agreement (the &#x201c;First Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the &#x201c;Partitioned Promissory Note) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 160,256 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 20, 2020, the Company entered into a second exchange agreement (the &#x201c;Second Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 207,641 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 10, 2020, each of Mr. Yunfei Li, Mr. Ping Shen and Asia EVK entered into an agreement with CBAK Power and Shenzhen BAK, whereby Shenzhen BAK assigned its rights to the unpaid inventories cost (note 7) owed by CBAK Power of approximately $1.0 million (RMB7,000,000), $2.3 million (RMB16,000,000) and $1.0 million (RMB7,300,000) (collectively $4.3 million, the &#x201c;Sixth Debt&#x201d;) to Mr. Yunfei Li, Mr. Ping Shen and Asia EVK, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 27, 2020, the Company entered into a cancellation agreement with Mr. Yunfei Li, Mr. Ping Shen and Asia EVK (the &#x201c;creditors&#x201d;). Pursuant to the terms of the cancellation agreement, Mr. Yunfei Li, Mr. Ping Shen and Asia EVK agreed to cancel the Sixth Debt in exchange for 2,062,619, 4,714,557 and 2,151,017 shares of common stock of the Company, respectively, at an exchange price of $0.48 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Sixth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 28, 2020, the Company entered into a third exchange agreement (the &#x201c;Third Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 312,500 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 8, 2020, the Company entered into a fourth exchange agreement (the &#x201c;Fourth Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 271,739 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 10, 2020, the Company entered into a Fifth exchange agreement (the &#x201c;Fifth Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $150,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 407,609 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 6, 2020, the Company entered into a Sixth exchange agreement (the &#x201c;Sixth Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 461,595 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 8, 2020, the Company entered into a First exchange agreement for Note II (the &#x201c;First Exchange Agreement- Note II&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on December 30, 2019, which has an original principal amount of $1,670,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 453,161 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 29, 2020, the Company entered into a Seventh exchange agreement (the &#x201c;Seventh Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $365,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 576,802 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 12, 2020, the Company entered into an Amendment to Promissory Notes (the &#x201c;Amendment&#x201d;) with Atlas Sciences, LLC (the Lender), pursuant to which the Lender has the right at any time until the outstanding balance of the Notes has been paid in full, at its election, to convert all or any portion of the outstanding balance of the Notes into shares of common stock of the Company. The conversion price for each conversion will be calculated pursuant to the following formula: 80% multiplied by the lowest closing price of the Company common stock during the ten (10) trading days immediately preceding the applicable conversion (the &#x201c;Conversion Price&#x201d;). Notwithstanding the foregoing, in no event will the Conversion Price be less than $1.00.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">According to the Amendment, on October 13, 2020, the Company exchange $230,000 in principal and $141,275 coupon interest under the Note I and $775,000 principal under the Note II for the issuance of 229,750 and 479,579 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 20, 2020, the Company further exchange $645,000 in principal and $133,252 coupon interests under Note II for the issuance of 329,768 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender. Up to the date of this report, the Company has fully repaid the principal and coupon interests of Note I and Note II.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 5, 2020, each of Tillicum Investment Company Limited, an unrelated party, entered into an agreement with CBAK Nanjing and Shenzhen ESTAR Industrial Company Limited, whereby Shenzhen ESTAR Industrial Company Limited assigned its rights to the unpaid equipment cost owed by CBAK Nanjing of approximately $11.17 million (RMB75,000,000) (the &#x201c;Seventh Debt&#x201d;) to Tillicum Investment Company Limited.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 11, 2020, the Company entered into a cancellation agreement with Tillicum Investment Company Limited (the &#x201c;creditor&#x201d;). Pursuant to the terms of the cancellation agreement, Tillicum Investment Company Limited agreed to cancel the Seventh Debt in exchange for 3,192,291 shares of common stock of the Company, at an exchange price of $3.5 per share. Upon receipt of the shares, the creditor released the Company from any claims, demands and other obligations relating to the Seventh Debt. The cancellation agreement contains customary representations and warranties of the creditor. The creditor does not have registration rights with respect to the shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 8, 2020, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of common stock of the Company at a per share purchase price of $5.18, and warrants to purchase an aggregate of 3,795,920 shares of common stock of the Company at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance, for gross proceeds of approximately $49.16 million, before deducting fees to the placement agent and other offering expenses of $3.81 million. In addition, the placement agent for this transaction also received warrants (&#x201c;Placement Agent Warrants&#x201d;) for the purchase of up to 379,592 shares of the Company&#x2019;s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other offering expenses of $5.0 million. In addition, the placement agent for this transaction also received warrants (&#x201c;Placement Agent Warrants&#x201d;) for the purchase of up to 446,999 shares of the Company&#x2019;s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 10, 2021, the Company entered into Amendment No. 1 to the Series B Warrant (the &#x201c;Series B Warrant Amendment&#x201d;) with each of the holders of the Company&#x2019;s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, the Company had aggregate interest-bearing bank loans of approximately $13.7 million, due in 2021, in addition to approximately $36.4 million of other current liabilities (excluding warrants derivative liability).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, the Company had unutilized committed banking facilities from banks of $4.9 million.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company is currently expanding its product lines and manufacturing capacity in its Dalian and Nanjing plant, which requires more funding to finance the expansion. The Company plans to raise additional funds through banks borrowing and equity financing in the future to meet its daily cash demands, if required.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">However, there can be no assurance that the Company will be successful in obtaining further financing. The Company expects that it will be able to secure more potential orders from the new energy market, especially from the electric car market and UPS market. The Company believes that with the booming future market demand in high power lithium ion products, it can continue as a going concern and return to profitability.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The accompanying consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company&#x2019;s ability to continue as a going concern.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Revenue Recognition </i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the five step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Revenues from product sales are recognized when the customer obtains control of the Company&#x2019;s product, which occurs at a point in time, typically upon delivery to the customer. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that it would have recognized is one year or less or the amount is immaterial.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company&#x2019;s customers.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the categories: discounts and returns. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable as the amount is payable to the Company&#x2019;s customer.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Recently Adopted Accounting Standards</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; ">In December&#xa0;2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistent application among reporting entities. Upon adoption, the Company must apply certain aspects of this standard retrospectively for all periods presented while other aspects are applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company applied the new standard beginning January 1, 2021.&#xa0;</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; ">In August 2020, the FASB issued ASU No. 2020-06 (&#x201c;ASU 2020-06&#x201d;) &#x201c;Debt&#x2014;Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging&#x2014;Contracts in Entity&#x2019;s Own Equity (Subtopic 815-40).&#x201d; ASU 2020-06 reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion and beneficial conversion models. As a result, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost as long as no other features require bifurcation and recognition as derivatives. For contracts in an entity&#x2019;s own equity, the type of contracts primarily affected by this update are freestanding and embedded features that are accounted for as derivatives under the current guidance due to a failure to meet the settlement conditions of the derivative scope exception. This update simplifies the related settlement assessment by removing the requirements to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted, and (iii) assess shareholder rights. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and only if adopted as of the beginning of such fiscal year. The Company adopted ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have any impact on the Company&#x2019;s condensed consolidated financial statement presentation or disclosures.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Recently Issued Accounting Standards</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; ">In May 2019, the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments&#x2014;Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments&#x2014;Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments&#x2014; Credit Losses&#x2014;Available-for-Sale Debt Securities. The amendments in this ASU address those stakeholders&#x2019; concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for fiscal year beginning after December 15, 2022. The Company is currently evaluating the impact of this new standard on its condensed consolidated financial statements and related disclosures.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; ">Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company&#x2019;s condensed consolidated financial statements upon adoption.</p><br/> 1720087 17000000 435910 Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target. 217955 217955 7955358 0.50 73749 217955 As the Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and the Company also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the &#x201c;2008 Settlement Agreements&#x201d; with us in fiscal year 2008, pursuant to &#x201c;Li Settlement Agreement&#x201d; and &#x201c;2008 Settlement Agreements&#x201d;, neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company&#x2019;s January 2005 private placement relating to the escrow shares. 500000 5000000 2435000 30000000 50000000 60000000 60000000 0.90 10000000 1500000 0.10 Up to the date of this report, the Company has contributed RMB9.0 million (approximately $1.3 million), and the other shareholders have contributed RMB1.0 million (approximately $0.1 million) to CBAK Suzhou through injection of a series of cash. The Company plan to dissolve CBAK Suzhou in 2021. 50000000 Up to the date of this report, the Company has contributed $20,719,925 to CBAK Energy. 100000000 49989915 700000000 107000000 Up to the date of this report, the Company has contributed RMB290,378,836 (approximately $44.3 million) to Nanjing CBAK. 50000000 7600000 Up to the date of this report, the Company has contributed RMB10,000,000 (approximately $1.53 million) to Nanjing Daxin. i) China BAK Asia Holdings Limited (&#x201c;BAK Asia&#x201d;), a wholly owned limited liability company incorporated in Hong Kong on July 9, 2013; ii) Dalian CBAK Trading Co., Ltd. (&#x201c;CBAK Trading&#x201d;), a wholly owned limited company established on August 14, 2013 in the PRC; iii) Dalian CBAK Power Battery Co., Ltd. (&#x201c;CBAK Power&#x201d;), a wholly owned limited liability company established on December 27, 2013 in the PRC; iv) CBAK New Energy (Suzhou) Co., Ltd. (&#x201c;CBAK Suzhou&#x201d;), a 90% owned limited liability company established on May 4, 2018 in the PRC; v) Dalian CBAK Energy Technology Co., Ltd (&#x201c;CBAK Energy&#x201d;), a wholly owned limited liability company established on November 21, 2019 in the PRC; (vi) BAK Asia Investments Limited (&#x201c;BAK Investments&#x201d;), a wholly owned limited liability company incorporated in Hong Kong acquired on July 14, 2020; (vii) CBAK New Energy (Nanjing) Co., Ltd. (&#x201c;CBAK Nanjing&#x201d;), a wholly owned limited liability company established on July 31, 2020 in the PRC; (viii) Nanjing CBAK New Energy Technology Co., Ltd, (&#x201c;Nanjing CBAK&#x201d;), a wholly owned limited liability company established on August 6, 2020 in the PRC and (ix) Nanjing Daxin New Energy Automobile Industry Co., Ltd (&#x201c;Nanjing Daxin&#x201d;), a wholly owned limited liability company established on November 9, 2020. 2.4 3000000 0.173 760557 0.044 10785872 0.122 10500000 9800000 9847644 4376731 2.25 2900000 2600000 2206640 2.5 5520000 10000000 2060000 1120000 225784 1999910 3499888 1119982 2985497 6403518 1.50 9600000 746018 In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors. 3400000 23980950 1700000 11647890 5100000 3431373 1666667 1.02 300000 2225082 100000 912204 5000000 35406036 5400000 300534 123208 4782163 1.1 1400000 10000000 2500000 18000000 3900000 2800000 20000000 400000 2813810 3200000 1384717 2938067 2769435 1.05 1395000 0.10 1250000 125000 20000 Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen entered into an agreement with CBAK Power and Zhengzhou BAK New Energy Vehicle Co., Ltd. (the Company&#x2019;s supplier of which Mr. Xiangqian Li, the former CEO, is a director of this company) whereby Zhengzhou BAK New Energy Vehicle Co., Ltd. assigned its rights to the unpaid inventories cost owed by CBAK Power of approximately $2.1 million (RMB15,000,000), $1.0 million (RMB7,380,000) and $1.0 million (RMB7,380,000) (collectively $4.2 million, the &#x201c;Fifth Debt&#x201d;) to Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen, respectively. Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt and the Unpaid Earnest Money of approximately $1 million (RMB6,720,000) in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. 1670000 0.10 1500000 150000 20000 On April 10, 2020, each of Mr. Yunfei Li, Mr. Ping Shen and Asia EVK entered into an agreement with CBAK Power and Shenzhen BAK, whereby Shenzhen BAK assigned its rights to the unpaid inventories cost (note 7) owed by CBAK Power of approximately $1.0 million (RMB7,000,000), $2.3 million (RMB16,000,000) and $1.0 million (RMB7,300,000) (collectively $4.3 million, the &#x201c;Sixth Debt&#x201d;) to Mr. Yunfei Li, Mr. Ping Shen and Asia EVK, respectively. Pursuant to the terms of the cancellation agreement, Mr. Yunfei Li, Mr. Ping Shen and Asia EVK agreed to cancel the Sixth Debt in exchange for 2,062,619, 4,714,557 and 2,151,017 shares of common stock of the Company, respectively, at an exchange price of $0.48 per share. On July 8, 2020, the Company entered into a First exchange agreement for Note II (the &#x201c;First Exchange Agreement- Note II&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on December 30, 2019, which has an original principal amount of $1,670,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 453,161 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender. the Company entered into an Amendment to Promissory Notes (the &#x201c;Amendment&#x201d;) with Atlas Sciences, LLC (the Lender), pursuant to which the Lender has the right at any time until the outstanding balance of the Notes has been paid in full, at its election, to convert all or any portion of the outstanding balance of the Notes into shares of common stock of the Company. The conversion price for each conversion will be calculated pursuant to the following formula: 80% multiplied by the lowest closing price of the Company common stock during the ten (10) trading days immediately preceding the applicable conversion (the &#x201c;Conversion Price&#x201d;). Notwithstanding the foregoing, in no event will the Conversion Price be less than $1.00. According to the Amendment, on October 13, 2020, the Company exchange $230,000 in principal and $141,275 coupon interest under the Note I and $775,000 principal under the Note II for the issuance of 229,750 and 479,579 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender, respectively. the Company further exchange $645,000 in principal and $133,252 coupon interests under Note II for the issuance of 329,768 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender. Up to the date of this report, the Company has fully repaid the principal and coupon interests of Note I and Note II. On November 5, 2020, each of Tillicum Investment Company Limited, an unrelated party, entered into an agreement with CBAK Nanjing and Shenzhen ESTAR Industrial Company Limited, whereby Shenzhen ESTAR Industrial Company Limited assigned its rights to the unpaid equipment cost owed by CBAK Nanjing of approximately $11.17 million (RMB75,000,000) (the &#x201c;Seventh Debt&#x201d;) to Tillicum Investment Company Limited. Pursuant to the terms of the cancellation agreement, Tillicum Investment Company Limited agreed to cancel the Seventh Debt in exchange for 3,192,291 shares of common stock of the Company, at an exchange price of $3.5 per share. Upon receipt of the shares, the creditor released the Company from any claims, demands and other obligations relating to the Seventh Debt. the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of common stock of the Company at a per share purchase price of $5.18, and warrants to purchase an aggregate of 3,795,920 shares of common stock of the Company at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance, for gross proceeds of approximately $49.16 million, before deducting fees to the placement agent and other offering expenses of $3.81 million. In addition, the placement agent for this transaction also received warrants (&#x201c;Placement Agent Warrants&#x201d;) for the purchase of up to 379,592 shares of the Company&#x2019;s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance. the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other offering expenses of $5.0 million. In addition, the placement agent for this transaction also received warrants (&#x201c;Placement Agent Warrants&#x201d;) for the purchase of up to 446,999 shares of the Company&#x2019;s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance. 13700000 36400000 4900000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Basis of Presentation and Organization</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 6, 2004, BAK International, a non-operating holding company that had substantially the same shareholders as Shenzhen BAK Battery Co., Ltd (&#x201c;Shenzhen BAK&#x201d;), entered into a share swap transaction with the shareholders of Shenzhen BAK for the purpose of the subsequent reverse acquisition of the Company. The share swap transaction between BAK International and the shareholders of Shenzhen BAK was accounted for as a reverse acquisition of Shenzhen BAK with no adjustment to the historical basis of the assets and liabilities of Shenzhen BAK.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 20, 2005, the Company completed a share swap transaction with the shareholders of BAK International. The share swap transaction, also referred to as the &#x201c;reverse acquisition&#x201d; of the Company, was consummated under Nevada law pursuant to the terms of a Securities Exchange Agreement entered by and among CBAK, BAK International and the shareholders of BAK International on January 20, 2005. The share swap transaction has been accounted for as a capital-raising transaction of the Company whereby the historical financial statements and operations of Shenzhen BAK are consolidated using historical carrying amounts.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Also on January 20, 2005, immediately prior to consummating the share swap transaction, BAK International executed a private placement of its common stock with unrelated investors whereby it issued an aggregate of 1,720,087 shares of common stock for gross proceeds of $17,000,000. In conjunction with this financing, Mr. Xiangqian Li, the Chairman and Chief Executive Officer of the Company (&#x201c;Mr. Li&#x201d;), agreed to place 435,910 shares of the Company&#x2019;s common stock owned by him into an escrow account pursuant to an Escrow Agreement dated January 20, 2005 (the &#x201c;Escrow Agreement&#x201d;). Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under accounting principles generally accepted in the United States of America (&#x201c;US GAAP&#x201d;), escrow agreements such as the one established by Mr. Li generally constitute compensation if, following attainment of a performance threshold, shares are returned to a company officer. The Company determined that without consideration of the compensation charge, the performance thresholds for the year ended September 30, 2005 would be achieved. However, after consideration of a related compensation charge, the Company determined that such thresholds would not have been achieved. The Company also determined that, even without consideration of a compensation charge, the performance thresholds for the year ended September 30, 2006 would not be achieved.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">While the 217,955 escrow shares relating to the 2005 performance threshold were previously released to Mr. Li, Mr. Li executed a further undertaking on August&#xa0;21, 2006 to return those shares to the escrow agent for the distribution to the relevant investors. However, such shares were not returned to the escrow agent, but, pursuant to a Delivery of Make Good Shares, Settlement and Release Agreement between the Company, BAK International and Mr. Li entered into on October&#xa0;22, 2007 (the &#x201c;Li Settlement Agreement&#x201d;), such shares were ultimately delivered to the Company as described below. Because the Company failed to satisfy the performance threshold for the fiscal year ended September 30, 2006, the remaining 217,955 escrow shares relating to the fiscal year 2006 performance threshold were released to the relevant investors. As Mr. Li has not retained any of the shares placed into escrow, and as the investors party to the Escrow Agreement are only shareholders of the Company and do not have and are not expected to have any other relationship to the Company, the Company has not recorded a compensation charge for the years ended September 30, 2005 and 2006.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At the time the escrow shares relating to the 2006 performance threshold were transferred to the investors in fiscal year 2007, the Company should have recognized a credit to donated shares and a debit to additional paid-in capital, both of which are elements of shareholders&#x2019; equity. This entry is not material because total ordinary shares issued and outstanding, total shareholders&#x2019; equity and total assets do not change; nor is there any impact on income or earnings per share. Therefore, previously filed consolidated financial statements for the fiscal year ended September 30, 2007 will not be restated. This share transfer has been reflected in these financial statements by reclassifying the balances of certain items as of October 1, 2007. The balances of donated shares and additional paid-in capital as of October 1, 2007 were credited and debited by $7,955,358 respectively, as set out in the consolidated statements of changes in shareholders&#x2019; equity.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In November 2007, Mr. Li delivered the 217,955 shares related to the 2005 performance threshold to BAK International pursuant to the Li Settlement Agreement; BAK International in turn delivered the shares to the Company. Such shares (other than those issued to investors pursuant to the 2008 Settlement Agreements, as described below) are now held by the Company. Upon receipt of these shares, the Company and BAK International released all claims and causes of action against Mr. Li regarding the shares, and Mr. Li released all claims and causes of action against the Company and BAK International regarding the shares. Under the terms of the Li Settlement Agreement, the Company commenced negotiations with the investors who participated in the Company&#x2019;s January 2005 private placement in order to achieve a complete settlement of BAK International&#x2019;s obligations (and the Company&#x2019;s obligations to the extent it has any) under the applicable agreements with such investors.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Beginning on March 13, 2008, the Company entered into settlement agreements (the &#x201c;2008 Settlement Agreements&#x201d;) with certain investors in the January 2005 private placement. Since the other investors have never submitted any claims regarding this matter, the Company did not reach any settlement with them.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Pursuant to the 2008 Settlement Agreements, the Company and the settling investors have agreed, without any admission of liability, to a settlement and mutual release from all claims relating to the January 2005 private placement, including all claims relating to the escrow shares related to the 2005 performance threshold that had been placed into escrow by Mr. Li, as well as all claims, including claims for liquidated damages relating to registration rights granted in connection with the January 2005 private placement. Under the 2008 Settlement Agreement, the Company has made settlement payments to each of the settling investors of the number of shares of the Company&#x2019;s common stock equivalent to 50% of the number of the escrow shares related to the 2005 performance threshold these investors had claimed; aggregate settlement payments as of June 30, 2015amounted to 73,749 shares. Share payments to date have been made in reliance upon the exemptions from registration provided by Section 4(2) and/or other applicable provisions of the Securities Act of 1933, as amended. In accordance with the 2008 Settlement Agreements, the Company filed a registration statement covering the resale of such shares which was declared effective by the SEC on June 26, 2008.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Pursuant to the Li Settlement Agreement, the 2008 Settlement Agreements and upon the release of the 217,955 escrow shares relating to the fiscal year 2006 performance threshold to the relevant investors, neither Mr. Li or the Company have any obligations to the investors who participated in the Company&#x2019;s January 2005 private placement relating to the escrow shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, the Company had not received any claim from the other investors who have not been covered by the &#x201c;2008 Settlement Agreements&#x201d; in the January 2005 private placement.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As the Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and the Company also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the &#x201c;2008 Settlement Agreements&#x201d; with us in fiscal year 2008, pursuant to &#x201c;Li Settlement Agreement&#x201d; and &#x201c;2008 Settlement Agreements&#x201d;, neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company&#x2019;s January 2005 private placement relating to the escrow shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 14, 2013, Dalian BAK Trading Co., Ltd was established as a wholly owned subsidiary of China BAK Asia Holding Limited (&#x201c;BAK Asia&#x201d;) with a registered capital of $500,000. Pursuant to CBAK Trading&#x2019;s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 14, 2015. On August 5, 2019, CBAK Trading&#x2019;s registered capital was increased to $5,000,000. Pursuant to CBAK Trading&#x2019;s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 1, 2033. Up to the date of this report, the Company has contributed $2,435,000 to CBAK Trading in cash.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 27, 2013, Dalian BAK Power Battery Co., Ltd was established as a wholly owned subsidiary of BAK Asia with a registered capital of $30,000,000. Pursuant to CBAK Power&#x2019;s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 27, 2015. On March 7, 2017, the name of Dalian BAK Power Battery Co., Ltd was changed to Dalian CBAK Power Battery Co., Ltd (&#x201c;CBAK Power&#x201d;). On July 10, 2018, CBAK Power&#x2019;s registered capital was increased to $50,000,000. On October 29, 2019, CBAK Power&#x2019;s registered capital was further increased to $60,000,000. Pursuant to CBAK Power&#x2019;s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 31, 2021. Up to the date of this report, the Company has contributed $60,000,000 to CBAK Power through injection of a series of patents and cash.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 4, 2018, CBAK New Energy (Suzhou) Co., Ltd (&#x201c;CBAK Suzhou&#x201d;) was established as a 90% owned subsidiary of CBAK Power with a registered capital of RMB10,000,000 (approximately $1.5 million). The remaining 10% equity interest was held by certain employees of CBAK Suzhou. Pursuant to CBAK Suzhou&#x2019;s articles of association, each shareholder is entitled to the right of the profit distribution or responsible for the loss according to its proportion to the capital contribution. Pursuant to CBAK Suzhou&#x2019;s articles of association and relevant PRC regulations, CBAK Power was required to contribute the capital to CBAK Suzhou on or before December 31, 2019. Up to the date of this report, the Company has contributed RMB9.0 million (approximately $1.3 million), and the other shareholders have contributed RMB1.0 million (approximately $0.1 million) to CBAK Suzhou through injection of a series of cash. The Company plan to dissolve CBAK Suzhou in 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 21, 2019, Dalian CBAK Energy Technology Co., Ltd (&#x201c;CBAK Energy&#x201d;) was established as a wholly owned subsidiary of BAK Asia with a registered capital of $50,000,000. Pursuant to CBAK Energy&#x2019;s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Energy on or before November 20, 2022. Up to the date of this report, the Company has contributed $20,719,925 to CBAK Energy. CBAK Energy will be focus on manufacture and sale of lithium batteries and lithium batteries&#x2019; materials.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 14, 2020, the Company acquired BAK Asia Investments Limited (&#x201c;BAK Investments&#x201d;), a company incorporated under Hong Kong laws, from Mr. Xiangqian Li, the Company&#x2019;s former CEO, for a cash consideration of HK$1.00. BAK Asia Investments Limited is a holding company without any other business operations.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 31, 2020, BAK Investments formed a wholly owned subsidiary CBAK New Energy (Nanjing) Co., Ltd. (&#x201c;CBAK Nanjing&#x201d;) in China with a registered capital of $100,000,000. Pursuant to CBAK Nanjing&#x2019;s articles of association and relevant PRC regulations, BAK Investments was required to contribute the capital to CBAK Nanjing on or before July 29, 2040. Up to the date of this report, the Company has contributed $49,989,915 to CBAK Nanjing.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 6, 2020, Nanjing CBAK New Energy Technology Co., Ltd. (&#x201c;Nanjing CBAK&#x201d;) was established as a wholly owned subsidiary of CBAK Nanjing with a registered capital of RMB700,000,000 (approximately $107 million). Pursuant to Nanjing CBAK&#x2019;s articles of association and relevant PRC regulations, CBAK Nanjing was required to contribute the capital to Nanjing CBAK on or before August 5, 2040. Up to the date of this report, the Company has contributed RMB290,378,836 (approximately $44.3 million) to Nanjing CBAK.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 9, 2020, Nanjing Daxin New Energy Automobile Industry Co., Ltd (&#x201c;Nanjing Daxin&#x201d;) was established as a wholly owned subsidiary of CBAK Nanjing with a register capital of RMB50,000,000 (approximately $7.6 million). Up to the date of this report, the Company has contributed RMB10,000,000 (approximately $1.53 million) to Nanjing Daxin. On January 18, 2021, Nanjing Daxin established a branch in Tianjin City.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company&#x2019;s condensed consolidated financial statements have been prepared under US GAAP.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">These condensed consolidated financial statements are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed consolidated financial statements, which are of a normal and recurring nature, have been included. The results reported in the condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The following (a) condensed consolidated balance sheet as of December 31, 2020, which was derived from the Company&#x2019;s audited financial statements, and (b) the unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to those rules and regulations, though the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying footnotes of the Company for the year ended December 31, 2020 filed with the SEC on April 13, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. This basis of accounting differs in certain material respects from that used for the preparation of the books of account of the Company&#x2019;s principal subsidiaries, which are prepared in accordance with the accounting principles and the relevant financial regulations applicable to enterprises with limited liability established in the PRC or Hong Kong. The accompanying consolidated financial statements reflect necessary adjustments not recorded in the books of account of the Company&#x2019;s subsidiaries to present them in conformity with US GAAP.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">After the disposal of BAK International Limited and its subsidiaries, namely Shenzhen BAK, Shenzhen BAK Power Battery Co., Ltd (formerly BAK Battery (Shenzhen) Co., Ltd.) (&#x201c;BAK Shenzhen&#x201d;), BAK International (Tianjin) Ltd. (&#x201c;BAK Tianjin&#x201d;), Tianjin Chenhao Technological Development Limited (a subsidiary of BAK Tianjin established on May 8, 2014, &#x201c;Tianjin Chenhao&#x201d;), BAK Battery Canada Ltd. (&#x201c;BAK Canada&#x201d;), BAK Europe GmbH (&#x201c;BAK Europe&#x201d;) and BAK Telecom India Private Limited (&#x201c;BAK India&#x201d;), effective on June 30, 2014, and as of December 31, 2019, the Company&#x2019;s subsidiaries consisted of: i) China BAK Asia Holdings Limited (&#x201c;BAK Asia&#x201d;), a wholly owned limited liability company incorporated in Hong Kong on July 9, 2013; ii) Dalian CBAK Trading Co., Ltd. (&#x201c;CBAK Trading&#x201d;), a wholly owned limited company established on August 14, 2013 in the PRC; iii) Dalian CBAK Power Battery Co., Ltd. (&#x201c;CBAK Power&#x201d;), a wholly owned limited liability company established on December 27, 2013 in the PRC; iv) CBAK New Energy (Suzhou) Co., Ltd. (&#x201c;CBAK Suzhou&#x201d;), a 90% owned limited liability company established on May 4, 2018 in the PRC; v) Dalian CBAK Energy Technology Co., Ltd (&#x201c;CBAK Energy&#x201d;), a wholly owned limited liability company established on November 21, 2019 in the PRC; (vi) BAK Asia Investments Limited (&#x201c;BAK Investments&#x201d;), a wholly owned limited liability company incorporated in Hong Kong acquired on July 14, 2020; (vii) CBAK New Energy (Nanjing) Co., Ltd. (&#x201c;CBAK Nanjing&#x201d;), a wholly owned limited liability company established on July 31, 2020 in the PRC; (viii) Nanjing CBAK New Energy Technology Co., Ltd, (&#x201c;Nanjing CBAK&#x201d;), a wholly owned limited liability company established on August 6, 2020 in the PRC and (ix) Nanjing Daxin New Energy Automobile Industry Co., Ltd (&#x201c;Nanjing Daxin&#x201d;), a wholly owned limited liability company established on November 9, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company continued its business and continued to generate revenues from sale of batteries via subcontracting the production to BAK Tianjin and BAK Shenzhen, former subsidiaries before the completion of construction and operation of its facility in Dalian. BAK Tianjin and BAK Shenzhen are now suppliers of the Company, and the Company does not have any significant benefits or liability from the operating results of BAK Tianjin and BAK Shenzhen except the normal risk with any major supplier.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of the date of this report, Mr. Xiangqian Li is no longer a director of BAK International and BAK Tianjin. He remained as a director of Shenzhen BAK and BAK Shenzhen.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On and effective March 1, 2016, Mr. Xiangqian Li resigned as Chairman, director, Chief Executive Officer, President and Secretary of the Company. On the same date, the Board of Directors of the Company appointed Mr. Yunfei Li as Chairman, Chief Executive Officer, President and Secretary of the Company. On March&#xa0;4, 2016, Mr. Xiangqian Li transferred 3,000,000 shares to Mr. Yunfei Li for a price of $2.4 per share. After the share transfer, Mr. Yunfei Li held 3,000,000 shares or 17.3% and Mr. Xiangqian Li held 760,557 shares at 4.4% of the Company&#x2019;s outstanding stock, respectively. As of March 31, 2021, Mr. Yunfei Li held 10,785,872 shares or 12.2% of the Company&#x2019;s outstanding stock, and Mr. Xiangqian Li held none of the Company&#x2019;s outstanding stock.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company had an accumulated deficit from recurring losses from operations and short-term debt obligations as of December 31, 2020 and March 31, 2021. As of December 31, 2020, the Company has a working capital deficiency of $10.5 million. These factors raise substantial doubts about the Company&#x2019;s ability to continue as a going concern.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June and July 2015, the Company received advances of approximately $9.8 million from potential investors. On September 29, 2015, the Company entered into a Debt Conversion Agreement with these investors. Pursuant to the terms of the Debt Conversion Agreement, each of the creditors agreed to convert existing loan principal of $9,847,644 into an aggregate 4,376,731 shares of common stock of the Company (&#x201c;the Shares&#x201d;) at a conversion price of $2.25 per share. Upon receipt of the Shares on October 16, 2015, the creditors released the Company from all claims, demands and other obligations relating to the Debts. As such, no interest was recognized by the Company on the advances from investors pursuant to the supplemental agreements with investors and the Debt Conversion Agreement.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2016, the Company received further advances in the aggregate of $2.9 million from Mr. Jiping Zhou and Mr. Dawei Li. These advances were unsecured, non-interest bearing and repayable on demand. On July 8, 2018, the Company received further advances of $2.6 million from Mr. Jiping Zhou. On July 28, 2016, the Company entered into securities purchase agreements with Mr. Jiping Zhou and Mr. Dawei Li to issue and sell an aggregate of 2,206,640 shares of common stock of the Company, at $2.5 per share, for an aggregate consideration of approximately $5.52 million. On August 17, 2016, the Company issued these shares to the investors.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 17, 2017, the Company signed investment agreements with eight investors (including Mr. Yunfei Li, the Company&#x2019;s CEO, and seven of the Company&#x2019;s existing shareholders) whereby the investors agreed to subscribe new shares of the Company totaling $10 million. Pursuant to the investment agreements, in January 2017 the 8 investors paid the Company a total of $2.06 million as down payments. Mr. Yunfei Li agrees to subscribe new shares of the Company totaled $1,120,000 and paid the earnest money of $225,784 in January 2017. On April 1, April 21, April 26 and May 10, 2017, the Company received $1,999,910, $3,499,888, $1,119,982 and $2,985,497 from these investors, respectively. On May 31, 2017, the Company entered into a securities purchase agreement with the eight investors, pursuant to which the Company agreed to issue an aggregate of 6,403,518 shares of common stock to these investors, at a purchase price of $1.50 per share, for an aggregate price of $9.6 million, among which 746,018 shares issued to Mr. Yunfei Li. On June 22, 2017, the Company issued the shares to the investors.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 7, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $3.4 million (RMB23,980,950) and $1.7 million (RMB11,647,890) (totaled $5.1 million, the &#x201c;First Debt&#x201d;) to Mr. Dawei Li and Mr. Yunfei Li, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 7, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li and Mr. Yunfei Li. Pursuant to the terms of the cancellation agreement, Mr. Dawei Li and Mr. Yunfei Li agreed to cancel the First Debt in exchange for 3,431,373 and 1,666,667 shares of common stock of the Company, respectively, at an exchange price of $1.02 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the First Debt.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 26, 2019, each of Mr. Jun Lang, Ms. Jing Shi and Asia EVK Energy Auto Limited (&#x201c;Asia EVK&#x201d;) entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $0.3 million (RMB2,225,082), $0.1 million (RMB 912,204) and $5.0 million (RMB35,406,036) (collectively $5.4 million, the &#x201c;Second Debt&#x201d;) to Mr. Jun Lang, Ms. Jing Shi and Asia EVK, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 26, 2019, the Company entered into a cancellation agreement with Mr. Jun Lang, Ms. Jing Shi and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, the creditors agreed to cancel the Second Debt in exchange for 300,534, 123,208 and 4,782,163 shares of common stock of the Company, respectively, at an exchange price of $1.1 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Second Debt.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 28, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power to loan approximately $1.4 million (RMB10,000,000) and $2.5 million (RMB18,000,000) respectively to CBAK Power for a terms of six months (collectively $3.9 million, the &#x201c;Third Debt&#x201d;). The loan was unsecured, non-interest bearing and repayable on demand.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 16, 2019, each of Asia EVK and Mr. Yunfei Li entered into an agreement with CBAK Power and Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. (the Company&#x2019;s construction contractor) whereby Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. assigned its rights to the unpaid construction fees owed by CBAK Power of approximately $2.8 million (RMB20,000,000) and $0.4 million (RMB2,813,810) (collectively $3.2 million, the &#x201c;Fourth Debt&#x201d;) to Asia EVK and Mr. Yunfei Li, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 26, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li, Mr. Yunfei Li and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Dawei Li, Mr. Yunfei Li and Asia EVK agreed to cancel the Third Debt and Fourth Debt in exchange for 1,384,717, 2,938,067 and 2,769,435 shares of common stock of the Company, respectively, at an exchange price of $1.05 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Third Debt and Fourth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 24, 2019, the Company entered into a securities purchase agreement with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company issued a promissory note (the &#x201c;Note 1&#x201d;) to the Lender. The Note has an original principal amount of $1,395,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,250,000 after an original issue discount of $125,000 and payment of Lender&#x2019;s expenses of $20,000.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 10, 2019, each of Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen entered into an agreement with CBAK Power and Zhengzhou BAK New Energy Vehicle Co., Ltd. (the Company&#x2019;s supplier of which Mr. Xiangqian Li, the former CEO, is a director of this company) whereby Zhengzhou BAK New Energy Vehicle Co., Ltd. assigned its rights to the unpaid inventories cost owed by CBAK Power of approximately $2.1 million (RMB15,000,000), $1.0 million (RMB7,380,000) and $1.0 million (RMB7,380,000) (collectively $4.2 million, the &#x201c;Fifth Debt&#x201d;) to Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt and the Unpaid Earnest Money of approximately $1 million (RMB6,720,000) in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Fifth Debt&#xa0;and the Unpaid Earnest Money. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 30, 2019, the Company entered into a second securities purchase agreement with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company issued a promissory note (the &#x201c;Note II&#x201d;) to the Lender. The Note II has an original principal amount of $1,670,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,500,000 after an original issue discount of $150,000 and payment of Lender&#x2019;s expenses of $20,000.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 27, 2020, the Company entered into an exchange agreement (the &#x201c;First Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the &#x201c;Partitioned Promissory Note) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 160,256 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 20, 2020, the Company entered into a second exchange agreement (the &#x201c;Second Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 207,641 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 10, 2020, each of Mr. Yunfei Li, Mr. Ping Shen and Asia EVK entered into an agreement with CBAK Power and Shenzhen BAK, whereby Shenzhen BAK assigned its rights to the unpaid inventories cost (note 7) owed by CBAK Power of approximately $1.0 million (RMB7,000,000), $2.3 million (RMB16,000,000) and $1.0 million (RMB7,300,000) (collectively $4.3 million, the &#x201c;Sixth Debt&#x201d;) to Mr. Yunfei Li, Mr. Ping Shen and Asia EVK, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 27, 2020, the Company entered into a cancellation agreement with Mr. Yunfei Li, Mr. Ping Shen and Asia EVK (the &#x201c;creditors&#x201d;). Pursuant to the terms of the cancellation agreement, Mr. Yunfei Li, Mr. Ping Shen and Asia EVK agreed to cancel the Sixth Debt in exchange for 2,062,619, 4,714,557 and 2,151,017 shares of common stock of the Company, respectively, at an exchange price of $0.48 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Sixth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 28, 2020, the Company entered into a third exchange agreement (the &#x201c;Third Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 312,500 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 8, 2020, the Company entered into a fourth exchange agreement (the &#x201c;Fourth Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 271,739 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 10, 2020, the Company entered into a Fifth exchange agreement (the &#x201c;Fifth Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $150,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 407,609 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 6, 2020, the Company entered into a Sixth exchange agreement (the &#x201c;Sixth Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 461,595 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 8, 2020, the Company entered into a First exchange agreement for Note II (the &#x201c;First Exchange Agreement- Note II&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on December 30, 2019, which has an original principal amount of $1,670,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 453,161 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 29, 2020, the Company entered into a Seventh exchange agreement (the &#x201c;Seventh Exchange Agreement&#x201d;) with Atlas Sciences, LLC (the &#x201c;Lender&#x201d;), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $365,000 (the &#x201c;Partitioned Promissory Note&#x201d;) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 576,802 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 12, 2020, the Company entered into an Amendment to Promissory Notes (the &#x201c;Amendment&#x201d;) with Atlas Sciences, LLC (the Lender), pursuant to which the Lender has the right at any time until the outstanding balance of the Notes has been paid in full, at its election, to convert all or any portion of the outstanding balance of the Notes into shares of common stock of the Company. The conversion price for each conversion will be calculated pursuant to the following formula: 80% multiplied by the lowest closing price of the Company common stock during the ten (10) trading days immediately preceding the applicable conversion (the &#x201c;Conversion Price&#x201d;). Notwithstanding the foregoing, in no event will the Conversion Price be less than $1.00.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">According to the Amendment, on October 13, 2020, the Company exchange $230,000 in principal and $141,275 coupon interest under the Note I and $775,000 principal under the Note II for the issuance of 229,750 and 479,579 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 20, 2020, the Company further exchange $645,000 in principal and $133,252 coupon interests under Note II for the issuance of 329,768 shares of the Company&#x2019;s common stock, par value $0.001 per share to the Lender. Up to the date of this report, the Company has fully repaid the principal and coupon interests of Note I and Note II.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 5, 2020, each of Tillicum Investment Company Limited, an unrelated party, entered into an agreement with CBAK Nanjing and Shenzhen ESTAR Industrial Company Limited, whereby Shenzhen ESTAR Industrial Company Limited assigned its rights to the unpaid equipment cost owed by CBAK Nanjing of approximately $11.17 million (RMB75,000,000) (the &#x201c;Seventh Debt&#x201d;) to Tillicum Investment Company Limited.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 11, 2020, the Company entered into a cancellation agreement with Tillicum Investment Company Limited (the &#x201c;creditor&#x201d;). Pursuant to the terms of the cancellation agreement, Tillicum Investment Company Limited agreed to cancel the Seventh Debt in exchange for 3,192,291 shares of common stock of the Company, at an exchange price of $3.5 per share. Upon receipt of the shares, the creditor released the Company from any claims, demands and other obligations relating to the Seventh Debt. The cancellation agreement contains customary representations and warranties of the creditor. The creditor does not have registration rights with respect to the shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 8, 2020, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of common stock of the Company at a per share purchase price of $5.18, and warrants to purchase an aggregate of 3,795,920 shares of common stock of the Company at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance, for gross proceeds of approximately $49.16 million, before deducting fees to the placement agent and other offering expenses of $3.81 million. In addition, the placement agent for this transaction also received warrants (&#x201c;Placement Agent Warrants&#x201d;) for the purchase of up to 379,592 shares of the Company&#x2019;s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other offering expenses of $5.0 million. In addition, the placement agent for this transaction also received warrants (&#x201c;Placement Agent Warrants&#x201d;) for the purchase of up to 446,999 shares of the Company&#x2019;s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 10, 2021, the Company entered into Amendment No. 1 to the Series B Warrant (the &#x201c;Series B Warrant Amendment&#x201d;) with each of the holders of the Company&#x2019;s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, the Company had aggregate interest-bearing bank loans of approximately $13.7 million, due in 2021, in addition to approximately $36.4 million of other current liabilities (excluding warrants derivative liability).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, the Company had unutilized committed banking facilities from banks of $4.9 million.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company is currently expanding its product lines and manufacturing capacity in its Dalian and Nanjing plant, which requires more funding to finance the expansion. The Company plans to raise additional funds through banks borrowing and equity financing in the future to meet its daily cash demands, if required.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">However, there can be no assurance that the Company will be successful in obtaining further financing. The Company expects that it will be able to secure more potential orders from the new energy market, especially from the electric car market and UPS market. The Company believes that with the booming future market demand in high power lithium ion products, it can continue as a going concern and return to profitability.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The accompanying consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company&#x2019;s ability to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Revenue Recognition </i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the five step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Revenues from product sales are recognized when the customer obtains control of the Company&#x2019;s product, which occurs at a point in time, typically upon delivery to the customer. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that it would have recognized is one year or less or the amount is immaterial.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company&#x2019;s customers.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the categories: discounts and returns. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable as the amount is payable to the Company&#x2019;s customer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Recently Adopted Accounting Standards</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; ">In December&#xa0;2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistent application among reporting entities. Upon adoption, the Company must apply certain aspects of this standard retrospectively for all periods presented while other aspects are applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company applied the new standard beginning January 1, 2021.&#xa0;</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; ">In August 2020, the FASB issued ASU No. 2020-06 (&#x201c;ASU 2020-06&#x201d;) &#x201c;Debt&#x2014;Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging&#x2014;Contracts in Entity&#x2019;s Own Equity (Subtopic 815-40).&#x201d; ASU 2020-06 reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion and beneficial conversion models. As a result, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost as long as no other features require bifurcation and recognition as derivatives. For contracts in an entity&#x2019;s own equity, the type of contracts primarily affected by this update are freestanding and embedded features that are accounted for as derivatives under the current guidance due to a failure to meet the settlement conditions of the derivative scope exception. This update simplifies the related settlement assessment by removing the requirements to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted, and (iii) assess shareholder rights. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and only if adopted as of the beginning of such fiscal year. The Company adopted ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have any impact on the Company&#x2019;s condensed consolidated financial statement presentation or disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Recently Issued Accounting Standards</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; ">In May 2019, the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments&#x2014;Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments&#x2014;Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments&#x2014; Credit Losses&#x2014;Available-for-Sale Debt Securities. The amendments in this ASU address those stakeholders&#x2019; concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for fiscal year beginning after December 15, 2022. The Company is currently evaluating the impact of this new standard on its condensed consolidated financial statements and related disclosures.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; ">Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company&#x2019;s condensed consolidated financial statements upon adoption.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Pledged deposits</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> Pledged deposits as of December 31, 2020 and March 31, 2021 consisted of the following:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Pledged deposits with bank for:</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Bills payable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,791,499</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,278,065</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Others*</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">198,249</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">45,238</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,989,748</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">16,323,303</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>*</b></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In November 2019, CBAK Suzhou received notice from Court of Suzhou city that Suzhou Industrial Park Security Service Co., Ltd (&#x201c;Suzhou Security&#x201d;) filed a lawsuit against CBAK Suzhou for the failure to pay pursuant to the terms of the sales contract. Suzhou Security sought a total amount of $21,321 (RMB139,713), including services expenses amount of $21,198 (RMB138,908) and interest of $123 (RMB805). Upon the request of Suzhou Security for property preservation, the Court of Suzhou froze CBAK Suzhou&#x2019;s bank deposits totaling $0.02 million (RMB150,000) for a period of one year. As of March 31, 2021, $5,047 (RMB33,073) was frozen by bank and the Company had accrued the service cost of $21,198 (RMB138,908).&#xa0;</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">&#xa0;</td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 20, 2020, CBAK Power received notice from Court of Nanpi County, Hebei Province that Cangzhou Huibang Engineering Manufacturing Co., Ltd (&#x201c;Cangzhou Huibang&#x201d;) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Cangzhou Huibang sought a total amount of $0.31 million (RMB2,029,594), including materials purchase cost of $0.3 million (RMB1,932,947), and interest of $14,804 (RMB96,647). As of December 31, 2020, the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947). Upon the request of Cangzhou Huibang for property preservation, the Court of Nanpi ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.4 million (RMB2,650,000) for a period of two year to March 2, 2022. As of December 31, 2020, $18,518 (RMB120,898) was frozen by bank.&#xa0;In March 2021, CBAK Power had made full payment and bank deposit was released.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#xa0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2020, CBAK Power received notice from Court of Zhuanghe that Dongguan Shanshan Battery Material Co., Ltd (&#x201c;Dongguan Shanshan&#x201d;) filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Dongguan Shanshan sought a total amount of $0.7 million (RMB4,434,209). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.7 million (RMB4,434,209) for a period of one year to December 17, 2020. In July 2020, CBAK Power and Dongguan Shanshan have come to a settlement amount of $0.6 million (RMB3,635,192) and the bank deposit was then released. In October 2020, CBAK Power fail to pay according to the settlement, Dongguan Shanshan sought a total amount of $0.6 million (RMB3,635,192). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.6 million (RMB3,365,192) for a period of one year to October 21, 2021. As of December 31, 2020, $55,230 (RMB360,576) was frozen by bank. In late February 2021, CBAK Power and Dongguan Shanshan entered into a settlement agreement that CBAK would pay $260,393, $76,586, $76,586, $76,586, and $32,088 (RMB1,700,000, RMB500,000, RMB500,000, RMB500,000 and RMB209,487) by March 5, March 31, April 30, May 31 and June 30, 2021, respectively, and after the first payment of RMB 1,700,000 by March 5, 2021, Dongguan Shanshan would release all the enforcement measures against CBAK Power. CBAK Power had made payment on time and the bank deposit was then release. As of March 31, 2020, CBAK Power has accrued the unpaid material purchase cost of $516,865 (RMB3,374,403). As of the date of this report, CBAK Power further paid $76,303 (RMB500,000) to Dongguan Shanshan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#xa0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Nanjing Jinlong Chemical Co., Ltd. (&#x201c;Nanjing Jinlong&#x201d;) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Nanjing Jinlong sought a total amount of $125,443 (RMB822,000). Upon the request of Nanjing Jinlong for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power&#x2019;s bank deposits totaling $125,443 (RMB822,000) for a period of one year. As of March 31, 2021, $2,422 (RMB15,869) was frozen by bank and the Company had accrued the material purchase cost of $125,443 (RMB822,000). In April 2021, CBAK Power has mad full settlement to Nanjing Jinlong and the property preservation was then released.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#xa0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Xi&#x2019;an Anpu New Energy Technology Co. LTD (&#x201c;Xi&#x2019;an Anpu&#x201d;) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the equipment purchase contract. Xi&#x2019;an Anpu sought a total amount of $129,270 (RMB843,954), including $117,636 (RMB768,000) for equipment cost and $11,634 (RMB75,954) for liquidated damages. Upon the request of Xi&#x2019;an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power&#x2019;s bank deposits $0.1 million (RMB843,954) for a period to May 11, 2021. As of December 31, 2020, $98,284 (RMB641,656) was frozen by bank. The property preservation was released on February 25, 2021 upon CBAK Power settlement.</p></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In May 2020, CBAK Power received notice from Court of Wuqing District, Tianjin that Tianjin Changyuan Electric Material Co., Ltd (&#x201c;Tianjin Changyuan&#x201d;) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. The plaintiff sought a total amount of $13,040 (RMB85,136), including material cost of $12,166 (RMB79,429) and interest of $874 (RMB5,707). In July, 2020, upon the request of the plaintiff for property preservation, the Court of Wuqing District, Tianjin ordered to freeze CBAK Power&#x2019;s bank deposits totaling $13,041 (RMB85,136) for a period of one year. As of December 31, 2020, $13,041 (RMB85,136) was frozen by bank. CBAK Power had made full payment and the property preservation was released as of March 31, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In October 2020, CBAK Power received a notice from Court of Dalian Economic and Technology Development Zone that Jiuzhao New Energy Technology Co., Ltd. (&#x201c;Jiuzhao&#x201d;) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of certain purchase contract. Jiuzhao sought a total amount of $0.9 million (RMB6.0 million), including material cost of $0.9 million (RMB5,870,267) and interest of $19,871 (RMB129,732). Upon the request of the plaintiff for property preservation, the Court of Dalian Economic and Technology Development Zone, Jiuzhao ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.9 million (RMB6.0 million) for a period to September 17, 2021. As of March 31, 2021, $37,769 (RMB247,492) was frozen by bank and the Company had accrued the unpaid material purchase cost of $0.6 million (RMB3,870,267). As of the date of this report, CBAK Power has fully paid off the debts to Jiuzhao, and the frozen bank deposits were released in April 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In October 2019, CBAK Power received notice from Court of Changshou District, Chongqing that Chongqing Zhongrun Chemistry Co., Ltd (&#x201c;Chongqing Zhongrun&#x201d;) filed arbitration claims against the Company for failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.4 million (RMB2,484,948), including material cost of $0.4 million (RMB2,397,660) and interest of $13,370 (RMB87,288). On October 31, 2019, CBAK Power and Chongqing Zhongrun reached an agreement that CBAK Power would pay the material cost by the end of December 31, 2019. In 2020, CBAK Power had paid $198,144 (RMB1,293,600). In August 2020, upon the request of Chongqing Zhongrun for property preservation, the Court of Changshou District ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.2 million (RMB1,249,836) for a period of one year to August 2021. As of December 31, 2020, the Company has accrued the remaining material purchase cost of $0.2 million (RMB1,104,007) and $2,224 (RMB14,521) was frozen by bank. The property preservation was released in March, 2021 upon CBAK Power settlement.</p><br/> 21321 139713 21198 138908 123 805 20000 150000 5047 33073 21198 138908 310000 2029594 300000 1932947 14804 96647 300000 1932947 400000 2650000 18518 120898 700000 4434209 700000 4434209 600000 3635192 600000 3635192 600000 3365192 55230 360576 260393 76586 76586 76586 32088 1700000 500000 500000 500000 209487 1700000 516865 3374403 76303 500000 125443 822000 125443 822000 2422 15869 125443 822000 129270 843954 117636 768000 11634 75954 the request of Xi&#x2019;an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power&#x2019;s bank deposits $0.1 million (RMB843,954) for a period to May 11, 2021. As of December 31, 2020, $98,284 (RMB641,656) was frozen by bank. The property preservation was released on February 25, 2021 upon CBAK Power settlement. 13040 85136 12166 79429 874 5707 13041 85136 13041 85136 900000 6000000 900000 5870267 19871 129732 900000 6000000 37769 247492 600000 3870267 400000 2484948 400000 2397660 13370 87288 198144 1293600 200000 1249836 200000 1104007 2224 14521 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Pledged deposits with bank for:</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Bills payable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,791,499</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,278,065</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Others*</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">198,249</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">45,238</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,989,748</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">16,323,303</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 8791499 16278065 198249 45238 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trade Accounts and Bills Receivable, net</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> Trade accounts and bills receivable as of December 31, 2020 and March 31, 2021 consisted of the following:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Trade accounts receivable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">33,305,997</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">27,621,392</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,266,828</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,094,948</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">28,039,169</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">22,526,444</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Bills receivable</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,532,105</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">780,226</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">29,571,274</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">23,306,670</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Included in trade accounts and bills receivables are retention receivables of $1,896,068 and $1,889,066 as of December 31, 2020 and March 31, 2021. Retention receivables are interest-free and recoverable at the end of the retention period of three&#xa0;to five years since the sales of the EV batteries or 200,000 km since the sales of the motor vehicles (whichever comes first).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">An analysis of the allowance for doubtful accounts is as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Balance at beginning of period</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,650,686</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,266,828</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Provision for the period</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">871,483</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Reversal &#x2013; recoveries by cash</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(198,297</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(154,061</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Charged to consolidated statements of operations and comprehensive income (loss)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">673,186</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(154,061</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Foreign exchange adjustment</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(86,308</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,819</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Balance at end of period</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,237,564</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,094,948</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/> 1896068 1889066 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Trade accounts receivable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">33,305,997</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">27,621,392</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,266,828</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,094,948</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">28,039,169</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">22,526,444</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Bills receivable</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,532,105</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">780,226</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">29,571,274</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">23,306,670</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 33305997 27621392 -5266828 -5094948 28039169 22526444 1532105 780226 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Balance at beginning of period</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,650,686</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,266,828</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Provision for the period</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">871,483</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Reversal &#x2013; recoveries by cash</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(198,297</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(154,061</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Charged to consolidated statements of operations and comprehensive income (loss)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">673,186</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(154,061</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Foreign exchange adjustment</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(86,308</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,819</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Balance at end of period</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,237,564</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,094,948</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 4650686 5266828 871483 -198297 -154061 673186 -154061 86308 17819 5237564 5094948 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inventories</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> Inventories as of December 31, 2020 and March 31, 2021 consisted of the following:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Raw materials</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">757,857</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,042,448</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in progress</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,338,342</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,911,177</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,156,646</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,545,688</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,252,845</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,499,313</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the three months ended March 31, 2020 and 2021, write-downs of obsolete inventories to lower of cost or market of $409,062 and $233,305, respectively, were charged to cost of revenues.</p><br/> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Raw materials</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">757,857</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,042,448</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in progress</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,338,342</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,911,177</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,156,646</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,545,688</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,252,845</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,499,313</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 757857 1042448 2338342 1911177 2156646 3545688 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>5.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Prepayments and Other Receivables</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> Prepayments and other receivables as of December 31, 2020 and March 31, 2021 consisted of the following:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Value added tax recoverable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,524,475</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,287,428</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Loan receivables (note)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,358,637</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments to suppliers</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">424,311</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,193,669</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Deposits</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">17,385</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">23,929</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Staff advances</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">67,867</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">111,948</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Prepaid operating expenses</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">529,401</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,223,344</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">524,468</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,025,265</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7,446,544</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7,865,583</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,439,544</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,858,583</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Note : Nanjing CBAK entered into a loan agreement with Shen Zhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics), to loan SZ Asian Plastics a total amount of $1.4 million (RMB8,870,000) for a period of 6 months from December 1, 2020 to May 31, 2021. The loan is unsecured and bears fixed interest at 6% per annum. The Company&#x2019;s shareholder Mr. Jiping Zhao, holding 2.39% equity interest in the Company, at the same time held 79.13% equity interests in SZ Asian Plastics. In March 2021, SZ Asian Plastics has fully repaid the loan principal.</p><br/> Nanjing CBAK entered into a loan agreement with Shen Zhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics), to loan SZ Asian Plastics a total amount of $1.4 million (RMB8,870,000) for a period of 6 months from December 1, 2020 to May 31, 2021. The loan is unsecured and bears fixed interest at 6% per annum. The Company&#x2019;s shareholder Mr. Jiping Zhao, holding 2.39% equity interest in the Company, at the same time held 79.13% equity interests in SZ Asian Plastics. In March 2021, SZ Asian Plastics has fully repaid the loan principal. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Value added tax recoverable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,524,475</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,287,428</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Loan receivables (note)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,358,637</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments to suppliers</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">424,311</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,193,669</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Deposits</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">17,385</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">23,929</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Staff advances</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">67,867</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">111,948</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Prepaid operating expenses</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">529,401</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,223,344</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">524,468</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,025,265</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7,446,544</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7,865,583</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,439,544</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,858,583</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 4524475 4287428 1358637 424311 1193669 17385 23929 67867 111948 529401 1223344 524468 1025265 7446544 7865583 7000 7000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payables to Former Subsidiaries</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> Payables to former subsidiaries as of December 31, 2020 and March 31, 2021 consisted of the following:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">BAK Tianjin</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">29,852</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">21,365</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-align: left">BAK Shenzhen</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">597,138</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">361,273</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">626,990</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">382,638</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Balance as of December 31, 2020 and March 31, 2021 consisted of payables for purchase of inventories from BAK Tianjin, BAK Shenzhen and Shenzhen BAK. From time to time, the Company purchased products from these former subsidiaries that they did not produce to meet the needs of its customers.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The above balance is unsecured and non-interest bearing and repayable on demand.&#xa0;</p><br/> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">BAK Tianjin</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">29,852</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">21,365</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-align: left">BAK Shenzhen</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">597,138</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">361,273</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">626,990</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">382,638</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 29852 21365 597138 361273 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property, Plant and Equipment, net</b></font></td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">Property,</td><td style="text-align: justify">plant and equipment as of December 31, 2020 and March 31, 2021 consisted of the following:</td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Buildings</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">28,150,137</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">32,478,253</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">32,753,952</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">28,046,176</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">258,458</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">313,975</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Motor vehicles</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">197,790</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">244,825</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#x3000;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">61,360,337</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">61,083,229</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Impairment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(8,980,020</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(8,916,742</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,339,947</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,918,266</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Carrying amount</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">41,040,370</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">40,248,221</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the three months ended March 31, 2020 and 2021, the Company incurred depreciation expense of $581,491 and $698,618, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has not yet obtained the property ownership certificates of the buildings in its Dalian manufacturing facilities with a carrying amount of $24,611,468 and $24,324,253 as of December 31, 2020 and March 31, 2021, respectively. The Company built its facilities on the land for which it had already obtained the related land use right. The Company has submitted applications to the Chinese government for the ownership certificates on the completed buildings located on these lands. However, the application process takes longer than the Company expected and it has not obtained the certificates as of the date of this report. However, since the Company has obtained the land use right in relation to the land, the management believe the Company has legal title to the buildings thereon albeit the lack of ownership certificates.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the course of the Company&#x2019;s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company&#x2019;s property, plant and equipment. The impairment charge, if any, represented the excess of carrying amounts of the Company&#x2019;s property, plant and equipment over the estimated discounted cash flows expected to be generated by the Company&#x2019;s production facilities. The Company believes that there was no impairment during the three months ended March 31, 2020 and 2021.</p><br/> 581491 698618 24611468 24324253 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Buildings</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">28,150,137</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">32,478,253</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">32,753,952</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">28,046,176</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">258,458</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">313,975</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Motor vehicles</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">197,790</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">244,825</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#x3000;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">61,360,337</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">61,083,229</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Impairment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(8,980,020</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(8,916,742</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,339,947</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,918,266</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Carrying amount</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">41,040,370</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">40,248,221</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 28150137 32478253 32753952 28046176 258458 313975 197790 244825 61360337 61083229 8980020 8916742 11339947 11918266 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Construction in Progress</b></font></td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">Construction</td><td style="text-align: justify">in progress as of December 31, 2020 and March 31, 2021 consisted of the following:</td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Construction in progress</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">27,070,916</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">28,465,244</p></td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Prepayment for acquisition of property, plant and equipment</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,122,393</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,638,962</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Carrying amount</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">30,193,309</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">34,104,206</p></td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Construction in progress as of December 31, 2020 and March 31, 2021 was mainly comprised of capital expenditures for the construction of the facilities and production lines of CBAK Power and Nanjing CBAK.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the three months ended March 31, 2020 and 2021, the Company capitalized interest of $316,168 and $213,583, respectively, to the cost of construction in progress.</p><br/> 316168 213583 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Construction in progress</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">27,070,916</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">28,465,244</p></td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Prepayment for acquisition of property, plant and equipment</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,122,393</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,638,962</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Carrying amount</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">30,193,309</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">34,104,206</p></td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 27070916 28465244 3122393 5638962 30193309 34104206 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>9.</b></td><td style="text-align: justify"><b>Lease</b></td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>(a)</b></td><td style="text-align: justify"><b>Right-of-use assets</b></td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">Prepaid<br/> land</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">lease<br/> payments</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance as of January 1, 2021</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,500,780</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Amortization charge for the period</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(43,325</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Foreign exchange adjustment</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(27,243</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Balance as of March 31, 2021</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,430,212</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Lump sum payments were made upfront to acquire the leased land from the owners with lease period for 50 years up to August 9, 2064, and no ongoing payments will be made under the terms of these land leases.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company as Lessor</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company derives a portion of its revenue from leasing arrangements of these vehicles to end users. Such arrangements provide for monthly payments covering the vehicles sales and interest. These arrangements meet the criteria to be accounted for as sales-type leases. Accordingly, vehicle sale net of cost is recorded as other income and recognized upon delivery of the vehicle and its acceptance by the end user. Upon the recognition of such revenue, an asset is established for the investment in sales-type leases. Interests are recognized monthly over the lease term. The components of the net investment in sales-type leases as of December 31, 2020 and March 31, 2021 are as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March&#xa0;31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Total future minimum lease payments receivable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,210,305</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,976,071</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: unearned income, representing interest</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(124,653</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(271,838</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Present value of minimum lease payments receivables</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,085,652</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,704,233</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Current portion</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(235,245</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(836,714</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Non-current portion</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">850,407</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,867,519</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Vehicle sale net of cost recognized in other income (expense) and interest income from vehicle leasing was $(91,833) and $26,637 for the three month ended March 31, 2021, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The future minimum lease payments receivable for sales type leases are as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">12 months ending March 31,</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Total Minimum Lease Payments to be Received</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Amortization of Unearned Income</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Net Investment in Sales Type Leases</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 1.4pt">2022</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">979,368</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">142,654</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">836,714</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 1.4pt">2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">952,265</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">91,221</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">861,044</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.4pt">2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">911,671</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">36,609</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">875,062</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 1.4pt">2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">132,767</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,354</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">131,413</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.4pt">2026</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; padding-left: 1.4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">2,976,071</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">271,838</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">2,704,233</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating lease</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 14, 2021, Nanjing Daxin entered into a lease agreement for manufacturing, warehouse and office space in Tianjing with a three year term, commencing on March 1, 2021 and expiring on February 29, 2024. The monthly rental payment is approximately $11,162 (RMB73,143) per month.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2021:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; font-style: italic; border-bottom: Black 1.5pt solid">Operating<br/> leases</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">12 months ending March 31,</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2022</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,162</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">133,945</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">122,783</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total undiscounted cash flows</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">267,890</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: imputed interest</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,290</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Present value of lease liabilities</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">237,600</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>Lease term and discount rate</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="padding-bottom: 1.5pt; font-style: italic; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td></td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Weighted-average remaining lease term - years</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">2.83</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Operating leases</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted-average discount rate (%)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.175</td><td style="text-align: left">%</td></tr> </table><br/> 2064-08-09 P50Y -91833 26637 11162 73143 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">Prepaid<br/> land</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">lease<br/> payments</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance as of January 1, 2021</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,500,780</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Amortization charge for the period</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(43,325</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Foreign exchange adjustment</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(27,243</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Balance as of March 31, 2021</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,430,212</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 43325 -27243 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March&#xa0;31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Total future minimum lease payments receivable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,210,305</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,976,071</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: unearned income, representing interest</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(124,653</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(271,838</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Present value of minimum lease payments receivables</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,085,652</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,704,233</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Current portion</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(235,245</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(836,714</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Non-current portion</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">850,407</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,867,519</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 1210305 2976071 -124653 -271838 1085652 2704233 -235245 -836714 850407 1867519 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">12 months ending March 31,</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Total Minimum Lease Payments to be Received</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Amortization of Unearned Income</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Net Investment in Sales Type Leases</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 1.4pt">2022</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">979,368</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">142,654</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">836,714</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 1.4pt">2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">952,265</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">91,221</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">861,044</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.4pt">2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">911,671</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">36,609</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">875,062</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 1.4pt">2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">132,767</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,354</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">131,413</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.4pt">2026</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; padding-left: 1.4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">2,976,071</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">271,838</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">2,704,233</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 979368 142654 836714 952265 91221 861044 911671 36609 875062 132767 1354 131413 2976071 271838 2704233 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; font-style: italic; border-bottom: Black 1.5pt solid">Operating<br/> leases</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">12 months ending March 31,</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2022</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,162</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">133,945</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">122,783</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total undiscounted cash flows</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">267,890</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: imputed interest</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,290</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Present value of lease liabilities</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">237,600</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 11162 133945 122783 267890 -30290 237600 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>Lease term and discount rate</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="padding-bottom: 1.5pt; font-style: italic; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td></td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Weighted-average remaining lease term - years</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">2.83</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Operating leases</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted-average discount rate (%)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.175</td><td style="text-align: left">%</td></tr> </table> P2Y302D 0.06175 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>10.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Intangible Assets, net</b></font></td> </tr></table><br/><p style="margin-left: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Intangible assets as of December 31, 2020 and March 31, 2021 consisted of the followings:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#xa0;</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td> <td colspan="2" style="white-space: nowrap; font-style: italic; text-align: center">December&#xa0;31,<br/> </td><td style="white-space: nowrap; font-style: italic">&#xa0;</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td> <td colspan="2" style="white-space: nowrap; font-style: italic; text-align: center">March 31,</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Computer software at cost</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">32,686</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">32,567</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Accumulated amortization</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,879</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,483</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#x3000;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">11,807</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">11,084</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Amortization expenses were $1,301 and $686 for the three months ended March 31, 2020 and 2021, respectively.</p><br/> 1301 686 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#xa0;</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td> <td colspan="2" style="white-space: nowrap; font-style: italic; text-align: center">December&#xa0;31,<br/> </td><td style="white-space: nowrap; font-style: italic">&#xa0;</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td> <td colspan="2" style="white-space: nowrap; font-style: italic; text-align: center">March 31,</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Computer software at cost</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">32,686</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">32,567</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Accumulated amortization</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,879</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,483</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#x3000;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">11,807</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">11,084</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 32686 32567 -20879 -21483 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>11.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Trade Accounts and Bills Payable</b></font></td> </tr></table><br/><p style="margin-left: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Trade accounts and bills payable as of December 31, 2020 and March 31, 2021 consisted of the followings:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#xa0;</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td> <td colspan="2" style="white-space: nowrap; font-style: italic; text-align: center">December&#xa0;31,</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td> <td colspan="2" style="white-space: nowrap; font-style: italic; text-align: center">March 31,</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Trade accounts payable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">19,560,793</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,059,620</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bills payable</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&#x2013; Bank acceptance bills</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">8,791,499</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">16,278,065</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#x3000;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">28,352,292</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">25,337,685</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">All the bills payable are of trading nature and will mature within one year from the issue date.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The bank acceptance bills were pledged by the Company&#x2019;s bank deposits (Note 2).</p><br/> P1Y <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#xa0;</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td> <td colspan="2" style="white-space: nowrap; font-style: italic; text-align: center">December&#xa0;31,</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td> <td colspan="2" style="white-space: nowrap; font-style: italic; text-align: center">March 31,</td><td style="white-space: nowrap; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Trade accounts payable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">19,560,793</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,059,620</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bills payable</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&#x2013; Bank acceptance bills</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">8,791,499</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">16,278,065</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#x3000;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">28,352,292</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">25,337,685</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 19560793 9059620 8791499 16278065 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loans</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><font style="text-decoration:underline">Bank loans:</font></i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Bank borrowings as of December 31, 2020 and March 31, 2021 consisted of the followings</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March&#xa0;31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 4pt">Current maturities of long-term bank loans</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">13,739,546</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">13,688,805</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 4, 2018, the Company obtained banking facilities from China Everbright Bank Dalian Branch with a maximum amount of RMB200 million (approximately $30.63 million) bearing interest at 130% of benchmark rate of the People&#x2019;s Bank of China (&#x201c;PBOC&#x201d;) for three-year long-term loans with the term from June 12, 2018 to June 10, 2021, at current rate 6.175% per annum. The facilities were secured by the Company&#x2019;s land use rights, buildings, machinery and equipment. According to the original repayment schedule, the loans are repayable in six installments of RMB0.8 million ($0.12 million) on December 10, 2018, RMB24.3 million ($3.72 million) on June 10, 2019, RMB0.8 million ($0.12 million) on December 10, 2019, RMB74.7 million ($11.44 million) on June 10, 2020, RMB0.8 million ($0.12 million) on December 10, 2020 and RMB66.3 million ($10.16 million) on June 10, 2021. The Company repaid the bank loan of RMB0.8 million ($0.12 million), RMB24.3 million ($3.72 million) and RMB0.8 million ($0.12 million) in December 2018, June 2019 and December 2019, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 28, 2020, the Company entered into a supplemental agreement with China Everbright Bank Dalian Branch to change the repayment schedule. According to the modification agreement, the remaining RMB141.8 million (approximately $21.72 million) loans are repayable in eight instalments consisting of RMB1.09 million ($0.17 million) on June 10, 2020, RMB1 million ($0.15 million) on December 10, 2020, RMB2 million ($0.31 million) on January 10, 2021, RMB2 million ($0.31 million) on February 10, 2021, RMB2 million ($0.31 million) on March 10, 2021, RMB2 million ($0.31 million) on April 10, 2021, RMB2 million ($0.31 million) on May 10, 2021, and RMB129.7 million ($19.9 million) on June 10, 2021, respectively. The Company repaid the bank loan of RMB1.09 million ($0.17 million) and RMB51 million ($7.8 million) in June and December 2020, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under the facilities, as of March 31, 2021, outstanding loan balance owing to China Everbright Bank Dalian Branch was RMB89.7 million (approximately $13.7 million). The Company repaid RMB50 million ($7.63 million) and RMB39.7 million ($6.07 million) in April and May 2021 to the bank, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 15, 2019, the Company borrowed a total of RMB28 million (approximately $4.12 million) in the form of bills payable from China Everbright Bank Dalian Branch for a term until October 15, 2020, which was secured by the Company&#x2019;s cash totaled RMB28 million (approximately $4.12 million). The Company discounted the bills payable of even date to China Everbright Bank at a rate of 3.3%. The Company repaid the bills on October 15, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In December 2019, the Company obtained banking facilities from China Everbright Bank Dalian Friendship Branch totaled RMB39.9 million (approximately $6.1 million) for a term until November 6, 2020, bearing interest at 5.655% per annum. The facility was secured by 100% equity in CBAK Power held by BAK Asia and buildings of Hubei BAK Real Estate Co., Ltd., which Mr. Yunfei Li (&#x201c;Mr. Li&#x201d;), the Company&#x2019;s CEO holding 15% equity interest. The Company repaid the bank loan of RMB39.9 million (approximately $6.1 million) in December 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In October to December 2020, the Company borrowed a series of acceptance bills from China Merchants Bank totaled RMB13.5 million (approximately $2.07 million) for various terms through April to June 2021, which was secured by the Company&#x2019;s cash totaled RMB13.5 million (approximately $2.07 million) (Note 2).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In December 2020 to March 2021, the Company borrowed a series of acceptance bills from Agricultural Bank of China totaled RMB65.2 million (approximately $9.94 million) for various terms to June to September 2021, which was secured by the Company&#x2019;s cash totaled RMB65.2 million (approximately $9.94 million) (Note 2).&#xa0;</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In January to March 2021, the Company borrowed a series of acceptance bills from China Zheshang Bank Co. Ltd Shenyang Branch totaled RMB28.0 million (approximately $4.27 million) for various terms to July to September 2021, which was secured by the Company&#x2019;s cash totaled RMB28.0 million (approximately $4.27 million) (Note 2).</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">The</td><td style="text-align: justify">facilities were secured by the Company&#x2019;s assets with the following carrying amounts:</td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March&#xa0;31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Pledged deposits (note 2)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,791,499</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,278,065</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Right-of-use assets (note 9)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7,500,780</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7,430,212</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt">Buildings</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">16,721,178</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">17,187,727</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Machinery and equipment</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,926,886</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,904,473</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">37,940,343</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">45,800,477</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, the Company had unutilized committed banking facilities of $4.9 million.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the three months ended March 31, 2020 and 2021, interest of $397,206 and $ 213,583, respectively, was incurred on the Company&#x2019;s bank borrowings.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><font style="text-decoration:underline">Other Short-term Loans</font></i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Other short-term loans as of December 31, 2020 and March 31, 2021 consisted of the following:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March&#xa0;31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Note</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Advance from related parties</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">&#x2013; Mr. Xiangqian Li, the Company&#x2019;s Former CEO</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: center">&#xa0;</td><td style="width: 9%; text-align: center">(a)</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">&#x2013; Mr. Yunfei Li</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: center">(b)</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">278,739</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">133,928</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">&#x2013; Shareholders</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">(c)</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">92,446</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">92,105</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">471,185</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">326,033</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advances from unrelated third party</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">&#x2013; Mr. Wenwu Yu</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: center">(d)</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">16,823</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">16,761</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&#x2013; Ms. Longqian Peng</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: center">(d)</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">689,275</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">686,729</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">&#x2013; Suzhou Zhengyuanwei Needle Ce Co., Ltd</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">(e)</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">76,586</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">76,303</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">782,684</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">779,793</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,253,869</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,105,826</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances from Mr. Xiangqian Li, the Company&#x2019;s former CEO, was unsecured, non-interest bearing and repayable on demand.</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances from Mr. Yunfei Li, the Company&#x2019;s CEO, was unsecured, non-interest bearing and repayable on demand.</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: top; width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The earnest money paid by certain shareholders in relation to share purchase (note 1) were unsecured, non-interest bearing and repayable on demand.</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors will release the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As of March 31, 2021, earnest money of $92,105 remained outstanding.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: top; width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: top; width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2021, loan amount of RMB0.5 million ($76,303) remained outstanding.</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended March 31, 2020 and 2021, interest of $154,976 and $2,314 were incurred on the Company&#x2019;s borrowings from unrelated parties, respectively.</p><br/> the Company obtained banking facilities from China Everbright Bank Dalian Branch with a maximum amount of RMB200 million (approximately $30.63 million) bearing interest at 130% of benchmark rate of the People&#x2019;s Bank of China (&#x201c;PBOC&#x201d;) for three-year long-term loans with the term from June 12, 2018 to June 10, 2021, at current rate 6.175% per annum. The facilities were secured by the Company&#x2019;s land use rights, buildings, machinery and equipment. According to the original repayment schedule, the loans are repayable in six installments of RMB0.8 million ($0.12 million) on December 10, 2018, RMB24.3 million ($3.72 million) on June 10, 2019, RMB0.8 million ($0.12 million) on December 10, 2019, RMB74.7 million ($11.44 million) on June 10, 2020, RMB0.8 million ($0.12 million) on December 10, 2020 and RMB66.3 million ($10.16 million) on June 10, 2021. The Company repaid the bank loan of RMB0.8 million ($0.12 million), RMB24.3 million ($3.72 million) and RMB0.8 million ($0.12 million) in December 2018, June 2019 and December 2019, respectively. the Company entered into a supplemental agreement with China Everbright Bank Dalian Branch to change the repayment schedule. According to the modification agreement, the remaining RMB141.8 million (approximately $21.72 million) loans are repayable in eight instalments consisting of RMB1.09 million ($0.17 million) on June 10, 2020, RMB1 million ($0.15 million) on December 10, 2020, RMB2 million ($0.31 million) on January 10, 2021, RMB2 million ($0.31 million) on February 10, 2021, RMB2 million ($0.31 million) on March 10, 2021, RMB2 million ($0.31 million) on April 10, 2021, RMB2 million ($0.31 million) on May 10, 2021, and RMB129.7 million ($19.9 million) on June 10, 2021, respectively. The Company repaid the bank loan of RMB1.09 million ($0.17 million) and RMB51 million ($7.8 million) in June and December 2020, respectively outstanding loan balance owing to China Everbright Bank Dalian Branch was RMB89.7 million (approximately $13.7 million). The Company repaid RMB50 million ($7.63 million) and RMB39.7 million ($6.07 million) in April and May 2021 to the bank, respectively. the Company borrowed a total of RMB28 million (approximately $4.12 million) in the form of bills payable from China Everbright Bank Dalian Branch for a term until October 15, 2020, which was secured by the Company&#x2019;s cash totaled RMB28 million (approximately $4.12 million). The Company discounted the bills payable of even date to China Everbright Bank at a rate of 3.3%. The Company repaid the bills on October 15, 2020. In October to December 2020, the Company borrowed a series of acceptance bills from China Merchants Bank totaled RMB13.5 million (approximately $2.07 million) for various terms through April to June 2021, which was secured by the Company&#x2019;s cash totaled RMB13.5 million (approximately $2.07 million) (Note 2). In December 2020 to March 2021, the Company borrowed a series of acceptance bills from Agricultural Bank of China totaled RMB65.2 million (approximately $9.94 million) for various terms to June to September 2021, which was secured by the Company&#x2019;s cash totaled RMB65.2 million (approximately $9.94 million) (Note 2). Ltd Shenyang Branch totaled RMB28.0 million (approximately $4.27 million) for various terms to July to September 2021, which was secured by the Company&#x2019;s cash totaled RMB28.0 million (approximately $4.27 million) (Note 2). 4900000 397206 213583 In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors. the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors will release the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money. 92105 Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2021, loan amount of RMB0.5 million ($76,303) remained outstanding. 154976 2314 In December 2019, the Company obtained banking facilities from China Everbright Bank Dalian Friendship Branch totaled RMB39.9 million (approximately $6.1 million) for a term until November 6, 2020, bearing interest at 5.655% per annum. The facility was secured by 100% equity in CBAK Power held by BAK Asia and buildings of Hubei BAK Real Estate Co., Ltd., which Mr. Yunfei Li (&#x201c;Mr. Li&#x201d;), the Company&#x2019;s CEO holding 15% equity interest. The Company repaid the bank loan of RMB39.9 million (approximately $6.1 million) in December 2020. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March&#xa0;31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 4pt">Current maturities of long-term bank loans</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">13,739,546</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">13,688,805</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 13739546 13688805 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March&#xa0;31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Pledged deposits (note 2)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,791,499</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,278,065</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Right-of-use assets (note 9)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7,500,780</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7,430,212</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt">Buildings</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">16,721,178</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">17,187,727</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Machinery and equipment</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,926,886</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,904,473</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">37,940,343</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">45,800,477</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 8791499 16278065 7500780 7430212 16721178 17187727 4926886 4904473 37940343 45800477 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March&#xa0;31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Note</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Advance from related parties</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">&#x2013; Mr. Xiangqian Li, the Company&#x2019;s Former CEO</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: center">&#xa0;</td><td style="width: 9%; text-align: center">(a)</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">&#x2013; Mr. Yunfei Li</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: center">(b)</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">278,739</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">133,928</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">&#x2013; Shareholders</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">(c)</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">92,446</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">92,105</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">471,185</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">326,033</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advances from unrelated third party</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">&#x2013; Mr. Wenwu Yu</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: center">(d)</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">16,823</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">16,761</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&#x2013; Ms. Longqian Peng</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: center">(d)</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">689,275</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">686,729</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">&#x2013; Suzhou Zhengyuanwei Needle Ce Co., Ltd</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">(e)</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">76,586</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">76,303</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">782,684</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">779,793</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,253,869</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,105,826</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances from Mr. Xiangqian Li, the Company&#x2019;s former CEO, was unsecured, non-interest bearing and repayable on demand.</font></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances from Mr. Yunfei Li, the Company&#x2019;s CEO, was unsecured, non-interest bearing and repayable on demand.</font></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: top; width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The earnest money paid by certain shareholders in relation to share purchase (note 1) were unsecured, non-interest bearing and repayable on demand.</font></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: top; width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.</font></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: top; width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2021, loan amount of RMB0.5 million ($76,303) remained outstanding.</font></td></tr> </table> 100000 100000 278739 133928 92446 92105 471185 326033 16823 16761 689275 686729 76586 76303 782684 779793 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accrued Expenses and Other Payables</b></font></td> </tr></table><br/><p style="margin-left: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Accrued expenses and other payables as of December 31, 2020 and March 31, 2021 consisted of the following:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Construction costs payable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">273,279</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">1,086,410</p></td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Equipment purchase payable</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,431,132</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,120,765</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Liquidated damages (note a)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,210,119</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,210,119</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued staff costs</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,083,660</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,534,997</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer deposits</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">394,536</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">289,473</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Other payables and accruals</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,252,733</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,012,220</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">11,645,459</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">9,253,984</p></td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px">&#xa0;</td> <td style="width: 24px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10-K for the year ended September 30, 2006 (the &#x201c;2006 Form 10-K&#x201d;). After the filing of the 2006 Form 10-K, the Company&#x2019;s previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of December 31, 2019 and March 31, 2020, no liquidated damages relating to both events have been paid.</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On November 9, 2007, the Company completed a private placement for the gross proceeds to the Company of $13,650,000 by selling 3,500,000 shares of common stock at the price of $3.90 per share. Roth Capital Partners, LLC acted as the Company&#x2019;s exclusive financial advisor and placement agent in connection with the private placement and received a cash fee of $819,000. The Company may have become liable for liquidated damages to certain shareholders whose shares were included in a resale registration statement on Form S-3 that the Company filed pursuant to a registration rights agreement that the Company entered into with such shareholders in November 2007. Under the registration rights agreement, among other things, if a registration statement filed pursuant thereto was not declared effective by the SEC by the 100th calendar day after the closing of the Company&#x2019;s private placement on November 9, 2007, or the &#x201c;Effectiveness Deadline&#x201d;, then the Company would be liable to pay partial liquidated damages to each such investor of (a) 1.5% of the aggregate purchase price paid by such investor for the shares it purchased on the one month anniversary of the Effectiveness Deadline; (b) an additional 1.5% of the aggregate purchase price paid by such investor every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until the earliest of the effectiveness of the registration statement, the ten-month anniversary of the Effectiveness Deadline and the time that the Company is no longer required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations; and (c) 0.5% of the aggregate purchase price paid by such investor for the shares it purchased in the Company&#x2019;s November 2007 private placement on each of the following dates: the ten-month anniversary of the Effectiveness Deadline and every thirtieth day thereafter (prorated for periods totaling less than thirty days), until the earlier of the effectiveness of the registration statement and the time that the Company no longer is required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations. Such liquidated damages would bear interest at the rate of 1% per month (prorated for partial months) until paid in full.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On December 21, 2007, pursuant to the registration rights agreement, the Company filed a registration statement on Form S-3, which was declared effective by the SEC on May 7, 2008. As a result, the Company estimated liquidated damages amounting to $561,174 for the November 2007 registration rights agreement. As of December 31, 2020 and March 31, 2021, the Company had settled the liquidated damages with all the investors and the remaining provision of approximately $159,000 was included in other payables and accruals.</p><br/> 13650000 3500000 3.90 819000 (a) 1.5% of the aggregate purchase price paid by such investor for the shares it purchased on the one month anniversary of the Effectiveness Deadline; (b) an additional 1.5% of the aggregate purchase price paid by such investor every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until the earliest of the effectiveness of the registration statement, the ten-month anniversary of the Effectiveness Deadline and the time that the Company is no longer required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations; and (c) 0.5% of the aggregate purchase price paid by such investor for the shares it purchased in the Company&#x2019;s November 2007 private placement on each of the following dates: the ten-month anniversary of the Effectiveness Deadline and every thirtieth day thereafter (prorated for periods totaling less than thirty days), until the earlier of the effectiveness of the registration statement and the time that the Company no longer is required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations. Such liquidated damages would bear interest at the rate of 1% per month (prorated for partial months) until paid in full. 561174 159000 159000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Construction costs payable</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">273,279</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">1,086,410</p></td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Equipment purchase payable</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,431,132</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,120,765</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Liquidated damages (note a)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,210,119</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,210,119</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued staff costs</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,083,660</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,534,997</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer deposits</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">394,536</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">289,473</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Other payables and accruals</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,252,733</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,012,220</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">11,645,459</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">9,253,984</p></td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px">&#xa0;</td> <td style="width: 24px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10-K for the year ended September 30, 2006 (the &#x201c;2006 Form 10-K&#x201d;). After the filing of the 2006 Form 10-K, the Company&#x2019;s previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of December 31, 2019 and March 31, 2020, no liquidated damages relating to both events have been paid.</font></td></tr> </table> 273279 1086410 5431132 3120765 1210119 1210119 2083660 1534997 394536 289473 2252733 2012220 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred Government Grants</b></font></td> </tr></table><br/><p style="margin-left: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Deferred government grants as of December 31, 2020 and March 31, 2021 consist of the following:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Total government grants</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,456,308</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,391,041</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: Current portion</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(151,476</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(150,917</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Non-current portion</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,304,832</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,240,124</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In September 2013, the Management Committee of Dalian Economic Zone Management Committee (the &#x201c;Management Committee&#x201d;) provided a subsidy of RMB150 million to finance the costs incurred in moving the Company facilities to Dalian, including the loss of sales while the new facilities were being constructed. For the year ended September 30, 2015, the Company recognized $23,103,427 as income after offset of the related removal expenditures of $1,004,027. No such income or offset was recognized in the three months ended March 31, 2020 and 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 17, 2014, the Company received a subsidy of RMB46,150,000 pursuant to an agreement with the Management Committee dated July 2, 2013 for costs of land use rights and to be used to construct the new manufacturing site in Dalian. Part of the facilities had been completed and was operated in July 2015 and the Company has initiated amortization on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 23, 2020, BAK Asia, the Company wholly-owned Hong Kong subsidiary, entered into a framework investment agreement with Jiangsu Gaochun Economic Development Zone Development Group Company (&#x201c;Gaochun EDZ&#x201d;), pursuant to which the Company intended to develop certain lithium battery projects that aim to have a production capacity of 8Gwh. Gaochun EDZ agreed to provide various support to facilitate the development and operation of the projects. As of the date of this report, the Company received RMB20 million (approximately $3.05 million) subsidy from Gaochun EDZ. The Company will recognize the government subsidies as income or offsets them against the related expenditures when there are no present or future obligations for the subsidized projects.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company offset government grants of $35,421 and $38,133 for the three months ended March 31, 2020 and 2021, respectively, against depreciation expenses of the Dalian facilities.</p><br/> 150000000 23103427 1004027 46150000 20000000 3050000 35421 38133 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Total government grants</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,456,308</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,391,041</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: Current portion</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(151,476</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(150,917</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Non-current portion</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,304,832</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,240,124</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 7456308 7391041 151476 150917 7304832 7240124 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Product Warranty Provision</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company maintains a policy of providing after sales support for certain of its new EV and LEV battery products introduced since October 1, 2015 by way of a warranty program. The limited cover covers a period of six to twenty four months for battery cells, a period of twelve to twenty seven months for battery modules for light electric vehicles (LEV) such as electric bicycles, and a period of three years to eight years (or 120,000 or 200,000 km if reached sooner) for battery modules for electric vehicles (EV). The Company accrues an estimate of its exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability at least annually and adjusts the amounts as necessary.</p><br/> The Company maintains a policy of providing after sales support for certain of its new EV and LEV battery products introduced since October 1, 2015 by way of a warranty program. The limited cover covers a period of six to twenty four months for battery cells, a period of twelve to twenty seven months for battery modules for light electric vehicles (LEV) such as electric bicycles, and a period of three years to eight years (or 120,000 or 200,000 km if reached sooner) for battery modules for electric vehicles (EV). The Company accrues an estimate of its exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability at least annually and adjusts the amounts as necessary. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities</b></font></td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px">&#xa0;</td> <td style="width: 32px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income taxes in the condensed consolidated statements of comprehensive loss(income)</i></font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">The</td><td style="text-align: justify">Company&#x2019;s provision for income taxes expenses consisted of:</td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Three months ended <br/> March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">PRC income tax:</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; width: 76%">Current</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -0.125in">Deferred</td><td>&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>United</b> <b>States Tax</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">CBAK is a Nevada corporation that is subject to U.S. corporate income tax on its taxable income at a rate of up to 21% for taxable years beginning after December 31, 2017 and U.S. corporate income tax on its taxable income of up to 35% for prior tax years. The U.S. Tax Reform signed into law on December 22, 2017 significantly modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating the U.S. to a territorial tax system with a one-time transition tax on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes on certain foreign earnings. Taxpayers may elect to pay the one-time transition tax over eight years, or in a single lump sum.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The U.S. Tax Reform also includes provisions for a new tax on GILTI effective for tax years of foreign corporations beginning after December&#xa0;31, 2017. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of controlled foreign corporations (&#x201c;CFCs&#x201d;), subject to the possible use of foreign tax credits and a deduction equal to 50 percent to offset the income tax liability, subject to some limitations.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">To the extent that portions of CBAK&#x2019;s U.S. taxable income, such as Subpart F income or GILTI, are determined to be from sources outside of the U.S., subject to certain limitations, the Company may be able to claim foreign tax credits to offset its U.S. income tax liabilities. If dividends that CBAK receives from its subsidiaries are determined to be from sources outside of the U.S., subject to certain limitations, CBAK will generally not be required to pay U.S. corporate income tax on those dividends. Any liabilities for U.S. corporate income tax will be accrued in the Company&#x2019;s consolidated statements of comprehensive income and estimated tax payments will be made when required by U.S. law.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">No provision for income taxes in the United States or elsewhere has been made as CBAK had no taxable income for the three months ended March 31, 2020 and 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Hong Kong Tax</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">BAK Asia and BAK Investments are subject to Hong Kong profits tax rate of 16.5% and did not have any assessable profits arising in or derived from Hong Kong for the three months ended March 31, 2020 and 2021 and accordingly no provision for Hong Kong profits tax was made in these periods.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>PRC Tax</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The CIT Law in China applies an income tax rate of 25% to all enterprises but grants preferential tax treatment to High-New Technology Enterprises. CBAK Power was regarded as a &#x201c;High-new technology enterprise&#x201d; pursuant to a certificate jointly issued by the relevant Dalian Government authorities. The certificate was valid for three years commencing from year 2019. Under the preferential tax treatment, CBAK Power was entitled to enjoy a tax rate of 15% for the years from 2019 to 2021 provided that the qualifying conditions as a High-new technology enterprise were met.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A reconciliation of the provision for income taxes determined at the statutory income tax rate to the Company&#x2019;s income taxes is as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Three months ended <br/> March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; width: 76%; text-align: justify">Profit (loss) before income taxes</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2,354,111</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">29,608,168</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify">United States federal corporate income tax rate</td><td>&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">21</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">21</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify">Income tax credit computed at United States statutory corporate income tax rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(494,363</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6,217,715</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify">Reconciling items:</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: justify">Rate differential for PRC earnings</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(69,225</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">69,004</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: justify">Non-taxable income</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(5,969,462</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: justify">Non-deductible expenses</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">67,679</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">82,672</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: justify">Share based payments</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">63,028</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">31,252</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: justify">Valuation allowance on deferred tax assets</td><td>&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">432,881</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(431,181</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify">Income tax expenses</td><td>&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Deferred tax assets and deferred tax liabilities</i></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2020 and March 31, 2021 are presented below:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>December&#xa0;31,</i></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>March 31,</i></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2020</i></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2021</i></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred tax assets</b></font></td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade accounts receivable</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,354,762</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,316,433</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">575,575</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">593,697</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,271,986</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,261,434</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision for product warranty</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">497,901</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">494,280</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net operating loss carried forward</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,060,254</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,663,453</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation allowance</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(34,760,478</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(34,329,297</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&#xa0;</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred tax assets, non-current</b></font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred tax liabilities, non-current</b></font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;-</font></td> <td>&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2020 and March 31, 2021, the Company&#x2019;s U.S. entity had net operating loss carry forwards of $103,580,741, of which $102,293 available to reduce future taxable income which will expire in various years through 2035 and $103,478,448 available to offset capital gains recognized in the succeeding 5 tax years and the Company&#x2019;s PRC subsidiaries had net operating loss carry forwards of $37,536,687 and $36,798,249, respectively, which will expire in various years through 2028. Management believes it is more likely than not that the Company will not realize these potential tax benefits as these operations will not generate any operating profits in the foreseeable future. As a result, a valuation allowance was provided against the full amount of the potential tax benefits.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The impact of an uncertain income tax positions on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The significant uncertain tax position arose from the subsidies granted by the local government for the Company&#x2019;s PRC subsidiary, which may be modified or challenged by the central government or the tax authority. A reconciliation of January 1, 2021 through March 31, 2021 amount of unrecognized tax benefits excluding interest and penalties (&#x201c;Gross UTB&#x201d;) is as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Gross UTB</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Surcharge</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Net UTB</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Balance as of January 1, 2021</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,511,182</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,511,182</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Increase in unrecognized tax benefits taken in current period</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(27,740</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(27,740</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Balance as of March 31, 2021</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,483,442</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,483,442</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2020 and March 31, 2021, the Company had not accrued any interest and penalties related to unrecognized tax benefits.</p><br/> 0.21 0.35 0.35 0.21 0.165 0.165 The CIT Law in China applies an income tax rate of 25% to all enterprises but grants preferential tax treatment to High-New Technology Enterprises. CBAK Power was regarded as a &#x201c;High-new technology enterprise&#x201d; pursuant to a certificate jointly issued by the relevant Dalian Government authorities. The certificate was valid for three years commencing from year 2019. Under the preferential tax treatment, CBAK Power was entitled to enjoy a tax rate of 15% for the years from 2019 to 2021 provided that the qualifying conditions as a High-new technology enterprise were met. As of December 31, 2020 and March 31, 2021, the Company&#x2019;s U.S. entity had net operating loss carry forwards of $103,580,741, of which $102,293 available to reduce future taxable income which will expire in various years through 2035 and $103,478,448 available to offset capital gains recognized in the succeeding 5 tax years and the Company&#x2019;s PRC subsidiaries had net operating loss carry forwards of $37,536,687 and $36,798,249, respectively, which will expire in various years through 2028. 103580741 102293 0.50 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Three months ended <br/> March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">PRC income tax:</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; width: 76%">Current</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -0.125in">Deferred</td><td>&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Three months ended <br/> March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; 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text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">21</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify">Income tax credit computed at United States statutory corporate income tax rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(494,363</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6,217,715</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify">Reconciling items:</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; 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"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: justify">Share based payments</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">63,028</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">31,252</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: justify">Valuation allowance on deferred tax assets</td><td>&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">432,881</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(431,181</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify">Income tax expenses</td><td>&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> </table> 0.21 0.21 -494363 6217715 -69225 69004 -5969462 67679 82672 63028 31252 432881 -431181 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>December&#xa0;31,</i></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; 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font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,354,762</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,316,433</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">575,575</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">593,697</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; 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font-size: 10pt">494,280</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net operating loss carried forward</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,060,254</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,663,453</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation allowance</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(34,760,478</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(34,329,297</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&#xa0;</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred tax assets, non-current</b></font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred tax liabilities, non-current</b></font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;-</font></td> <td>&#xa0;</td></tr> </table> 1354762 1316433 575575 593697 1271986 1261434 497901 494280 31060254 30663453 -34760478 -34329297 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Gross UTB</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Surcharge</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Net UTB</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Balance as of January 1, 2021</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,511,182</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,511,182</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Increase in unrecognized tax benefits taken in current period</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(27,740</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(27,740</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Balance as of March 31, 2021</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,483,442</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,483,442</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 7511182 7511182 -27740 -27740 7483442 7483442 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share-based Compensation</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Restricted Shares and Restricted Share Units</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Restricted shares granted on June 30, 2015</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 12, 2015, the Board of Director approved the CBAK Energy Technology, Inc. 2015 Equity Incentive Plan (the &#x201c;2015 Plan&#x201d;) for Employees, Directors and Consultants of the Company and its Affiliates. The maximum aggregate number of Shares that may be issued under the Plan is ten million (10,000,000) Shares.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 30, 2015, pursuant to the 2015 Plan, the Compensation Committee of the Company&#x2019;s Board of Directors granted an aggregate of 690,000 restricted shares of the Company&#x2019;s common stock, par value $0.001, to certain employees, officers and directors of the Company with a fair value of $3.24 per share on June 30, 2015. In accordance with the vesting schedule of the grant, the restricted shares will vest in twelve equal quarterly installments on the last day of each fiscal quarter beginning on June 30, 2015 (i.e. last vesting period: quarter ended March 31, 2018). The Company recognizes the share-based compensation expenses on a graded-vesting method.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">All the restricted shares granted in respect of the restricted shares granted on June 30, 2015 have been vested on March 31, 2018.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, there was no unrecognized stock-based compensation associated with the above restricted shares. As of March 31, 2021, 1,667 vested shares were to be issued.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><font style="text-decoration:underline">Restricted shares granted on April 19, 2016</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 19, 2016, pursuant to the Company&#x2019;s 2015 Plan, the Compensation Committee of the Board of Directors of the Company granted an aggregate of 500,000 restricted shares of the Company&#x2019;s common stock, par value $0.001, to certain employees, officers and directors of the Company, of which 220,000 restricted shares were granted to the Company&#x2019;s executive officers and directors. There are three types of vesting schedules. First, if the number of restricted shares granted is below 3,000, the shares will vest annually in 2 equal installments over a two year period with the first vesting on June 30, 2017. Second, if the number of restricted shares granted is larger than or equal to 3,000 and is below 10,000, the shares will vest annually in 3 equal installments over a three year period with the first vesting on June 30, 2017. Third, if the number of restricted shares granted is above or equal to 10,000, the shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on December 31, 2016. The fair value of these restricted shares was $2.68 per share on April 19, 2016. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, there was no unrecognized stock-based compensation associated with the above restricted shares and 4,167 vested shares were to be issued.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><font style="text-decoration:underline">Restricted share units granted on August 23, 2019</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 23, 2019, pursuant to the Company&#x2019;s 2015 Plan, the Compensation Committee granted an aggregate of 1,887,000 restricted share units of the Company&#x2019;s common stock to certain employees, officers and directors of the Company, of which 710,000 restricted share units were granted to the Company&#x2019;s executive officers and directors. There are two types of vesting schedules, (i) the share units will vest semi-annually in 6 equal installments over a three year period with the first vesting on September 30, 2019; (ii) the share units will vest annual in 3 equal installments over a three year period with the first vesting on March 31, 2021. The fair value of these restricted shares was $0.9 per share on August 23, 2019. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company recorded non-cash share-based compensation expense of $300,135 for three months ended March 31, 2020, in respect of the restricted shares granted on August 23, 2019 of which $254,890, $9,125 and $36,120 were allocated to general and administrative expenses, sales and marketing expenses and research and development expenses.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company recorded non-cash share-based compensation expense of $93,786 for three months ended March 31, 2021, in respect of the restricted shares granted on August 23, 2019 of which $75,794, $2,982 and $15,010 were allocated to general and administrative expenses, sales and marketing expenses and research and development expenses.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, non-vested restricted share units granted on August 23, 2019 are as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; padding-bottom: 1.5pt">Non-vested shares as of January 1, 2021</td><td style="width: 1%; padding-bottom: 1.5pt">&#xa0;</td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">855,504</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Vested</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(288,498</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Non-vested shares as of March 31, 2021</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">567,006</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, there was unrecognized stock-based compensation of $159,302 associated with the above restricted shares. As of March 31, 2021, 288,498 vested shares were to be issued.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><font style="text-decoration:underline">Restricted share units granted on October 23, 2020</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 23, 2020, pursuant to the Company&#x2019;s 2015 Plan, the Compensation Committee granted an aggregate of 100,000 restricted share units of the Company&#x2019;s common stock to an employee of the Company. In accordance with the vesting schedule of the grant, the restricted shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on October 30, 2020. The fair value of these restricted shares was $3 per share on October 23, 2020. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company recorded non-cash share-based compensation expense of nil and $55,032 for three months ended March 31, 2020 and 2021, in respect of the restricted shares granted on October 23, 2020 of which allocated to research and development expenses.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, non-vested restricted share units granted on October 23, 2020 are as follows:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-vested share units as of January 1, 2021</font></td> <td style="vertical-align: bottom">&#xa0;</td> <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;83,333</font></td> <td style="vertical-align: bottom">&#xa0;</td></tr> <tr> <td style="vertical-align: top; width: 89%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</font></td> <td style="vertical-align: bottom; width: 1%">&#xa0;</td> <td style="vertical-align: bottom; width: 1%">&#xa0;</td> <td style="vertical-align: bottom; width: 8%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td style="vertical-align: bottom; width: 1%">&#xa0;</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested</font></td> <td style="vertical-align: bottom">&#xa0;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#xa0;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td style="vertical-align: bottom">&#xa0;</td></tr> <tr> <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-vested share units as of March 31, 2021</font></td> <td style="vertical-align: bottom">&#xa0;</td> <td style="vertical-align: bottom; border-bottom: black 4.5pt double">&#xa0;</td> <td style="vertical-align: bottom; border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83,333</font></td> <td style="vertical-align: bottom">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2021, there was unrecognized stock-based compensation $152,777 associated with the above restricted share units and no&#xa0;vested shares were to be issued.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As the Company itself is an investment holding company which is not expected to generate operating profits to realize the tax benefits arising from its net operating loss carried forward, no income tax benefits were recognized for such stock-based compensation cost under the stock option plan for the three month ended March 31, 2020 and 2021.</p><br/> 10000000 690000 0.001 3.24 1667 the Company&#x2019;s 2015 Plan, the Compensation Committee of the Board of Directors of the Company granted an aggregate of 500,000 restricted shares of the Company&#x2019;s common stock, par value $0.001, to certain employees, officers and directors of the Company, of which 220,000 restricted shares were granted to the Company&#x2019;s executive officers and directors. There are three types of vesting schedules. First, if the number of restricted shares granted is below 3,000, the shares will vest annually in 2 equal installments over a two year period with the first vesting on June 30, 2017. Second, if the number of restricted shares granted is larger than or equal to 3,000 and is below 10,000, the shares will vest annually in 3 equal installments over a three year period with the first vesting on June 30, 2017. Third, if the number of restricted shares granted is above or equal to 10,000, the shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on December 31, 2016. The fair value of these restricted shares was $2.68 per share on April 19, 2016. 4167 300135 254890 9125 36120 93786 75794 2982 15010 159302 288498 the Company&#x2019;s 2015 Plan, the Compensation Committee granted an aggregate of 100,000 restricted share units of the Company&#x2019;s common stock to an employee of the Company. In accordance with the vesting schedule of the grant, the restricted shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on October 30, 2020. The fair value of these restricted shares was $3 per share on October 23, 2020. 55032 152777 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; padding-bottom: 1.5pt">Non-vested shares as of January 1, 2021</td><td style="width: 1%; padding-bottom: 1.5pt">&#xa0;</td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">855,504</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Vested</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(288,498</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Non-vested shares as of March 31, 2021</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">567,006</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-vested share units as of January 1, 2021</font></td> <td style="vertical-align: bottom">&#xa0;</td> <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;83,333</font></td> <td style="vertical-align: bottom">&#xa0;</td></tr> <tr> <td style="vertical-align: top; width: 89%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</font></td> <td style="vertical-align: bottom; width: 1%">&#xa0;</td> <td style="vertical-align: bottom; width: 1%">&#xa0;</td> <td style="vertical-align: bottom; width: 8%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td style="vertical-align: bottom; width: 1%">&#xa0;</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested</font></td> <td style="vertical-align: bottom">&#xa0;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#xa0;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td style="vertical-align: bottom">&#xa0;</td></tr> <tr> <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-vested share units as of March 31, 2021</font></td> <td style="vertical-align: bottom">&#xa0;</td> <td style="vertical-align: bottom; border-bottom: black 4.5pt double">&#xa0;</td> <td style="vertical-align: bottom; border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83,333</font></td> <td style="vertical-align: bottom">&#xa0;</td></tr> </table> 855504 288498 567006 83333 83333 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income (Loss) Per Share</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following is the calculation of income (loss) per share:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center; font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Three months ended <br/> March 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Net (loss) income</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2,354,111</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">29,608,168</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Net loss (income) attributable to non-controlling interests</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,870</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,114</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Net (loss) income attributable to shareholders of CBAK Energy Technology, Inc.</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2,359,981</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">29,609,282</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average shares outstanding &#x2013; basis (note)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">53,293,776</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">84,283,605</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Dilutive unvested restricted stock and warrants</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">650,308</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Weighted average shares outstanding - diluted</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">53,293,776</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">84,933,913</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Income (loss) per share of common stock</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Basic</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.04</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.35</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Diluted</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.04</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.35</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note: Including 299,332 and 288,498 vested restricted shares granted pursuant to the 2015 Plan that were not yet issued for the three months ended March 31, 2020 and 2021, respectively.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the three months ended March 31, 2020, 1,154,002 unvested restricted shares were anti-dilutive and excluded from shares used in the diluted computation.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the three months ended March 31, 2021, 11,621,967 shares purchasable under warrants were excluded from EPS calculation, as their effects were anti-dilutive.</p><br/> 299332 288498 1154002 11621967 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center; font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Three months ended <br/> March 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Net (loss) income</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2,354,111</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">29,608,168</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Net loss (income) attributable to non-controlling interests</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,870</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,114</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Net (loss) income attributable to shareholders of CBAK Energy Technology, Inc.</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2,359,981</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">29,609,282</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average shares outstanding &#x2013; basis (note)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">53,293,776</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">84,283,605</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Dilutive unvested restricted stock and warrants</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">650,308</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Weighted average shares outstanding - diluted</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">53,293,776</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">84,933,913</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Income (loss) per share of common stock</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Basic</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.04</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.35</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Diluted</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.04</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.35</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> -5870 1114 650308 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 8, 2020, the Company entered in a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of its common stock at a price of $5.18 per share, for aggregate gross proceeds to the Company of approximately $49 million, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. As part of the transaction, the institutional investors also received warrants (&#x201c;Investor Warrants&#x201d;) for the purchase of up to 3,795,920 shares of the Company&#x2019;s common stock at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance. In addition, the placement agent for this transaction also received warrants (&#x201c;Placement Agent Warrants&#x201d;) for the purchase of up to 379,592 shares of the Company&#x2019;s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other estimated offering expenses of $5.0 million payable by the Company. In addition, the placement agent for this transaction also received warrants (&#x201c;Placement Agent Warrants&#x201d;) for the purchase of up to 446,999 shares of the Company&#x2019;s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance.</p><br/><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">On May 10, 2021, the Company entered into the &#x201c;Series B Warrant Amendment&#x201d; with each of the holders of the Company&#x2019;s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has performed a thorough reassessment of the terms of its warrants with reference to the provisions of ASC Topic 815-40-15-7I, regarding its exposure to changes in currency exchange rates. This reassessment has led to the management&#x2019;s conclusion that the Company&#x2019;s warrants issued to the investors should not be considered indexed to the Company&#x2019;s own stock because the warrants are denominated in U.S. dollar, which is different from the Company&#x2019;s functional currency, Renminbi. Warrants are remeasured at fair value with changes in fair value recorded in earnings in each reporting period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">There was a total of 15,797,479 warrants issued and outstanding as of March 31, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The fair value of the outstanding warrants was calculated using Binomial Model based on backward induction with the following assumptions:</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Warrants issued in the 2020 Financing</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Warrants holder</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Investor<br/> Warrants</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Placement<br/> Agent<br/> Warrants</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Appraisal Date (Inception Date)</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">December&#xa0;10, <br/> 2020</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">December&#xa0;10, <br/> 2020</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Market price per share (USD/share)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.36</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.36</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Exercise price (USD/price)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.46</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.475</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend yield</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term/ Contractual life (years)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5 years</font></td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected volatility</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">211.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">211.5</td><td style="text-align: left">%</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">Appraisal Date</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#xa0;31, <br/> 2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#xa0;31, <br/> 2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Market price per share (USD/share)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.06</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.06</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Exercise price (USD/price)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.46</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.475</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend yield</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term/ Contractual life (years)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.9 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4 years</font></td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected volatility</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">187.6</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">187.6</td><td style="text-align: left">%</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: left">Appraisal Date</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Market price per share (USD/share)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.10</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.1</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Exercise price (USD/price)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.46</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.475</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.3</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend yield</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term/ Contractual life (years)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2 years</font></td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected volatility</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">134.8</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">125.8</td><td style="text-align: left">%</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Warrants issued in the 2021 Financing</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Warrants holder</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Investor Warrants</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Placement<br/> Agent<br/> Warrants</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Appraisal Date (Inception Date)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Series A1 <br/> February 10,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Series A2 <br/> February 10,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Series B February 10,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">February 10,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Market price per share (USD/share)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7.36</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7.36</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7.36</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7.36</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Exercise price (USD/price)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7.67</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7.67</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7.83</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9.204</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.3</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend yield</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term/ Contractual life (years)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;3.5 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;3.8 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;0.3 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;3.5 years</font></td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected volatility</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">121.8</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">119.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">214.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">121.8</td><td style="text-align: left">%</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Warrants holder</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Investor Warrants</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Placement Agent Warrants</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">Appraisal Date (Inception Date)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Series A1<br/> March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Series A2 <br/>March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Series B<br/> March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Market price per share (USD/share)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.10</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.10</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.10</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.10</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Exercise price (USD/price)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7.67</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7.67</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7.83</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9.204</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend yield</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term/ Contractual life (years)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;3.4 years &#xa0;</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;3.6 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;0.1 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;3.4 years</font></td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected volatility</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">123.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">121.6</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">110.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">123.5</td><td style="text-align: left">%</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 3 inputs:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center; font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Three months ended <br/> March 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Balance at the beginning of period</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">17,783,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Warrants issued to institution investors</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">47,519,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrants issued to placement agent</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,346,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Warrants redeemed</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Fair value change of warrants included in earnings</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(28,426,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Balance at end of period</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">39,222,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the warrant activity:&#xa0;</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<br/> Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average<br/> Exercise&#xa0;Price</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Term in<br/> Years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Outstanding at January 1, 2021</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">4,175,512</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6.46</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">3.0</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Exercisable at January 1, 2021</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,795,920</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">6.46</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2.9</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Granted</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">11,621,967</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7.79</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2.3</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Exercised / surrendered</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Expired</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Outstanding at March 31, 2021</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">15,797,479</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">7.44</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2.3</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Exercisable at March 31, 2021</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">14,970,888</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">7.41</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2.3</td><td style="text-align: left">&#xa0;</td></tr> </table><br/> the Company entered in a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of its common stock at a price of $5.18 per share, for aggregate gross proceeds to the Company of approximately $49 million, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. As part of the transaction, the institutional investors also received warrants (&#x201c;Investor Warrants&#x201d;) for the purchase of up to 3,795,920 shares of the Company&#x2019;s common stock at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance. In addition, the placement agent for this transaction also received warrants (&#x201c;Placement Agent Warrants&#x201d;) for the purchase of up to 379,592 shares of the Company&#x2019;s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance. the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other estimated offering expenses of $5.0 million payable by the Company. In addition, the placement agent for this transaction also received warrants (&#x201c;Placement Agent Warrants&#x201d;) for the purchase of up to 446,999 shares of the Company&#x2019;s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance. 15797479 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Warrants holder</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Investor<br/> Warrants</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Placement<br/> Agent<br/> Warrants</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Appraisal Date (Inception Date)</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">December&#xa0;10, <br/> 2020</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">December&#xa0;10, <br/> 2020</td><td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Market price per share (USD/share)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.36</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.36</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Exercise price (USD/price)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.46</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.475</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend yield</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term/ Contractual life (years)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5 years</font></td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected volatility</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">211.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">211.5</td><td style="text-align: left">%</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">Appraisal Date</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#xa0;31, <br/> 2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#xa0;31, <br/> 2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Market price per share (USD/share)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.06</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.06</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Exercise price (USD/price)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.46</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.475</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend yield</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term/ Contractual life (years)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.9 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4 years</font></td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected volatility</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">187.6</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">187.6</td><td style="text-align: left">%</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: left">Appraisal Date</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Market price per share (USD/share)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.10</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.1</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Exercise price (USD/price)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.46</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6.475</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.3</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend yield</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term/ Contractual life (years)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2 years</font></td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected volatility</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">134.8</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">125.8</td><td style="text-align: left">%</td></tr> </table> 5.36 5.36 6.46 6.475 0.002 0.002 0.000 0.000 P3Y P3Y6M 2.115 2.115 5.06 5.06 6.46 6.475 0.002 0.002 0.000 0.000 P2Y328D P3Y146D 1.876 1.876 5.10 5.1 6.46 6.475 0.003 0.004 0.000 0.000 P2Y255D P3Y73D 1.348 1.258 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Warrants holder</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Investor Warrants</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Placement<br/> Agent<br/> Warrants</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Appraisal Date (Inception Date)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Series A1 <br/> February 10,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Series A2 <br/> February 10,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Series B February 10,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">February 10,<br/> 2021</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Market price per share (USD/share)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7.36</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7.36</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7.36</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7.36</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Exercise price (USD/price)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7.67</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7.67</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7.83</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9.204</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.3</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend yield</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term/ Contractual life (years)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;3.5 years</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; 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width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center; font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Three months ended <br/> March 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Balance at the beginning of period</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">17,783,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Warrants issued to institution investors</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">47,519,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrants issued to placement agent</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,346,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Warrants redeemed</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Fair value change of warrants included in earnings</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(28,426,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Balance at end of period</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">39,222,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 17783000 47519000 2346000 -28426000 39222000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<br/> Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average<br/> Exercise&#xa0;Price</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Term in<br/> Years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Outstanding at January 1, 2021</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">4,175,512</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6.46</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">3.0</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Exercisable at January 1, 2021</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,795,920</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">6.46</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2.9</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Granted</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">11,621,967</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">7.79</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2.3</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Exercised / surrendered</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Expired</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Outstanding at March 31, 2021</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">15,797,479</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">7.44</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2.3</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Exercisable at March 31, 2021</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">14,970,888</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">7.41</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2.3</td><td style="text-align: left">&#xa0;</td></tr> </table> 4175512 6.46 P3Y 3795920 6.46 P2Y328D 11621967 7.79 P2Y109D 15797479 7.44 P2Y109D 14970888 7.41 P2Y109D <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value of Financial Instruments</b></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">ASC Topic 820, <i>Fair Value Measurement and Disclosures</i>, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. Certain current assets and current liabilities are financial instruments. Management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and, if applicable, their current interest rates are equivalent to interest rates currently available. The three levels of valuation hierarchy are defined as follows:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px">&#xa0;</td> <td style="width: 24px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</font></td></tr> <tr style="vertical-align: top"> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</font></td></tr> <tr style="vertical-align: top"> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, pledged deposits, trade accounts and bills receivable and payable, other receivables, balances with former subsidiaries, other short-term loans, short-term and long-term bank loans and other payables approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2020, and March 31, 2021, the Company&#x2019;s balance sheet included Level 3 liabilities comprised of the fair value of warrant liabilities aggregating $17,783,000 and $39,220,000, respectively (see Note 19).</p><br/> 17783000 39220000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments and Contingencies</b></font></td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(i)</i></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capital Commitments</i></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2020 and March 31, 2021, the Company had the following contracted capital commitments:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">For construction of buildings</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,465,092</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,995,782</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">For purchase of equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">10,308,416</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">19,255,199</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Capital injection</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">228,115,914</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">191,817,530</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">240,889,422</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">213,068,511</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(ii)</i></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Litigation</i></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 7, 2016, Shenzhen Huijie Purification System Engineering Co., Ltd (&#x201c;Shenzhen Huijie&#x201d;), one of the Company&#x2019;s contractors, filed a lawsuit against CBAK Power in the Peoples&#x2019; Court of Zhuanghe City, Dalian, (the &#x201c;Court of Zhuanghe&#x201d;) for failure to pay pursuant to the terms of the contract and entrusting part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,241,648 (RMB8,430,792), including construction costs of $0.9 million (RMB6.1 million, which the Company already accrued for at June 30, 2016), interest of $29,812 (RMB0.2 million) and compensation of $0.3 million (RMB1.9 million). On September 7, 2016, upon the request of Shenzhen Huijie for property preservation, the Court of Zhuanghe froze CBAK Power&#x2019;s bank deposits totaling $1,210,799 (RMB8,430,792) for a period of one year. On September 1, 2017, upon the request of Shenzhen Huijie, the Court of Zhuanghe froze the bank deposits for another one year until August 31, 2018. The Court further froze the bank deposits for another one year until August 27, 2019 upon the request of Shenzhen Huijie on August 27, 2018. On August 27, 2019, the Court froze the bank deposits for another year until August 27, 2020, upon the request of Shenzhen Huijie. On June 28, 2020, the Court of Dalian entered the final judgement as described below and the frozen bank deposit was released in July 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 30, 2017, according to the trial of first instance, the Court of Zhuanghe ruled that CBAK Power should pay the remaining contract amount of RMB6,135,860 (approximately $0.9 million) claimed by Shenzhen Huijie as well as other expenses incurred including deferred interest, discounted charge on bills payable, litigation fee and property preservation fee totaled $0.1 million. The Company has accrued for these amounts as of December 31, 2017. On July 24, 2017, CBAK Power filed an appellate petition to the Intermediate Peoples&#x2019; Court of Dalian (&#x201c;Court of Dalian)&#x201d; to appeal the adjudication dated on June 30, 2017. On November 17, 2017, the Court of Dalian rescinded the original judgement and remanded the case to the Court of Zhuanghe for retrial. The Court of Zhuanghe conducted a retrial and requested an appraisal to be performed by a third-party appraisal institution on the construction cost incurred and completed by Shenzhen Huijie on the subject project. On November 8, 2018, the Company received from the Court of Zhuanghe the construction-cost-appraisal report which determined that the construction cost incurred and completed by Shenzhen Huijie for the subject project to be $1,344,605 (RMB9,129,868). On May 20, 2019, the Court of Zhuanghe entered a judgment that Shenzhen Huijie should pay back to CBAK Power $261,316 (RMB1,774,337) (the amount CBAK Power paid in excess of the construction cost appraised by the appraisal institution) and the interest incurred since April 2, 2019. Shenzhen Huijie filed an appellate petition to the Court of Dalian. On June 28, 2020, the Court of Dalian entered the final judgment that Shenzhen Huijie should pay back to CBAK Power $245,530 (RMB1,667,146) (the amount CBAK Power paid in excess of the construction cost appraised by the appraisal institution) and the interest incurred since April 2, 2019, and reimburse the litigation fees totaling $30,826 (RMB209,312) that CBAK Power has paid. As of March 31, 2021, CBAK Power have not received the final judgement amount totaled $0.3 million (RMB 1,876,458) from Shenzhen Huijie. Shenzhen Huijie filed an appellate petition to High Peoples&#x2019; Court of Liaoning ("Court of Liaoning") to appeal the adjudication dated on June 28, 2020. In April 2021, the Court of Liaoning rescinded the original judgement and remanded the case to the Court of Dalian for retrial. Upon receiving the notice from the Court of Liaoning, CBAK Power has accrued the construction cost of $0.9 million (RMB6,135,860) as of March 31, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In May 2017, CBAK Power filed a lawsuit in the Court of Zhuanghe against Pingxiang Anyuan Tourism Bus Manufacturing Co., Ltd., (&#x201c;Anyuan Bus&#x201d;) one of CBAK Power&#x2019;s customers, for failure to pay pursuant to the terms of the sales contract. CBAK Power sought a total amount of RMB18,279,858 ($2,692,174), including goods amount of RMB17,428,000 ($2,566,716) and interest of RMB851,858 ($125,458). On December 19, 2017, the Court of Zhuanghe determined that Anyuan Bus should pay the goods amount of RMB17,428,000 ($2,566,716) and the interest until the goods amount was paid off, and a litigation fee of RMB131,480 ($19,364). Anyuan Bus did not appeal and as a result, the judgment is currently in the enforcement phase. On June 29, 2018, the Company filed application petition with the Court of Zhuanghe for enforcement of the judgement against all of Anyuan Bus&#x2019;s shareholders, including Jiangxi Zhixin Automobile Co., Ltd, Anyuan Bus Manufacturing Co., Ltd, Anyuan Coal Group Co., Ltd, Qian Ronghua, Qian Bo and Li Junfu. On October 22, 2018, the Court of Zhuanghe issued a judgment supporting the Company&#x2019;s petition that all the Anyuan Bus&#x2019;s shareholders should be liable to pay the Company the debt as confirmed under the trial. On November 9, 2018, all the shareholders of Anyuan Bus appealed against the judgment after receiving the notice from the Court. On March 29, 2019, the Company received judgment from the Court of Zhuanghe that all these six shareholders cannot be added as judgment debtors. On April 11, 2019, the Company filed appellate petition to the Intermediate Peoples&#x2019; Court of Dalian challenging the judgment from the Court of Zhuanghe. On October 9, 2019, the Intermediate Peoples&#x2019; Court of Dalian dismissed the appeal by the Company and affirmed the original judgment. As of December 31, 2020 and March 31, 2021, CBAK Power made a full provision against the receivable from Anyuan Bus of RMB17,428,000 ($2,659,626).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 25, 2019, CBAK Power received notice from Shenzhen Court of International Arbitration that Shenzhen Xinjiatuo Automobile Technology Co., Ltd filed arbitration against the Company for failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.16 million (RMB1,112,269), including equipment cost of $0.14 million (RMB976,000) and interest of $0.02 million (RMB136,269). On August 9, 2019, upon the request of Shenzhen Xinjiatuo Automobile Technology Co., Ltd, Shenzhen Court of International Arbitration froze CBAK Power&#x2019;s bank deposits totaling $0.16 million (RMB1,117,269), including equipment cost $0.14 million (RMB976,000), interest $0.02 million (RMB136,269) and litigation fees of $736 (RMB5,000) for a period of one year to August 2020. On August 7, 2019, CBAK Power filed counter claim arbitration against Shenzhen Xinjiatuo Automobile Technology Co., Ltd for return of the prepayment due to the unqualified equipment, and sought a total amount of $0.29 million (RMB1,986,440), including return of prepayment of $0.2 million (RMB1,440,000), liquidated damages of $70,692 (RMB480,000) and litigation fees of $9,785 (RMB66,440). In early July 2020, Shenzhen Court of International Arbitration made arbitration award dismissing the plaintiff&#x2019;s claim and CBAK Power&#x2019;s counterclaim and the frozen bank deposits were released in early August 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In early September 2019, CBAK Power received notice from Court of Nanshan District, Shenzhen that Shenzhen HSL Business Technology Co., Ltd (&#x201c;HSL&#x201d;) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of purchase contract. The plaintiff sought an amount of $44,751 (RMB292,164) for material cost and interest as accrued until settlement. In late September 2019, CBAK Power and HSL reached agreement that CBAK Power would pay $15,317 (RMB100,000), $7,659 (RMB50,000) and $21,775 (RMB142,164) by October 15, October 30 and November 30, 2019, respectively, and CBAK Power would pay litigation fees of $550 (RMB 3,589) to HSL by the end of November 2019. The Company has settled $22,976 (RMB150,000) in 2019, $11,794 (RMB77,005) in 2020. As of December 31, 2020, CBAK Power had not settled the remaining material purchase cost of $9,981 (RMB 65,159) and accrued the material purchase cost. In late March 2021, CBAK Power and HSL entered into a debt reduction agreement that if CBAK Power would pay $7,630 (RMB50,000) to HSL before March 31, 2021, HSL would cancel all the remaining debts. Thereafter, CBAK Power fully paid $7,630 (RMB50,000) to HSL, and the lawsuit was settled in March 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In November 2019, CBAK Suzhou received notice from Court of Suzhou city that Suzhou Industrial Park Security Service Co., Ltd (&#x201c;Suzhou Security&#x201d;) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the sales contract. Suzhou Security sought a total amount of $21,321 (RMB139,713), including services expenses amount of $21,198 (RMB138,908) and interest of $123 (RMB805). Upon the request of Suzhou Security for property preservation, the Court of Suzhou froze CBAK Suzhou&#x2019;s bank deposits totaling $0.02 million (RMB150,000) for a period of one year. As of March 31, 2021, $5,047 (RMB33,073) was frozen by bank and CBAK Suzhou accrued the service cost of $21,198 (RMB138,908).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In early September of 2019, several employees of CBAK Suzhou filed arbitration with Suzhou Industrial Park Labor Disputes Arbitration Commission against CBAK Suzhou for failure to pay their salaries in time. The employees seek for a payment including salaries of $97,779 (RMB638,359) and compensation of $83,173 (RMB543,000), totaling $0.18 million (RMB1,181,359). In addition, upon the request of the employees for property preservation, bank deposit of $0.18 million (RMB1,181,359) was frozen by the court of Suzhou for a period of one year. On September 5, 2019, CBAK Suzhou and the employees reached an agreement that CBAK Suzhou will pay these salaries and compensation. In February 2020, CBAK Suzhou had made full payment and the frozen bank deposit was released in October 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In October 2019, CBAK Power received notice from Court of Changshou District, Chongqing that Chongqing Zhongrun Chemistry Co., Ltd (&#x201c;Chongqing Zhongrun&#x201d;) filed arbitration claims against the Company for failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.4 million (RMB2,484,948), including material cost of $0.4 million (RMB2,397,660) and interest of $13,370 (RMB87,288). On October 31, 2019, CBAK Power and Chongqing Zhongrun reached an agreement that CBAK Power would pay the material cost by the end of December 31, 2019. In 2020, CBAK Power had paid $198,152 (RMB1,293,653). In August 2020, upon the request of Chongqing Zhongrun for property preservation, the Court of Changshou District ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.2 million (RMB1,249,836) for a period of one year to August 2021. As of December 31, 2020, the Company has accrued the material purchase cost of $0.2 million (RMB1,104,007) and $2,224 (RMB14,521) was frozen by bank. In February 2021, CBAK Power and Chongqing Zhongrun entered into a settlement agreement that if CBAK Power would pay $174,018 (RMB1,128,227, including RMB24,220 litigation expenses incurred) to Chongqing Zhongrun before March 5, 2021, Chongqing Zhongrun would waive the claims on interests. Thereafter, CBAK Power fully repaid to Chongqing Zhongrun and the frozen bank deposits were released in March 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In October 2019, CBAK Power received notice from Court of Zhuanghe City that Hunan Zhongke Xingcheng Co., Ltd (&#x201c;Hunan Zhongke&#x201d;) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Hunan Zhongke sought a total amount of $154,003 (RMB1,005,425). In 2020, the Company have paid $38,293 (RMB250,000). Upon the request of Hunan Zhongke for property preservation, the Court of Zhuanghe City ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.1 million (RMB768,876) for a period of one year to July 2021. As of December 31, 2020, the Company accrued the remaining material purchase cost of $115,710 (RMB755,425) and nil was frozen by bank. In December 2020, CBAK Power and Hunan Zhongke entered into a debt reduction agreement that if CBAK Power would pay $81,368 (RMB531,220) to Hunan Zhongke before January 10, 2021, Hunan Zhongke would cancel the remaining debts of $34,342 (RMB224,205). Thereafter, CBAK Power fully paid $81,368 (RMB531,220) to Hunan Zhongke and the frozen bank deposits were released in January 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In December 2019, CBAK Power received notice from Court of Zhuanghe that Dalian Construction Electrical Installation Engineering Co., Ltd. (&#x201c;Dalian Construction&#x201d;) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the construction contract. Dalian Construction sought a total amount of $101,780 (RMB691,086) and interest $1,905 (RMB12,934). As of December 31, 2019, the Company has accrued the construction cost of $101,780 (RMB691,086). Upon the request of Dalian Construction for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power&#x2019;s bank deposits totaling $103,685 (RMB704,020) for a period of one year to December 2020. As of December 31, 2019, $97,384 (RMB661,240) was frozen by bank. In January 2020, CBAK Power and Dalian Construction reached a settlement agreement, and the bank deposit was then released. The Company has repaid all the construction cost as of December 31, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In February 2020, CBAK Power received notice from Court of Zhuanghe that Dongguan Shanshan Battery Material Co., Ltd (&#x201c;Dongguan Shanshan&#x201d;) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Dongguan Shanshan sought a total amount of $0.7 million (RMB4,434,209). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.7 million (RMB4,434,209) for a period of one year to December 17, 2020. In July 2020, CBAK Power and Dongguan Shanshan have agreed to a settlement amount of $0.5 million (RMB3,635,192) and the bank deposit was then released. In October 2020, because the Company failed to pay according to the settlement, Dongguan Shanshan sought a total amount of $0.6 million (RMB3,635,192). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.6 million (RMB3,365,192) for a period of one year to October 21, 2021. In late February 2021, CBAK Power and Dongguan Shanshan entered into a settlement agreement that CBAK would pay $260,393, $76,586, $76,586, $76,586, and $32,088 (RMB1,700,000, RMB500,000, RMB500,000, RMB00,000 and RMB209,487) by March 5, March 31, April 30, May 31 and June 30, 2021, respectively, and after the first payment of $260,393 (RMB1,700,000) by March 5, 2021, Dongguan Shanshan would release all the enforcement measures against CBAK Power. CABK Power had made payment on time and the bank deposit was then released. As of March 31, 2021, CBAK Power has accrued the unpaid materials purchase cost of $0.2 million (RMB1.2 million). As of the date of this report, CBAK Power further paid $76,303 (RMB500,000) to Dongguan Shanshan.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In March 2020, CBAK Power received notice from Court of Baodi District, Tianjin that BTR Tianjin Nanomaterial Manufacturing Co., Ltd (&#x201c;Tianjin BTR&#x201d;) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of purchase contract. The plaintiff sought an amount of $49,398 (RMB322,500) for material cost that CBAK Power owed to Tianjin BTR and its related party Shenzhen BTR Nanomaterial Technology Co., Ltd (&#x201c;Shenzhen BTR&#x201d;) (together &#x201c;BTRs&#x201d;) and interest as accrued until settlement. In April 2020, CBAK Power and BTRs reached an agreement that CBAK Power would pay BTR $7,659, $19,912 and $21,827 (RMB 50,000, RMB130,000 and RMB142,500) by the end of April, May and June 2020, respectively, and CBAK Power would pay litigation fees of $456 (RMB 2,975) to Tianjing BTR by the end of November, 2020. As of December 31, 2020, CBAK Power has paid $15,317 (RMB100,000) to Tianjin BTR and accrued remaining materials cost $27,234 (RMB177,800) and $6,847 (RMB44,700) for Tianjin BTR and Shenzhen BTR respectively. In late January 2021, CBAK Power and Tianjing BTR reached another settlement agreement to settle all the outstanding debts (including $773 (RMB5,045) litigation expenses) by paying $13,253 (RMB86,525) in cash and return of LFP materials at a value of $14,754 (RMB96,320) and CBAK Power and Shenzhen BTR reached a settlement agreement by returning LFP materials at a value of $6,847 (RMB44,700). Thereafter, CBAK Power fully paid $13,253 (RMB 86,525) and delivered the LFP materials to BTRs, and the lawsuit was settled in March 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In May 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that United Winners Laser Co., Ltd (&#x201c;United Winners&#x201d;) filed 3 lawsuits against CBAK Power for failure to pay pursuant to the terms of 3 purchase contracts. The plaintiff sought a total amount of $0.4 million (RMB2,845,844), including equipment cost of $0.4 (RMB2,692,000) and interest of $23,565 (RMB153,844). In late December 2020, CBAK Power and United Winners reached a settlement agreement to settle all the debts by paying $0.29 million (RMB1,884,400) by December 30, 2020 in cash and delivery of 3 electric vehicles to offset debt of $41,234 (RMB269,200), and the remaining debt of $82,468 (RMB538,400) would be relieved. CBAK Power paid $0.29 million (RMB1,884,400) and delivered the 3 electric vehicles to United Winners in December 31, 2020, and the lawsuit was settled in February 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2020, CBAK Power received notice from Court of Tongzhou District, Beijing that Beijing Hongfa Electric Technology Co., Ltd (&#x201c;Hongfa&#x201d;) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of purchase contract. The plaintiff sought a total amount of $29,993 (RMB195,810) for material cost and interest as accrued until settlement. In December 2020, CBAK Power and Hongfa reached debt reduction agreement that CBAK Power would pay Hongfa $23,646 (RMB 154,375) by the January 10, 2021, and the remaining debt of $6,347 (RMB41,435) would be relieved. As of December 31, 2020, CBAK Power repaid $22,976 (RMB150,000) and accrued materials cost of $7, 017 (RMB45,810). Thereafter, CBAK Power fully paid to Hongfa, and the lawsuit was settled in January 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 20, 2020, CBAK Power received notice from Court of Nanpi County, Hebei Province that Cangzhou Huibang Engineering Manufacturing Co., Ltd (&#x201c;Cangzhou Huibang&#x201d;) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Cangzhou Huibang sought a total amount of $0.31 million (RMB2,029,594), including materials purchase cost of $0.30 million (RMB1,932,947), and interest of $14,804 (RMB96,647). Upon the request of Cangzhou Huibang for property preservation, the Court of Nanpi ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.4 million (RMB2,650,000) for a period of one year to March 3, 2021. As of December 31, 2020, the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947) and $18,518 (RMB120,898) was frozen by bank. In late February 2021, CBAK Power and Cangzhou Huibang entered into a settlement agreement that if CBAK Power would pay $0.3 million (RMB1,965,447) within 10 days from the signature date of the agreement, Cangzhou Huibang would waive the remaining claims. Thereafter, CBAK Power paid $0.3 million (RMB1,965,447) to Cangzhou Huibang and the frozen bank deposits were released in March 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In early January 2020, CBAK Power received notice from Court of Nanshan District of Shenzhen that Shenzhen Klclear Technology Co., Ltd. (&#x201c;Shenzhen Klclear&#x201d;) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the materials purchase contract. Shenzhen Klclear sought a total amount of $1 million (RMB6,250,764), which the Company have already accrued for as of December 31, 2020. In February 2020, the Court of Nanshan District ruled that the Company should pay $0.8 million (RMB5,238,495) and the interest fees incurred from September 28, 2018. In April 2020, CBAK Power filed an appellate petition to the Intermediate Peoples&#x2019; Court of Shenzhen to appeal the adjudication in February 2020. As of the date of this report, the Intermediate Peoples&#x2019; Court of Shenzhen has not yet rendered the judgment.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In May 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Tianjin Changxing Metal Co., Ltd (&#x201c;Tianjin Changxing&#x201d;) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Tianjin Changxing sought a total amount of $29,652 (RMB193,588). On August 24, 2020, upon the request of Tianjin Changxing for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power&#x2019;s bank deposits totaling $32,915 (RMB214,892) for a period of one year. As of December 31, 2020, nil was frozen by bank and CBAK Power accrued the material purchase cost of $29,652 (RMB193,588). In late December 2020, CBAK Power and Tianjin Changxing entered into a debt reduction agreement that if CBAK Power would pay $26,755 (RMB174,671) to Tianjin Changxing, Tianjin Changxing would cancel the remaining debts. Thereafter, CBAK Power fully paid to Tianjin Changxing and the frozen bank deposits were released in January 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In May 2020, CBAK Power received notice from Court of Wuqing District, Tianjin that Tianjin Changyuan Electric Material Co., Ltd (&#x201c;Tianjin Changyuan&#x201d;) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. The plaintiff sought a total amount of $13,040 (RMB85,136), including material cost of $12,166 (RMB79,429) and interest of $874 (RMB5,707). In July, 2020, upon the request of the plaintiff for property preservation, the Court of Wuqing District, Tianjin ordered to freeze CBAK Power&#x2019;s bank deposits totaling $13,041 (RMB85,136) for a period of one year. As of December 31, 2020, $13,041 (RMB85,136) was frozen by bank and the Company had accrued the material purchase cost and litigation expenses of $12,314 (RMB80,393). In March 2021, CBAK Power and Tianjin Changyuan entered into a debt reduction agreement that if CBAK Power would pay $9,851 (RMB 64,314) to Tianjin Changyuan before April 30, 2021, Tianjin Changyuan would cancel the remaining debts of $2,463 (RMB16,079). CBAK Power has paid $9,851 (RMB 64,314) in March 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2020, CBAK Suzhou received notice from Court of Suzhou Industrial Park that Ligao (Shandong) New Energy Technology Co., Ltd (&#x201c;Ligao&#x201d;) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Ligao sought a total amount of $11,886 (RMB77,599), including contract amount of $11,240 (RMB73,380) and interest of $646 (RMB4,219). As of December 31, 2020, CBAK Suzhou had accrued the material purchase cost of $11,240 (RMB73,380). On December 31, 2020, CBAK Power, CBAK Suzhou and Ligao entered into a debt reduction agreement that if CBAK Power would pay $7,961 (RMB51,975) to Ligao, Ligao would cancel all the remaining debts. Thereafter, CBAK Power fully paid $7,961 (RMB51,975) to Ligao, and the lawsuit was settled in January 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2020, CBAK Suzhou received notice from Court of Yushui District, Xinyu City that Jiangxi Ganfeng Battery Technology Co., Ltd (&#x201c;Ganfeng Battery&#x201d;) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Ganfeng Battery sought a total amount of $115,764 (RMB755,780), including contract amount of $112,277 (RMB733,009) and interest of $3,487 (RMB22,771). Upon the request of Ganfeng Battery for property preservation, the Court of Yushui ordered to freeze CBAK Suzhou&#x2019;s bank deposits totaling $115,764 (RMB755,780) for a period of one year to May 2021. In October 2020, CBAK Power, Ganfeng Battery, CBAK Suzhou and Zhengzhou Jingfan New Energy Automobile Co., Ltd entered into a settlement agreement that CBAK Power would deliver 7 eletric vehicles to Ganfeng Battery to offset all the CBAK Suzhou&#x2019; debts to Ganfeng Battery and all vehicles were delivered to Ganfeng Battery before December 31, 2020. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2020, CBAK Suzhou received notice from Court of Suzhou Industrial Park that Suzhou Jihongkai Machine Equipment Co., Ltd (&#x201c;Jihongkai&#x201d;) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Jihongkai sought contract amount of $26,916 (RMB175,722) and interest as accrued until settlement. As of December 31, 2020, the Company had accrued the material purchase cost of $26,916 (RMB175,722). In January 2021, CBAK Power, CBAK Suzhou and Jihongkai entered into a settlement agreement to settle all the debts and related litigation expenses by paying $12,213 (RMB79,736) in cash and delivery of an electric vehicle at a value of $15,287 (RMB99,800) from CBAK Power to Jihongkai. Thereafter, CBAK Power fully paid $12,213 (RMB79,736) and delivered the electric vehicle to Jihongkai, and the lawsuit was settled in January 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Nanjing Jinlong Chemical Co., Ltd. (&#x201c;Nanjing Jinlong&#x201d;) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Nanjing Jinlong sought a total amount of $125,443 (RMB822,000). Upon the request of Nanjing Jinlong for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power&#x2019;s bank deposits totaling $125,908 (RMB822,000) for a period of one year to May 2021. As of March 31, 2021, $2,422 (RMB15,869) was frozen by bank and CBAK Power accrued the material purchase cost of $125,443 (RMB822,000). In April 2021, CBAK Power has made full settlement to Nanjing Jinlong and the frozen bank deposits were released in April 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Xi&#x2019;an Anpu New Energy Technology Co. LTD (&#x201c;Xi&#x2019;an Anpu&#x201d;) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the equipment purchase contract. Xi&#x2019;an Anpu sought a total amount of $129,270 (RMB843,954), including $117,636 (RMB768,000) for equipment cost and $11,634 (RMB75,954) for liquidated damages. Upon the request of Xi&#x2019;an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power&#x2019;s bank deposits $129,270 (RMB843,954) for a period to May 11, 2021. As of December 31, 2020, $98,284 (RMB641,656) was frozen by bank and CBAK Power accrued the equipment purchase cost of $117,636 (RMB768,000). In January 2021, CBAK Power and Xi&#x2019;an Anpu entered into a settlement agreement to settle all the debts by paying $64,406 (RMB420,478) in cash and delivery of 3 electric vehicles at a value of $45,952 (RMB300,000). Thereafter, CBAK Power fully paid $64,406 (RMB420,479) and delivered the 3 electric vehicles to Xi&#x2019;an Anpu, and the lawsuit was settled in February 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Shenzhen Gd Laser Technology Co., Ltd. (&#x201c;Shenzhen Gd&#x201d;) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Shenzhen Gd sought a total amount of $24,713 (RMB161,346), including equipment cost of $22,975 (RMB150,000) and interest amount of $1,738 (RMB11,346). As of March 31, 2021, the equipment was not received by CBAK Power. CBAK Power has included the equipment cost of $22,975 (RMB150,000) under capital commitments. In April 2021, CBAK Power reached agreement with Shenzhen Gd to terminate the purchase agreement and Shenzhen Gd filed application to withdraw the lawsuit against CBAK Power in April 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In July 2020, CBAK Power received notice from Court of Shandong Linyi Economic and Technology Development Zone (&#x201c;Court of Shandong&#x201d;) that Shandong Tianjiao New Energy Co. LTD (&#x201c;Tianjiao&#x201d;) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the equipment purchase contract. Tianjiao sought an amount of $391,777 (RMB2,557,756) for equipment cost and interest as accrued until settlement. Upon the request of Tianjiao for property preservation, the Court of Shandong ordered to freeze CBAK Power&#x2019;s bank deposits $0.5 million (RMB3,000,000) for a period of one year. In December 2020, CBAK and Tianjiao reached an agreement that CBAK would pay Tianjiao $45,952 (RMB300,000) by the end of each month from December 2020 to July 2021, and RMB 157,756 by the end of August 2021. As of March 31, 2020, CBAK Power accrued unpaid materials cost $207,202 (RMB1,357,756) and nil was frozen by bank.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In October 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Shanghai Shengmeng Industrial Technology Co., Ltd. (&#x201c;Shengmeng&#x201d;) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Shengmeng sought a total amount of $13,429 (RMB87,672) for material cost and interest as accrued until settlement. In November 2020, CBAK and Shengmeng reached an agreement that CBAK would pay $4,595 (RMB30,000) by November 30, 2020 and $5,004 (RMB 32,672) by December 20, 2020, and CBAK would pay litigation fees of $156 (RMB1,021) to Shengmeng. Thereafter, CBAK Power fully paid off the debts to Shengmeng, and the lawsuit was settled in March 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In October 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Jiuzhao New Energy Technology Co., Ltd. (&#x201c;Jiuzhao&#x201d;) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Jiuzhao sought a total amount of $0.9 million (RMB6,000,000), including material cost of $0.9 million (RMB5,870,267) and interest amount of $19,871 (RMB129,733). In December 1, 2020, CBAK and Jiuzhao reached an agreement that CBAK Power would pay Jiuzhao $76,586 (RMB500,000) by the end of each month from December 2020 to October 2021, and $56,715 (RMB370,267) by November 30, 2021, and CBAK would pay litigation fees of $4,886 (RMB 31,900) to Jiuzhao. As of March 31, 2020, CBAK Power has accrued $0.6 million (RMB3,870,267) material cost and $37,769 (RMB247,492) was frozen by bank. As of the date of this report, CBAK Power has fully paid off the debts to Jiuzhao, and the frozen bank deposits were released in April 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In November 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Dalian Tianda Metal Machinery Trade Co., Ltd. (&#x201c;Tianda&#x201d;) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Tianda sought a total amount of $27,365 (RMB178,655) for material cost and interest as accrued until settlement. In December 2020, CBAK Power and Tianda reached an agreement that CBAK Power would pay Tianda $7,659 (RMB50,000) by the 30th of each month from November 2020 to January 2021, and $4,389 (RMB28,655) by end of February 2021, and CBAK Power would pay litigation fees of $297 (RMB1,937) to Tianda by November 30, 2020. As of December 31, 2020, CBAK Power has accrued $18,358 (RMB119,855) material cost and nil was frozen by bank. Thereafter, CBAK Power fully paid off the debts to Tianda, and the lawsuit was settled in February 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In December 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Shenzhen Haoneng Technology Co., Ltd. (&#x201c;Haoneng&#x201d;) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the equipment purchase contract. Haoneng sought a total amount of $266,182 (RMB1,737,797), including equipment purchase cost of $263,094 (RMB1,724,000) and interest amount of $2,106 (RMB13,797). As of March 31, 2021, CBAK Power has accrued the equipment purchase cost of $263,094 (RMB 1,724,000).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In December 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Haoneng filed another lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Haoneng sought a total amount of $1.57million (RMB10,257,030), including equipment cost of $1.4 million (RMB9,072,000) and interest amount of $0.17 million (RMB1,185,030). As of March 31, 2021, the equipment was not received by CBAK Power, CBAK Power has included the equipment cost of $1.4 million8 (RMB9,072,000) under capital commitments.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In April 2020, CBAK Suzhou received notice from Court of Suzhou Industrial Park that Suzhou Suwangda Plastic Product Co., Ltd (&#x201c;Suwangda&#x201d;) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Suwangda sought contract amount of $13,325 (RMB86,992) and interest as accrued until settlement. As of December 31, 2020, the Company has accrued the material cost of $13,325 (RMB86,992). In March 2021, CBAK Power, CBAK Suzhou and Suwangda entered into a settlement agreement to settle all the debts by paying $9,670 (RMB63,134) from CBAK Power to Suwangda. Thereafter, CBAK Power fully paid $9,670 (RMB63,134) and the lawsuit was settled in March 2021. The remaining $3,654 (RMB23,858) was waived by Suwangda.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2020, CBAK Power received notice from Court of Pingyuan County, Shandong province that Shandong Hangewei New Energy Vehicle Control Co., Ltd (&#x201c;Hangewei&#x201d;) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Hangewei sought a total amount of $16,307 (RMB 106,464) and interest as accrued until settlement. In October 2020, CBAK Power and Hangewei entered into a settlement agreement to settle all the debts by paying Hangewei $1,532 (RMB10,000) and $12,254 (RMB80,000) by the end of October and November 2020, respectively. CBAK Power paid $13,786 (RMB90,000) before December 31, 2020 and the remaining $2,521 (RMB16,464) was waived by Hangewei.</p><br/> 1241648 8430792 900000 6100000 29812 200000 300000 1900000 1210799 8430792 6135860 900000 100000 1344605 9129868 261316 1774337 245530 1667146 30826 209312 300000 1876458 900000 6135860 18279858 2692174 17428000 851858 17428000 2566716 131480 17428000 2659626 160000 1112269 140000 976000 20000 136269 160000 1117269 140000 976000 20000 136269 736 5000 290000 1986440 200000 1440000 70692 480000 9785 66440 44751 292164 CBAK Power would pay $15,317 (RMB100,000), $7,659 (RMB50,000) and $21,775 (RMB142,164) by October 15, October 30 and November 30, 2019, respectively, and CBAK Power would pay litigation fees of $550 (RMB 3,589) to HSL by the end of November 2019. The Company has settled $22,976 (RMB150,000) in 2019, $11,794 (RMB77,005) in 2020. 9981 65159 7630 50000 7630 50000 21321 139713 21198 138908 123 805 20000 150000 P1Y 5047 33073 21198 138908 97779 638359 83173 543000 180000 1181359 180000 1181359 P1Y 400000 2484948 400000 2397660 13370 87288 On October 31, 2019, CBAK Power and Chongqing Zhongrun reached an agreement that CBAK Power would pay the material cost by the end of December 31, 2019. In 2020, CBAK Power had paid $198,152 (RMB1,293,653). In August 2020, upon the request of Chongqing Zhongrun for property preservation, the Court of Changshou District ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.2 million (RMB1,249,836) for a period of one year to August 2021. As of December 31, 2020, the Company has accrued the material purchase cost of $0.2 million (RMB1,104,007) and $2,224 (RMB14,521) was frozen by bank. In February 2021, CBAK Power and Chongqing Zhongrun entered into a settlement agreement that if CBAK Power would pay $174,018 (RMB1,128,227, including RMB24,220 litigation expenses incurred) to Chongqing Zhongrun before March 5, 2021, Chongqing Zhongrun would waive the claims on interests. Thereafter, CBAK Power fully repaid to Chongqing Zhongrun and the frozen bank deposits were released in March 2021. 154003 1005425 the Company have paid $38,293 (RMB250,000). Upon the request of Hunan Zhongke for property preservation, the Court of Zhuanghe City ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.1 million (RMB768,876) for a period of one year to July 2021. As of December 31, 2020, the Company accrued the remaining material purchase cost of $115,710 (RMB755,425) and nil was frozen by bank. In December 2020, CBAK Power and Hunan Zhongke entered into a debt reduction agreement that if CBAK Power would pay $81,368 (RMB531,220) to Hunan Zhongke before January 10, 2021, Hunan Zhongke would cancel the remaining debts of $34,342 (RMB224,205). Thereafter, CBAK Power fully paid $81,368 (RMB531,220) to Hunan Zhongke and the frozen bank deposits were released in January 2021. 101780 691086 1905 12934 101780 691086 103685 704020 P1Y 97384 661240 700000 4434209 700000 4434209 P1Y CBAK Power and Dongguan Shanshan have agreed to a settlement amount of $0.5 million (RMB3,635,192) and the bank deposit was then released. In October 2020, because the Company failed to pay according to the settlement, Dongguan Shanshan sought a total amount of $0.6 million (RMB3,635,192). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power&#x2019;s bank deposits totaling $0.6 million (RMB3,365,192) for a period of one year to October 21, 2021. In late February 2021, CBAK Power and Dongguan Shanshan entered into a settlement agreement that CBAK would pay $260,393, $76,586, $76,586, $76,586, and $32,088 (RMB1,700,000, RMB500,000, RMB500,000, RMB00,000 and RMB209,487) by March 5, March 31, April 30, May 31 and June 30, 2021, respectively, and after the first payment of $260,393 (RMB1,700,000) by March 5, 2021, Dongguan Shanshan would release all the enforcement measures against CBAK Power. CABK Power had made payment on time and the bank deposit was then released. As of March 31, 2021, CBAK Power has accrued the unpaid materials purchase cost of $0.2 million (RMB1.2 million). As of the date of this report, CBAK Power further paid $76,303 (RMB500,000) to Dongguan Shanshan. 49398 322500 In April 2020, CBAK Power and BTRs reached an agreement that CBAK Power would pay BTR $7,659, $19,912 and $21,827 (RMB 50,000, RMB130,000 and RMB142,500) by the end of April, May and June 2020, respectively, and CBAK Power would pay litigation fees of $456 (RMB 2,975) to Tianjing BTR by the end of November, 2020. As of December 31, 2020, CBAK Power has paid $15,317 (RMB100,000) to Tianjin BTR and accrued remaining materials cost $27,234 (RMB177,800) and $6,847 (RMB44,700) for Tianjin BTR and Shenzhen BTR respectively. In late January 2021, CBAK Power and Tianjing BTR reached another settlement agreement to settle all the outstanding debts (including $773 (RMB5,045) litigation expenses) by paying $13,253 (RMB86,525) in cash and return of LFP materials at a value of $14,754 (RMB96,320) and CBAK Power and Shenzhen BTR reached a settlement agreement by returning LFP materials at a value of $6,847 (RMB44,700). Thereafter, CBAK Power fully paid $13,253 (RMB 86,525) and delivered the LFP materials to BTRs, and the lawsuit was settled in March 2021. 400000 2845844 400000 2692000 23565 153844 CBAK Power and United Winners reached a settlement agreement to settle all the debts by paying $0.29 million (RMB1,884,400) by December 30, 2020 in cash and delivery of 3 electric vehicles to offset debt of $41,234 (RMB269,200), and the remaining debt of $82,468 (RMB538,400) would be relieved. CBAK Power paid $0.29 million (RMB1,884,400) and delivered the 3 electric vehicles to United Winners in December 31, 2020, and the lawsuit was settled in February 2021. 29993 195810 CBAK Power would pay Hongfa $23,646 (RMB 154,375) by the January 10, 2021, and the remaining debt of $6,347 (RMB41,435) would be relieved. As of December 31, 2020, CBAK Power repaid $22,976 (RMB150,000) and accrued materials cost of $7, 017 (RMB45,810). Thereafter, CBAK Power fully paid to Hongfa, and the lawsuit was settled in January 2021. 310000 2029594 300000 1932947 14804 96647 400000 2650000 P1Y the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947) and $18,518 (RMB120,898) was frozen by bank. In late February 2021, CBAK Power and Cangzhou Huibang entered into a settlement agreement that if CBAK Power would pay $0.3 million (RMB1,965,447) within 10 days from the signature date of the agreement, Cangzhou Huibang would waive the remaining claims. Thereafter, CBAK Power paid $0.3 million (RMB1,965,447) to Cangzhou Huibang and the frozen bank deposits were released in March 2021. 1000000 6250764 800000 5238495 29652 193588 32915 214892 P1Y CBAK Power accrued the material purchase cost of $29,652 (RMB193,588). In late December 2020, CBAK Power and Tianjin Changxing entered into a debt reduction agreement that if CBAK Power would pay $26,755 (RMB174,671) to Tianjin Changxing, Tianjin Changxing would cancel the remaining debts. Thereafter, CBAK Power fully paid to Tianjin Changxing and the frozen bank deposits were released in January 2021. 13040 85136 12166 79429 874 5707 13041 85136 P1Y 13041 85136 12314 80393 CBAK Power and Tianjin Changyuan entered into a debt reduction agreement that if CBAK Power would pay $9,851 (RMB 64,314) to Tianjin Changyuan before April 30, 2021, Tianjin Changyuan would cancel the remaining debts of $2,463 (RMB16,079). CBAK Power has paid $9,851 (RMB 64,314) in March 2021. 11886 77599 11240 73380 646 4219 11240 73380 CBAK Power, CBAK Suzhou and Ligao entered into a debt reduction agreement that if CBAK Power would pay $7,961 (RMB51,975) to Ligao, Ligao would cancel all the remaining debts. Thereafter, CBAK Power fully paid $7,961 (RMB51,975) to Ligao, and the lawsuit was settled in January 2021. 115764 755780 112277 733009 3487 22771 115764 755780 P1Y 26916 175722 26916 175722 CBAK Power, CBAK Suzhou and Jihongkai entered into a settlement agreement to settle all the debts and related litigation expenses by paying $12,213 (RMB79,736) in cash and delivery of an electric vehicle at a value of $15,287 (RMB99,800) from CBAK Power to Jihongkai. Thereafter, CBAK Power fully paid $12,213 (RMB79,736) and delivered the electric vehicle to Jihongkai, and the lawsuit was settled in January 2021. 125443 822000 125908 822000 P1Y 2422 15869 125443 822000 129270 843954 117636 768000 11634 75954 129270 843954 98284 641656 CBAK Power accrued the equipment purchase cost of $117,636 (RMB768,000). In January 2021, CBAK Power and Xi&#x2019;an Anpu entered into a settlement agreement to settle all the debts by paying $64,406 (RMB420,478) in cash and delivery of 3 electric vehicles at a value of $45,952 (RMB300,000). Thereafter, CBAK Power fully paid $64,406 (RMB420,479) and delivered the 3 electric vehicles to Xi&#x2019;an Anpu, and the lawsuit was settled in February 2021. 24713 161346 22975 150000 1738 11346 22975 150000 391777 2557756 500000 3000000 P1Y CBAK and Tianjiao reached an agreement that CBAK would pay Tianjiao $45,952 (RMB300,000) by the end of each month from December 2020 to July 2021, and RMB 157,756 by the end of August 2021. As of March 31, 2020, CBAK Power accrued unpaid materials cost $207,202 (RMB1,357,756) and nil was frozen by bank. 13429 87672 CBAK and Shengmeng reached an agreement that CBAK would pay $4,595 (RMB30,000) by November 30, 2020 and $5,004 (RMB 32,672) by December 20, 2020, and CBAK would pay litigation fees of $156 (RMB1,021) to Shengmeng. Thereafter, CBAK Power fully paid off the debts to Shengmeng, and the lawsuit was settled in March 2021. 0.9 6000000 0.9 5870267 19871 129733 CBAK and Jiuzhao reached an agreement that CBAK Power would pay Jiuzhao $76,586 (RMB500,000) by the end of each month from December 2020 to October 2021, and $56,715 (RMB370,267) by November 30, 2021, and CBAK would pay litigation fees of $4,886 (RMB 31,900) to Jiuzhao. As of March 31, 2020, CBAK Power has accrued $0.6 million (RMB3,870,267) material cost and $37,769 (RMB247,492) was frozen by bank. As of the date of this report, CBAK Power has fully paid off the debts to Jiuzhao, and the frozen bank deposits were released in April 2021. 27365 178655 CBAK Power and Tianda reached an agreement that CBAK Power would pay Tianda $7,659 (RMB50,000) by the 30th of each month from November 2020 to January 2021, and $4,389 (RMB28,655) by end of February 2021, and CBAK Power would pay litigation fees of $297 (RMB1,937) to Tianda by November 30, 2020. As of December 31, 2020, CBAK Power has accrued $18,358 (RMB119,855) material cost and nil was frozen by bank. Thereafter, CBAK Power fully paid off the debts to Tianda, and the lawsuit was settled in February 2021. 266182 1737797 263094 1724000 2106 13797 263094 1724000 CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Haoneng filed another lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Haoneng sought a total amount of $1.57million (RMB10,257,030), including equipment cost of $1.4 million (RMB9,072,000) and interest amount of $0.17 million (RMB1,185,030). As of March 31, 2021, the equipment was not received by CBAK Power, CBAK Power has included the equipment cost of $1.4 million8 (RMB9,072,000) under capital commitments. 13325 86992 13325 86992 CBAK Power, CBAK Suzhou and Suwangda entered into a settlement agreement to settle all the debts by paying $9,670 (RMB63,134) from CBAK Power to Suwangda. Thereafter, CBAK Power fully paid $9,670 (RMB63,134) and the lawsuit was settled in March 2021. The remaining $3,654 (RMB23,858) was waived by Suwangda. 16307 106464 CBAK Power and Hangewei entered into a settlement agreement to settle all the debts by paying Hangewei $1,532 (RMB10,000) and $12,254 (RMB80,000) by the end of October and November 2020, respectively. CBAK Power paid $13,786 (RMB90,000) before December 31, 2020 and the remaining $2,521 (RMB16,464) was waived by Hangewei. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">December&#xa0;31,</td><td style="font-style: italic">&#xa0;</td><td style="font-style: italic">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center">March 31,</td><td style="font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">For construction of buildings</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,465,092</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,995,782</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">For purchase of equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">10,308,416</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">19,255,199</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Capital injection</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">228,115,914</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">191,817,530</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">240,889,422</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">213,068,511</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 2465092 1995782 10308416 19255199 228115914 191817530 240889422 213068511 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22.</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentrations and Credit Risk</b></font></td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentrations</i></font></td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company had the following customers that individually comprised 10% or more of net revenue for the three months ended March 31, 2020 and 2021 as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="14" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Three months ended March 31,</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Customer A</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,093,093</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">30.33</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,903,261</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">30.83</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Customer B</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,789,045</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">19.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer C</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,348,200</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">14.32</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Customer D</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,796,267</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">55.01</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">* Comprised less than 10% of net revenue for the respective period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company had the following customers that individually comprised 10% or more of accounts receivable as of December 31, 2020 and March 31, 2021 as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">December 31, <br/> 2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Customer A</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,148,737</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">11.23</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,335,867</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">28.13</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhengzhou BAK Battery Co., Ltd (note a)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">15,258,164</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">54.42</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">8,437,625</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">37.46</td><td style="text-align: left">%</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company had the following suppliers that individually comprised 10% or more of net purchase for the three months ended March 31, 2020 and 2021 as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="14" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Three months ended March 31,</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Supplier A</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">*</td><td style="width: 1%; text-align: left"></td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">659,513</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">10.21</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhengzhou BAK Battery Co., Ltd (note a)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,259,309</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">19.49</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Shenzhen BAK (note b)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,841,680</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">82.43</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">* Comprised less than 10% of net purchase for the respective period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company had the following suppliers that individually comprised 10% or more of accounts payable as of December 31, 2020 and March 31, 2021 as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Supplier B</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,272,478</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">47.40</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,728,201</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">19.08</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Supplier C</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,017,814</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">10.32</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">950,038</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">10.49</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Supplier D</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">947,819</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">10.46</td><td style="text-align: left">%</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Apart from the above, for the three months ended March 31, 2020 and 2021, the Company recorded the following transactions:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Three months ended <br/> March 31,</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Sales of finished goods and raw materials to</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">BAK Shenzhen (note b)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">69,226</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhengzhou BAK Battery Co., Ltd (note a)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">108,290</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Zhengzhou BAK Electronics Co., Ltd. &#xa0;(note c)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">412,353</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Apart from the above, the Company recorded the following as of December 31, 2020 and March 31, 2021:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">December&#xa0;31, 2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">March&#xa0;31, 2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade accounts and bills receivables, net</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%; text-align: left">Zhengzhou BAK Electronics Co., Ltd (note c)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">461,024</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Zhengzhou BAK New Energy Vehicle Co., Ltd (note d)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,759,050</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">911,599</td><td style="text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes:</font></td> <td style="width: 95%; text-align: justify">&#xa0;</td></tr> <tr style="vertical-align: top"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Xiangqian Li, the Company&#x2019;s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $2,327,491 to the Company.</font></td></tr> <tr style="vertical-align: top"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Xiangqian Li is a director of Shenzhen BAK and BAK Shenzhen.</font></td></tr> <tr style="vertical-align: top"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BAK Shenzhen has 95% equity interests in Zhengzhou BAK Electronics Co., Ltd. Up to the date of this report, Zhengzhou BAK Electronics Co., Ltd. repaid nil to the Company.</font></td></tr> <tr style="vertical-align: top"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Xiangqian Li is a director of Zhengzhou BAK New Energy Vehicle Co., Ltd. For the three months ended March 31, 2020 and 2021, sales of finished goods and raw materials to Zhengzhou BAK New Energy Vehicle Co., Ltd were nil. Up to the date of this report, Zhengzhou BAK New Energy Technology Co., Ltd repaid nil to the Company.</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"></td> <td style="width: 24px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit Risk</i></font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and pledged deposits. As of December 31, 2020 and March 31, 2021, substantially all of the Company&#x2019;s cash and cash equivalents were held by major financial institutions located in the PRC, which management believes are of high credit quality.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses. Historically, such losses have been within management&#x2019;s expectations.</p><br/> 2327491 0.95 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="14" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Three months ended March 31,</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Customer A</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,093,093</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">30.33</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,903,261</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">30.83</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Customer B</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,789,045</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">19.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer C</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,348,200</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">14.32</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Customer D</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,796,267</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">55.01</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">* Comprised less than 10% of net revenue for the respective period.</p> 2093093 0.3033 2903261 0.3083 1789045 0.1900 1348200 0.1432 3796267 0.5501 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">December 31, <br/> 2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Customer A</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,148,737</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">11.23</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,335,867</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">28.13</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhengzhou BAK Battery Co., Ltd (note a)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">15,258,164</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">54.42</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">8,437,625</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">37.46</td><td style="text-align: left">%</td></tr> </table> 3148737 0.1123 6335867 0.2813 15258164 0.5442 8437625 0.3746 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="14" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Three months ended March 31,</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Supplier A</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">*</td><td style="width: 1%; text-align: left"></td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">659,513</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">10.21</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhengzhou BAK Battery Co., Ltd (note a)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,259,309</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">19.49</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Shenzhen BAK (note b)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,841,680</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">82.43</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">* Comprised less than 10% of net purchase for the respective period.</p> 659513 0.1021 1259309 0.1949 3841680 0.8243 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Supplier B</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,272,478</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">47.40</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,728,201</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">19.08</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Supplier C</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,017,814</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">10.32</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">950,038</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">10.49</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Supplier D</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">947,819</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">10.46</td><td style="text-align: left">%</td></tr> </table> 9272478 0.4740 1728201 0.1908 2017814 0.1032 950038 0.1049 947819 0.1046 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Three months ended <br/> March 31,</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Sales of finished goods and raw materials to</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">BAK Shenzhen (note b)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">69,226</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhengzhou BAK Battery Co., Ltd (note a)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">108,290</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Zhengzhou BAK Electronics Co., Ltd. &#xa0;(note c)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">412,353</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">December&#xa0;31, 2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">March&#xa0;31, 2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade accounts and bills receivables, net</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%; text-align: left">Zhengzhou BAK Electronics Co., Ltd (note c)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">461,024</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Zhengzhou BAK New Energy Vehicle Co., Ltd (note d)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,759,050</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">911,599</td><td style="text-align: left">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes:</font></td> <td style="width: 95%; text-align: justify">&#xa0;</td></tr> <tr style="vertical-align: top"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Xiangqian Li, the Company&#x2019;s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $2,327,491 to the Company.</font></td></tr> <tr style="vertical-align: top"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Xiangqian Li is a director of Shenzhen BAK and BAK Shenzhen.</font></td></tr> <tr style="vertical-align: top"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BAK Shenzhen has 95% equity interests in Zhengzhou BAK Electronics Co., Ltd. Up to the date of this report, Zhengzhou BAK Electronics Co., Ltd. repaid nil to the Company.</font></td></tr> <tr style="vertical-align: top"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d</font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Xiangqian Li is a director of Zhengzhou BAK New Energy Vehicle Co., Ltd. For the three months ended March 31, 2020 and 2021, sales of finished goods and raw materials to Zhengzhou BAK New Energy Vehicle Co., Ltd were nil. Up to the date of this report, Zhengzhou BAK New Energy Technology Co., Ltd repaid nil to the Company.</font></td></tr> </table> 69226 108290 412353 461024 1759050 911599 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.</b></font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment Information</b></font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company used to engage in one business segment, the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion rechargeable batteries for use in a wide array of applications. The Company manufactured five types of Li-ion rechargeable batteries: aluminium-case cell, battery pack, cylindrical cell, lithium polymer cell and high-power lithium battery cell. The Company&#x2019;s products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">After the disposal of BAK International and its subsidiaries (see Note 1), the Company focused on producing high-power lithium battery cells. Net revenues for the three months ended March 31, 2020 and 2021 were as follows:</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Net revenues by product:</i></b></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Three months ended<br/> March 31,</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>High power lithium batteries used in:</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Electric vehicles</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">215,118</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,976</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Light electric vehicles</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">751</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">34,104</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Uninterruptable supplies</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,685,405</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,763,583</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6,901,274</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">8,898,663</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Raw materials used in lithium batteries</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">517,386</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,901,274</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,416,049</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Net revenues by geographic area:</i></b></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Three months ended <br/> March 31,</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Mainland China</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,876,789</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,625,793</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Europe</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,789,045</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,485</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,211</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,901,274</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,416,049</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Substantially all of the Company&#x2019;s long-lived assets are located in the PRC.</p><br/> 1 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">Three months ended<br/> March 31,</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>High power lithium batteries used in:</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; 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text-align: left">$</td><td style="width: 9%; text-align: right">6,876,789</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,625,793</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Europe</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,789,045</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,485</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,211</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,901,274</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,416,049</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 6876789 7625793 1789045 24485 1211 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24.</b></font></td> <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsequent Events</b>&#xa0;</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 1, 2021, CBAK Power entered into a framework investment agreement with Hangzhou Juzhong Daxin Asset Management Co., Ltd. ("Juzhong Daxin") for a potential acquisition of Zhejiang Meidu Hitrans Lithium Battery Technology Co., Ltd ("Hitrans"). Juzhong Daxin is the trustee of 85% of equity interests of Hitrans and has the voting right and right to dividend over the 85% of equity interests. Subject to definitive acquisition agreements to be entered into among the parties, including shareholders owning the 85% of equity interests of Hitrans, CBAK Power intends to acquire 85% of equity interests of Hitrans in cash in 2021. As of date of this report, CBAK Power has paid $3.05 million (RMB20,000,000) to Juzhong Daxin as a security deposit. Hitrans is an unrelated third party of the Company engaging in researching, manufacturing and trading of raw materials and is one of the major suppliers of the Company in fiscal 2020.&#xa0;</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 21, 2021, CBAK Power, along with Shenzhen BAK Power Battery Co., Ltd (BAK SZ), Shenzhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics) and Xiaoxia Liu, entered into an investment agreement with Junxiu Li, Hunan Xintao New Energy Technology Partnership, Xingyu Zhu, and Jiangsu Saideli Pharmaceutical Machinery Manufacturing Co., Ltd for an investment in Hunan DJY Technology Co., Ltd ("DJY"). CBAK Power has paid $1.4 million (RMB9,000,000) to acquire 9.74% of the equity interests of DJY. CBAK Power has appointed one director to the Board of Directors of DJY. DJY is an unrelated third party of the Company engaging in researching and manufacturing of raw materials and equipment.</p><br/> CBAK Power entered into a framework investment agreement with Hangzhou Juzhong Daxin Asset Management Co., Ltd. ("Juzhong Daxin") for a potential acquisition of Zhejiang Meidu Hitrans Lithium Battery Technology Co., Ltd ("Hitrans"). Juzhong Daxin is the trustee of 85% of equity interests of Hitrans and has the voting right and right to dividend over the 85% of equity interests. Subject to definitive acquisition agreements to be entered into among the parties, including shareholders owning the 85% of equity interests of Hitrans, CBAK Power intends to acquire 85% of equity interests of Hitrans in cash in 2021. As of date of this report, CBAK Power has paid $3.05 million (RMB20,000,000) to Juzhong Daxin as a security deposit. Hitrans is an unrelated third party of the Company engaging in researching, manufacturing and trading of raw materials and is one of the major suppliers of the Company in fiscal 2020. CBAK Power, along with Shenzhen BAK Power Battery Co., Ltd (BAK SZ), Shenzhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics) and Xiaoxia Liu, entered into an investment agreement with Junxiu Li, Hunan Xintao New Energy Technology Partnership, Xingyu Zhu, and Jiangsu Saideli Pharmaceutical Machinery Manufacturing Co., Ltd for an investment in Hunan DJY Technology Co., Ltd ("DJY"). CBAK Power has paid $1.4 million (RMB9,000,000) to acquire 9.74% of the equity interests of DJY. CBAK Power has appointed one director to the Board of Directors of DJY. DJY is an unrelated third party of the Company engaging in researching and manufacturing of raw materials and equipment. 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Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2021
May 15, 2021
Document Information Line Items    
Entity Registrant Name CBAK Energy Technology, Inc.  
Document Type 10-Q  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   88,394,517
Amendment Flag false  
Entity Central Index Key 0001117171  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Document Period End Date Mar. 31, 2021  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity File Number 001-32898  
Entity Incorporation, State or Country Code NV  
Entity Interactive Data Current Yes  
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 65,116,897 $ 11,681,750
Pledged deposits 16,323,303 8,989,748
Trade accounts and bills receivable, net 23,306,670 29,571,274
Inventories 6,499,313 5,252,845
Prepayments and other receivables 7,858,583 7,439,544
Investment in sales-type lease, net 836,714 235,245
Total current assets 119,941,480 63,170,406
Property, plant and equipment, net 40,248,221 41,040,370
Construction in progress 34,104,206 30,193,309
Right-of-use assets 7,430,212 7,500,780
Operating lease right-of-use assets, net 360,382  
Intangible assets, net 11,084 11,807
Investment in sales-type lease, net 1,867,519 850,407
Total assets 203,963,104 142,767,079
Current liabilities    
Trade accounts and bills payable 25,337,685 28,352,292
Current maturities of long-term bank loans 13,688,805 13,739,546
Other short-term loans 1,105,826 1,253,869
Accrued expenses and other payables 9,253,984 11,645,459
Payables to former subsidiaries, net 382,638 626,990
Deferred government grants, current 150,917 151,476
Product warranty provisions 119,114 155,888
Warrants liability 39,222,000 17,783,000
Total current liabilities 89,260,969 73,708,520
Deferred government grants, non-current 7,240,124 7,304,832
Operating lease liability, non-current 237,600  
Product warranty provisions 1,858,006 1,835,717
Long term tax payable 7,483,442 7,511,182
Total liabilities 106,080,141 90,360,251
Commitments and contingencies
Shareholders’ equity    
Common stock $0.001 par value; 500,000,000 authorized; 79,310,249 issued and 79,166,043 outstanding as of December 31, 2020; and 88,250,225 issued and 88,106,019 outstanding as of March 31, 2021 88,250 79,310
Donated shares 14,101,689 14,101,689
Additional paid-in capital 241,048,002 225,278,113
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (154,375,029) (183,984,311)
Accumulated other comprehensive loss (145,568) (239,609)
Stockholders' equity (deficit) before Treasury Stock 101,947,855 56,465,703
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 97,881,245 52,399,093
Non-controlling interests 1,718 7,735
Total equity 97,882,963 52,406,828
Total liabilities and shareholder’s equity $ 203,963,104 $ 142,767,079
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares
Mar. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Common stock, par value (in Dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 88,250,225 79,310,249
Common stock, shares outstanding 88,106,019 79,166,043
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Net revenues $ 9,416,049 $ 6,901,274
Cost of revenues (7,576,620) (6,695,271)
Gross profit 1,839,429 206,003
Operating expenses:    
Research and development expenses (483,749) (298,930)
Sales and marketing expenses (213,142) (93,771)
General and administrative expenses (1,324,481) (1,115,618)
(Provision for) recovery of doubtful accounts 154,061 (673,186)
Total operating expenses (1,867,311) (2,181,505)
Operating loss (27,882) (1,975,502)
Finance expenses, net (7,598) (428,083)
Other income, net 1,217,648 49,474
Change in fair value of warrants liability 28,426,000  
Loss (income) before income tax 29,608,168 (2,354,111)
Income tax expense
Net (loss) income 29,608,168 (2,354,111)
Less: Net (income) loss attributable to non-controlling interests 1,114 (5,870)
Net (loss) income attribute to shareholders of CBAK Energy Technology, Inc. 29,609,282 (2,359,981)
Other comprehensive income (loss)    
– Foreign currency translation adjustment 89,138 (302,045)
Comprehensive (loss) income 29,697,306 (2,656,156)
Less: Comprehensive (income) loss attributable to non-controlling interests 6,017 (5,040)
Comprehensive (loss) income attributable to CBAK Energy Technology, Inc. $ 29,703,323 $ (2,661,196)
(Loss) Income per share    
– Basic (in Dollars per share) $ 0.35 $ (0.04)
– Diluted (in Dollars per share) $ 0.35 $ (0.04)
Weighted average number of shares of common stock:    
– Basic (in Shares) 84,283,605 53,293,776
– Diluted (in Shares) 84,933,913 53,293,776
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($)
Common stock issued
Donated shares
Additional paid-in capital
Statutory reserves
Accumulated deficit
Accumulated other comprehensive loss
Non-controlling interests
Treasury shares
Total
Balance at Dec. 31, 2019 $ 53,222 $ 14,101,689 $ 180,208,610 $ 1,230,511 $ (176,177,413) $ (1,744,730) $ 52,777 $ (4,066,610) $ 13,658,056
Balance (in Shares) at Dec. 31, 2019 53,220,902             (144,206)  
Net profit (loss)         (2,359,981)   5,870   (2,354,111)
Share-based compensation for employee and director stock awards     300,135           300,135
Common stock issued to investors $ 368   199,632           200,000
Common stock issued to investors (in Shares) 367,897                
Foreign currency translation adjustment           (301,215) (830)   (302,045)
Balance at Mar. 31, 2020 $ 53,590 14,101,689 180,708,377 1,230,511 (178,537,394) (2,045,945) 57,817 $ (4,066,610) 11,502,035
Balance (in Shares) at Mar. 31, 2020 53,588,799             (144,206)  
Balance at Dec. 31, 2020 $ 79,310 14,101,689 225,278,113 1,230,511 (183,984,311) (239,609) 7,735 $ (4,066,610) 52,406,828
Balance (in Shares) at Dec. 31, 2020 79,310,249             (144,206)  
Net profit (loss)         29,609,282   (1,114)   29,608,168
Share-based compensation for employee and director stock awards     148,818           148,818
Issuance of common stock and warrants $ 8,940   15,621,071           15,630,011
Issuance of common stock and warrants (in Shares) 8,939,976                
Foreign currency translation adjustment           94,041 (4,903)   89,138
Balance at Mar. 31, 2021 $ 88,250 $ 14,101,689 $ 241,048,002 $ 1,230,511 $ (154,375,029) $ (145,568) $ 1,718 $ (4,066,610) $ 97,882,963
Balance (in Shares) at Mar. 31, 2021 88,250,225             (144,206)  
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net (loss) income $ 29,608,168 $ (2,354,111)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 704,496 587,615
Provision for (recovery of) doubtful debts (154,061) 673,186
Amortization of operating lease right-of-use assets 10,052
Write-down of inventories 233,305 409,062
Share-based compensation 148,818 300,135
Changes in fair value of warrants liability (28,426,000)
Gain on disposal of property, plant and equipment (53,022)
Changes in operating assets and liabilities:    
Trade accounts and bills receivable 6,314,111 (3,633,248)
Inventories (1,512,723) 701,957
Prepayments and other receivables (451,150) 51,905
Trade accounts and bills payable (2,941,048) (237,779)
Accrued expenses and other payables (882,416) (86,889)
Operating lease liabilities (134,149)
Investment in sales-type lease (1,639,959)
Trade receivable from and payables to former subsidiaries (60,563) 4,273,976
Net cash provided by operating activities 763,859 685,809
Cash flows from investing activities    
Purchases of property, plant and equipment and construction in progress (5,681,131) (261,031)
Net cash used in investing activities (5,681,131) (261,031)
Cash flows from financing activities    
Borrowings from shareholders 269,349
Borrowings from an unrelated party 3,467,148
Repayment of borrowing from an unrelated party (5,673,515)
Repayment of borrowing from shareholders (145,321)
Proceeds from issuance of shares 65,495,011
Net cash (used in) provided by financing activities 65,349,690 (1,937,018)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash 336,284 (112,027)
Net increase (decrease) in cash and cash equivalents, and restricted cash 60,768,702 (1,624,267)
Cash and cash equivalents, and restricted cash at the beginning of period 20,671,498 7,133,948
Cash and cash equivalents, and restricted cash at the end of period 81,440,200 5,509,681
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 176,628
Non-cash payment for purchase of property, plant and equipment and construction in progress by new vehicles 61,233
Issuance of common stock (note 1):    
- offset repayment of promissory notes 200,000
Cash paid during the period for:    
Interest, net of amounts capitalized $ 2,314 $ 269,019
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Principal Activities, Basis of Presentation and Organization
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Principal Activities, Basis of Presentation and Organization
1. Principal Activities, Basis of Presentation and Organization

Principal Activities


CBAK Energy Technology, Inc. (formerly known as China BAK Battery, Inc.) (“CBAK” or the “Company”) is a corporation formed in the State of Nevada on October 4, 1999 as Medina Copy, Inc. The Company changed its name to Medina Coffee, Inc. on October 6, 1999 and subsequently changed its name to China BAK Battery, Inc. on February 14, 2005. CBAK and its subsidiaries (hereinafter, collectively referred to as the “Company”) are principally engaged in the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion (known as “Li-ion” or “Li-ion cell”) high power rechargeable batteries. Prior to the disposal of BAK International Limited (“BAK International”) and its subsidiaries (see below), the batteries produced by the Company were for use in cellular telephones, as well as various other portable electronic applications, including high-power handset telephones, laptop computers, power tools, digital cameras, video camcorders, MP3 players, electric bicycles, hybrid/electric vehicles, and general industrial applications. After the disposal of BAK International and its subsidiaries on June 30, 2014, the Company will focus on the manufacture, commercialization and distribution of high power lithium ion rechargeable batteries for use in cordless power tools, light electric vehicles, hybrid electric vehicles, electric cars, electric busses, uninterruptable power supplies and other high power applications.


The shares of the Company traded in the over-the-counter market through the Over-the-Counter Bulletin Board from 2005 until May 31, 2006, when the Company obtained approval to list its common stock on The NASDAQ Global Market, and trading commenced that same date under the symbol “CBAK”.


On January 10, 2017, the Company filed Articles of Merger with the Secretary of State of Nevada to effectuate a merger between the Company and the Company’s newly formed, wholly owned subsidiary, CBAK Merger Sub, Inc. (the “Merger Sub”). According to the Articles of Merger, effective January 16, 2017, the Merger Sub merged with and into the Company with the Company being the surviving entity (the “Merger”). As permitted by Chapter 92A.180 of Nevada Revised Statutes, the sole purpose of the Merger was to effect a change of the Company’s name.


Effective November 30, 2018, the trading symbol for common stock of the Company was changed from CBAK to CBAT. Effective at the opening of business on June 21, 2019, the Company’s common stock started trading on the Nasdaq Capital Market.


Basis of Presentation and Organization


On November 6, 2004, BAK International, a non-operating holding company that had substantially the same shareholders as Shenzhen BAK Battery Co., Ltd (“Shenzhen BAK”), entered into a share swap transaction with the shareholders of Shenzhen BAK for the purpose of the subsequent reverse acquisition of the Company. The share swap transaction between BAK International and the shareholders of Shenzhen BAK was accounted for as a reverse acquisition of Shenzhen BAK with no adjustment to the historical basis of the assets and liabilities of Shenzhen BAK.


On January 20, 2005, the Company completed a share swap transaction with the shareholders of BAK International. The share swap transaction, also referred to as the “reverse acquisition” of the Company, was consummated under Nevada law pursuant to the terms of a Securities Exchange Agreement entered by and among CBAK, BAK International and the shareholders of BAK International on January 20, 2005. The share swap transaction has been accounted for as a capital-raising transaction of the Company whereby the historical financial statements and operations of Shenzhen BAK are consolidated using historical carrying amounts.


Also on January 20, 2005, immediately prior to consummating the share swap transaction, BAK International executed a private placement of its common stock with unrelated investors whereby it issued an aggregate of 1,720,087 shares of common stock for gross proceeds of $17,000,000. In conjunction with this financing, Mr. Xiangqian Li, the Chairman and Chief Executive Officer of the Company (“Mr. Li”), agreed to place 435,910 shares of the Company’s common stock owned by him into an escrow account pursuant to an Escrow Agreement dated January 20, 2005 (the “Escrow Agreement”). Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target.


Under accounting principles generally accepted in the United States of America (“US GAAP”), escrow agreements such as the one established by Mr. Li generally constitute compensation if, following attainment of a performance threshold, shares are returned to a company officer. The Company determined that without consideration of the compensation charge, the performance thresholds for the year ended September 30, 2005 would be achieved. However, after consideration of a related compensation charge, the Company determined that such thresholds would not have been achieved. The Company also determined that, even without consideration of a compensation charge, the performance thresholds for the year ended September 30, 2006 would not be achieved.


While the 217,955 escrow shares relating to the 2005 performance threshold were previously released to Mr. Li, Mr. Li executed a further undertaking on August 21, 2006 to return those shares to the escrow agent for the distribution to the relevant investors. However, such shares were not returned to the escrow agent, but, pursuant to a Delivery of Make Good Shares, Settlement and Release Agreement between the Company, BAK International and Mr. Li entered into on October 22, 2007 (the “Li Settlement Agreement”), such shares were ultimately delivered to the Company as described below. Because the Company failed to satisfy the performance threshold for the fiscal year ended September 30, 2006, the remaining 217,955 escrow shares relating to the fiscal year 2006 performance threshold were released to the relevant investors. As Mr. Li has not retained any of the shares placed into escrow, and as the investors party to the Escrow Agreement are only shareholders of the Company and do not have and are not expected to have any other relationship to the Company, the Company has not recorded a compensation charge for the years ended September 30, 2005 and 2006.


At the time the escrow shares relating to the 2006 performance threshold were transferred to the investors in fiscal year 2007, the Company should have recognized a credit to donated shares and a debit to additional paid-in capital, both of which are elements of shareholders’ equity. This entry is not material because total ordinary shares issued and outstanding, total shareholders’ equity and total assets do not change; nor is there any impact on income or earnings per share. Therefore, previously filed consolidated financial statements for the fiscal year ended September 30, 2007 will not be restated. This share transfer has been reflected in these financial statements by reclassifying the balances of certain items as of October 1, 2007. The balances of donated shares and additional paid-in capital as of October 1, 2007 were credited and debited by $7,955,358 respectively, as set out in the consolidated statements of changes in shareholders’ equity.


In November 2007, Mr. Li delivered the 217,955 shares related to the 2005 performance threshold to BAK International pursuant to the Li Settlement Agreement; BAK International in turn delivered the shares to the Company. Such shares (other than those issued to investors pursuant to the 2008 Settlement Agreements, as described below) are now held by the Company. Upon receipt of these shares, the Company and BAK International released all claims and causes of action against Mr. Li regarding the shares, and Mr. Li released all claims and causes of action against the Company and BAK International regarding the shares. Under the terms of the Li Settlement Agreement, the Company commenced negotiations with the investors who participated in the Company’s January 2005 private placement in order to achieve a complete settlement of BAK International’s obligations (and the Company’s obligations to the extent it has any) under the applicable agreements with such investors.


Beginning on March 13, 2008, the Company entered into settlement agreements (the “2008 Settlement Agreements”) with certain investors in the January 2005 private placement. Since the other investors have never submitted any claims regarding this matter, the Company did not reach any settlement with them.


Pursuant to the 2008 Settlement Agreements, the Company and the settling investors have agreed, without any admission of liability, to a settlement and mutual release from all claims relating to the January 2005 private placement, including all claims relating to the escrow shares related to the 2005 performance threshold that had been placed into escrow by Mr. Li, as well as all claims, including claims for liquidated damages relating to registration rights granted in connection with the January 2005 private placement. Under the 2008 Settlement Agreement, the Company has made settlement payments to each of the settling investors of the number of shares of the Company’s common stock equivalent to 50% of the number of the escrow shares related to the 2005 performance threshold these investors had claimed; aggregate settlement payments as of June 30, 2015amounted to 73,749 shares. Share payments to date have been made in reliance upon the exemptions from registration provided by Section 4(2) and/or other applicable provisions of the Securities Act of 1933, as amended. In accordance with the 2008 Settlement Agreements, the Company filed a registration statement covering the resale of such shares which was declared effective by the SEC on June 26, 2008.


Pursuant to the Li Settlement Agreement, the 2008 Settlement Agreements and upon the release of the 217,955 escrow shares relating to the fiscal year 2006 performance threshold to the relevant investors, neither Mr. Li or the Company have any obligations to the investors who participated in the Company’s January 2005 private placement relating to the escrow shares.


As of March 31, 2021, the Company had not received any claim from the other investors who have not been covered by the “2008 Settlement Agreements” in the January 2005 private placement.


As the Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and the Company also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the “2008 Settlement Agreements” with us in fiscal year 2008, pursuant to “Li Settlement Agreement” and “2008 Settlement Agreements”, neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company’s January 2005 private placement relating to the escrow shares.


On August 14, 2013, Dalian BAK Trading Co., Ltd was established as a wholly owned subsidiary of China BAK Asia Holding Limited (“BAK Asia”) with a registered capital of $500,000. Pursuant to CBAK Trading’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 14, 2015. On August 5, 2019, CBAK Trading’s registered capital was increased to $5,000,000. Pursuant to CBAK Trading’s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 1, 2033. Up to the date of this report, the Company has contributed $2,435,000 to CBAK Trading in cash.


On December 27, 2013, Dalian BAK Power Battery Co., Ltd was established as a wholly owned subsidiary of BAK Asia with a registered capital of $30,000,000. Pursuant to CBAK Power’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 27, 2015. On March 7, 2017, the name of Dalian BAK Power Battery Co., Ltd was changed to Dalian CBAK Power Battery Co., Ltd (“CBAK Power”). On July 10, 2018, CBAK Power’s registered capital was increased to $50,000,000. On October 29, 2019, CBAK Power’s registered capital was further increased to $60,000,000. Pursuant to CBAK Power’s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 31, 2021. Up to the date of this report, the Company has contributed $60,000,000 to CBAK Power through injection of a series of patents and cash.


On May 4, 2018, CBAK New Energy (Suzhou) Co., Ltd (“CBAK Suzhou”) was established as a 90% owned subsidiary of CBAK Power with a registered capital of RMB10,000,000 (approximately $1.5 million). The remaining 10% equity interest was held by certain employees of CBAK Suzhou. Pursuant to CBAK Suzhou’s articles of association, each shareholder is entitled to the right of the profit distribution or responsible for the loss according to its proportion to the capital contribution. Pursuant to CBAK Suzhou’s articles of association and relevant PRC regulations, CBAK Power was required to contribute the capital to CBAK Suzhou on or before December 31, 2019. Up to the date of this report, the Company has contributed RMB9.0 million (approximately $1.3 million), and the other shareholders have contributed RMB1.0 million (approximately $0.1 million) to CBAK Suzhou through injection of a series of cash. The Company plan to dissolve CBAK Suzhou in 2021.


On November 21, 2019, Dalian CBAK Energy Technology Co., Ltd (“CBAK Energy”) was established as a wholly owned subsidiary of BAK Asia with a registered capital of $50,000,000. Pursuant to CBAK Energy’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Energy on or before November 20, 2022. Up to the date of this report, the Company has contributed $20,719,925 to CBAK Energy. CBAK Energy will be focus on manufacture and sale of lithium batteries and lithium batteries’ materials.


On July 14, 2020, the Company acquired BAK Asia Investments Limited (“BAK Investments”), a company incorporated under Hong Kong laws, from Mr. Xiangqian Li, the Company’s former CEO, for a cash consideration of HK$1.00. BAK Asia Investments Limited is a holding company without any other business operations.


On July 31, 2020, BAK Investments formed a wholly owned subsidiary CBAK New Energy (Nanjing) Co., Ltd. (“CBAK Nanjing”) in China with a registered capital of $100,000,000. Pursuant to CBAK Nanjing’s articles of association and relevant PRC regulations, BAK Investments was required to contribute the capital to CBAK Nanjing on or before July 29, 2040. Up to the date of this report, the Company has contributed $49,989,915 to CBAK Nanjing.


On August 6, 2020, Nanjing CBAK New Energy Technology Co., Ltd. (“Nanjing CBAK”) was established as a wholly owned subsidiary of CBAK Nanjing with a registered capital of RMB700,000,000 (approximately $107 million). Pursuant to Nanjing CBAK’s articles of association and relevant PRC regulations, CBAK Nanjing was required to contribute the capital to Nanjing CBAK on or before August 5, 2040. Up to the date of this report, the Company has contributed RMB290,378,836 (approximately $44.3 million) to Nanjing CBAK.


On November 9, 2020, Nanjing Daxin New Energy Automobile Industry Co., Ltd (“Nanjing Daxin”) was established as a wholly owned subsidiary of CBAK Nanjing with a register capital of RMB50,000,000 (approximately $7.6 million). Up to the date of this report, the Company has contributed RMB10,000,000 (approximately $1.53 million) to Nanjing Daxin. On January 18, 2021, Nanjing Daxin established a branch in Tianjin City.


The Company’s condensed consolidated financial statements have been prepared under US GAAP.


These condensed consolidated financial statements are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed consolidated financial statements, which are of a normal and recurring nature, have been included. The results reported in the condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The following (a) condensed consolidated balance sheet as of December 31, 2020, which was derived from the Company’s audited financial statements, and (b) the unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to those rules and regulations, though the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying footnotes of the Company for the year ended December 31, 2020 filed with the SEC on April 13, 2021.


The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. This basis of accounting differs in certain material respects from that used for the preparation of the books of account of the Company’s principal subsidiaries, which are prepared in accordance with the accounting principles and the relevant financial regulations applicable to enterprises with limited liability established in the PRC or Hong Kong. The accompanying consolidated financial statements reflect necessary adjustments not recorded in the books of account of the Company’s subsidiaries to present them in conformity with US GAAP.


After the disposal of BAK International Limited and its subsidiaries, namely Shenzhen BAK, Shenzhen BAK Power Battery Co., Ltd (formerly BAK Battery (Shenzhen) Co., Ltd.) (“BAK Shenzhen”), BAK International (Tianjin) Ltd. (“BAK Tianjin”), Tianjin Chenhao Technological Development Limited (a subsidiary of BAK Tianjin established on May 8, 2014, “Tianjin Chenhao”), BAK Battery Canada Ltd. (“BAK Canada”), BAK Europe GmbH (“BAK Europe”) and BAK Telecom India Private Limited (“BAK India”), effective on June 30, 2014, and as of December 31, 2019, the Company’s subsidiaries consisted of: i) China BAK Asia Holdings Limited (“BAK Asia”), a wholly owned limited liability company incorporated in Hong Kong on July 9, 2013; ii) Dalian CBAK Trading Co., Ltd. (“CBAK Trading”), a wholly owned limited company established on August 14, 2013 in the PRC; iii) Dalian CBAK Power Battery Co., Ltd. (“CBAK Power”), a wholly owned limited liability company established on December 27, 2013 in the PRC; iv) CBAK New Energy (Suzhou) Co., Ltd. (“CBAK Suzhou”), a 90% owned limited liability company established on May 4, 2018 in the PRC; v) Dalian CBAK Energy Technology Co., Ltd (“CBAK Energy”), a wholly owned limited liability company established on November 21, 2019 in the PRC; (vi) BAK Asia Investments Limited (“BAK Investments”), a wholly owned limited liability company incorporated in Hong Kong acquired on July 14, 2020; (vii) CBAK New Energy (Nanjing) Co., Ltd. (“CBAK Nanjing”), a wholly owned limited liability company established on July 31, 2020 in the PRC; (viii) Nanjing CBAK New Energy Technology Co., Ltd, (“Nanjing CBAK”), a wholly owned limited liability company established on August 6, 2020 in the PRC and (ix) Nanjing Daxin New Energy Automobile Industry Co., Ltd (“Nanjing Daxin”), a wholly owned limited liability company established on November 9, 2020.


The Company continued its business and continued to generate revenues from sale of batteries via subcontracting the production to BAK Tianjin and BAK Shenzhen, former subsidiaries before the completion of construction and operation of its facility in Dalian. BAK Tianjin and BAK Shenzhen are now suppliers of the Company, and the Company does not have any significant benefits or liability from the operating results of BAK Tianjin and BAK Shenzhen except the normal risk with any major supplier.


As of the date of this report, Mr. Xiangqian Li is no longer a director of BAK International and BAK Tianjin. He remained as a director of Shenzhen BAK and BAK Shenzhen.


On and effective March 1, 2016, Mr. Xiangqian Li resigned as Chairman, director, Chief Executive Officer, President and Secretary of the Company. On the same date, the Board of Directors of the Company appointed Mr. Yunfei Li as Chairman, Chief Executive Officer, President and Secretary of the Company. On March 4, 2016, Mr. Xiangqian Li transferred 3,000,000 shares to Mr. Yunfei Li for a price of $2.4 per share. After the share transfer, Mr. Yunfei Li held 3,000,000 shares or 17.3% and Mr. Xiangqian Li held 760,557 shares at 4.4% of the Company’s outstanding stock, respectively. As of March 31, 2021, Mr. Yunfei Li held 10,785,872 shares or 12.2% of the Company’s outstanding stock, and Mr. Xiangqian Li held none of the Company’s outstanding stock.


The Company had an accumulated deficit from recurring losses from operations and short-term debt obligations as of December 31, 2020 and March 31, 2021. As of December 31, 2020, the Company has a working capital deficiency of $10.5 million. These factors raise substantial doubts about the Company’s ability to continue as a going concern.


In June and July 2015, the Company received advances of approximately $9.8 million from potential investors. On September 29, 2015, the Company entered into a Debt Conversion Agreement with these investors. Pursuant to the terms of the Debt Conversion Agreement, each of the creditors agreed to convert existing loan principal of $9,847,644 into an aggregate 4,376,731 shares of common stock of the Company (“the Shares”) at a conversion price of $2.25 per share. Upon receipt of the Shares on October 16, 2015, the creditors released the Company from all claims, demands and other obligations relating to the Debts. As such, no interest was recognized by the Company on the advances from investors pursuant to the supplemental agreements with investors and the Debt Conversion Agreement.


In June 2016, the Company received further advances in the aggregate of $2.9 million from Mr. Jiping Zhou and Mr. Dawei Li. These advances were unsecured, non-interest bearing and repayable on demand. On July 8, 2018, the Company received further advances of $2.6 million from Mr. Jiping Zhou. On July 28, 2016, the Company entered into securities purchase agreements with Mr. Jiping Zhou and Mr. Dawei Li to issue and sell an aggregate of 2,206,640 shares of common stock of the Company, at $2.5 per share, for an aggregate consideration of approximately $5.52 million. On August 17, 2016, the Company issued these shares to the investors.


On February 17, 2017, the Company signed investment agreements with eight investors (including Mr. Yunfei Li, the Company’s CEO, and seven of the Company’s existing shareholders) whereby the investors agreed to subscribe new shares of the Company totaling $10 million. Pursuant to the investment agreements, in January 2017 the 8 investors paid the Company a total of $2.06 million as down payments. Mr. Yunfei Li agrees to subscribe new shares of the Company totaled $1,120,000 and paid the earnest money of $225,784 in January 2017. On April 1, April 21, April 26 and May 10, 2017, the Company received $1,999,910, $3,499,888, $1,119,982 and $2,985,497 from these investors, respectively. On May 31, 2017, the Company entered into a securities purchase agreement with the eight investors, pursuant to which the Company agreed to issue an aggregate of 6,403,518 shares of common stock to these investors, at a purchase price of $1.50 per share, for an aggregate price of $9.6 million, among which 746,018 shares issued to Mr. Yunfei Li. On June 22, 2017, the Company issued the shares to the investors.


In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors.


On January 7, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $3.4 million (RMB23,980,950) and $1.7 million (RMB11,647,890) (totaled $5.1 million, the “First Debt”) to Mr. Dawei Li and Mr. Yunfei Li, respectively.


On January 7, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li and Mr. Yunfei Li. Pursuant to the terms of the cancellation agreement, Mr. Dawei Li and Mr. Yunfei Li agreed to cancel the First Debt in exchange for 3,431,373 and 1,666,667 shares of common stock of the Company, respectively, at an exchange price of $1.02 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the First Debt.


On April 26, 2019, each of Mr. Jun Lang, Ms. Jing Shi and Asia EVK Energy Auto Limited (“Asia EVK”) entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $0.3 million (RMB2,225,082), $0.1 million (RMB 912,204) and $5.0 million (RMB35,406,036) (collectively $5.4 million, the “Second Debt”) to Mr. Jun Lang, Ms. Jing Shi and Asia EVK, respectively.


On April 26, 2019, the Company entered into a cancellation agreement with Mr. Jun Lang, Ms. Jing Shi and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, the creditors agreed to cancel the Second Debt in exchange for 300,534, 123,208 and 4,782,163 shares of common stock of the Company, respectively, at an exchange price of $1.1 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Second Debt.


On June 28, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power to loan approximately $1.4 million (RMB10,000,000) and $2.5 million (RMB18,000,000) respectively to CBAK Power for a terms of six months (collectively $3.9 million, the “Third Debt”). The loan was unsecured, non-interest bearing and repayable on demand.


On July 16, 2019, each of Asia EVK and Mr. Yunfei Li entered into an agreement with CBAK Power and Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. (the Company’s construction contractor) whereby Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. assigned its rights to the unpaid construction fees owed by CBAK Power of approximately $2.8 million (RMB20,000,000) and $0.4 million (RMB2,813,810) (collectively $3.2 million, the “Fourth Debt”) to Asia EVK and Mr. Yunfei Li, respectively.


On July 26, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li, Mr. Yunfei Li and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Dawei Li, Mr. Yunfei Li and Asia EVK agreed to cancel the Third Debt and Fourth Debt in exchange for 1,384,717, 2,938,067 and 2,769,435 shares of common stock of the Company, respectively, at an exchange price of $1.05 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Third Debt and Fourth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.


On July 24, 2019, the Company entered into a securities purchase agreement with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company issued a promissory note (the “Note 1”) to the Lender. The Note has an original principal amount of $1,395,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,250,000 after an original issue discount of $125,000 and payment of Lender’s expenses of $20,000.


On October 10, 2019, each of Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen entered into an agreement with CBAK Power and Zhengzhou BAK New Energy Vehicle Co., Ltd. (the Company’s supplier of which Mr. Xiangqian Li, the former CEO, is a director of this company) whereby Zhengzhou BAK New Energy Vehicle Co., Ltd. assigned its rights to the unpaid inventories cost owed by CBAK Power of approximately $2.1 million (RMB15,000,000), $1.0 million (RMB7,380,000) and $1.0 million (RMB7,380,000) (collectively $4.2 million, the “Fifth Debt”) to Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen, respectively.


On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt and the Unpaid Earnest Money of approximately $1 million (RMB6,720,000) in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.


On December 30, 2019, the Company entered into a second securities purchase agreement with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company issued a promissory note (the “Note II”) to the Lender. The Note II has an original principal amount of $1,670,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,500,000 after an original issue discount of $150,000 and payment of Lender’s expenses of $20,000.


On January 27, 2020, the Company entered into an exchange agreement (the “First Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 160,256 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On February 20, 2020, the Company entered into a second exchange agreement (the “Second Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 207,641 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On April 10, 2020, each of Mr. Yunfei Li, Mr. Ping Shen and Asia EVK entered into an agreement with CBAK Power and Shenzhen BAK, whereby Shenzhen BAK assigned its rights to the unpaid inventories cost (note 7) owed by CBAK Power of approximately $1.0 million (RMB7,000,000), $2.3 million (RMB16,000,000) and $1.0 million (RMB7,300,000) (collectively $4.3 million, the “Sixth Debt”) to Mr. Yunfei Li, Mr. Ping Shen and Asia EVK, respectively.


On April 27, 2020, the Company entered into a cancellation agreement with Mr. Yunfei Li, Mr. Ping Shen and Asia EVK (the “creditors”). Pursuant to the terms of the cancellation agreement, Mr. Yunfei Li, Mr. Ping Shen and Asia EVK agreed to cancel the Sixth Debt in exchange for 2,062,619, 4,714,557 and 2,151,017 shares of common stock of the Company, respectively, at an exchange price of $0.48 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Sixth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.


On April 28, 2020, the Company entered into a third exchange agreement (the “Third Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 312,500 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On June 8, 2020, the Company entered into a fourth exchange agreement (the “Fourth Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 271,739 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On June 10, 2020, the Company entered into a Fifth exchange agreement (the “Fifth Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $150,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 407,609 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On July 6, 2020, the Company entered into a Sixth exchange agreement (the “Sixth Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 461,595 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On July 8, 2020, the Company entered into a First exchange agreement for Note II (the “First Exchange Agreement- Note II”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on December 30, 2019, which has an original principal amount of $1,670,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 453,161 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On July 29, 2020, the Company entered into a Seventh exchange agreement (the “Seventh Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $365,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 576,802 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On October 12, 2020, the Company entered into an Amendment to Promissory Notes (the “Amendment”) with Atlas Sciences, LLC (the Lender), pursuant to which the Lender has the right at any time until the outstanding balance of the Notes has been paid in full, at its election, to convert all or any portion of the outstanding balance of the Notes into shares of common stock of the Company. The conversion price for each conversion will be calculated pursuant to the following formula: 80% multiplied by the lowest closing price of the Company common stock during the ten (10) trading days immediately preceding the applicable conversion (the “Conversion Price”). Notwithstanding the foregoing, in no event will the Conversion Price be less than $1.00.


According to the Amendment, on October 13, 2020, the Company exchange $230,000 in principal and $141,275 coupon interest under the Note I and $775,000 principal under the Note II for the issuance of 229,750 and 479,579 shares of the Company’s common stock, par value $0.001 per share to the Lender, respectively.


On October 20, 2020, the Company further exchange $645,000 in principal and $133,252 coupon interests under Note II for the issuance of 329,768 shares of the Company’s common stock, par value $0.001 per share to the Lender. Up to the date of this report, the Company has fully repaid the principal and coupon interests of Note I and Note II.


On November 5, 2020, each of Tillicum Investment Company Limited, an unrelated party, entered into an agreement with CBAK Nanjing and Shenzhen ESTAR Industrial Company Limited, whereby Shenzhen ESTAR Industrial Company Limited assigned its rights to the unpaid equipment cost owed by CBAK Nanjing of approximately $11.17 million (RMB75,000,000) (the “Seventh Debt”) to Tillicum Investment Company Limited.


On November 11, 2020, the Company entered into a cancellation agreement with Tillicum Investment Company Limited (the “creditor”). Pursuant to the terms of the cancellation agreement, Tillicum Investment Company Limited agreed to cancel the Seventh Debt in exchange for 3,192,291 shares of common stock of the Company, at an exchange price of $3.5 per share. Upon receipt of the shares, the creditor released the Company from any claims, demands and other obligations relating to the Seventh Debt. The cancellation agreement contains customary representations and warranties of the creditor. The creditor does not have registration rights with respect to the shares.


On December 8, 2020, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of common stock of the Company at a per share purchase price of $5.18, and warrants to purchase an aggregate of 3,795,920 shares of common stock of the Company at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance, for gross proceeds of approximately $49.16 million, before deducting fees to the placement agent and other offering expenses of $3.81 million. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 379,592 shares of the Company’s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance.


On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other offering expenses of $5.0 million. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 446,999 shares of the Company’s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance.


On May 10, 2021, the Company entered into Amendment No. 1 to the Series B Warrant (the “Series B Warrant Amendment”) with each of the holders of the Company’s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021.


As of March 31, 2021, the Company had aggregate interest-bearing bank loans of approximately $13.7 million, due in 2021, in addition to approximately $36.4 million of other current liabilities (excluding warrants derivative liability).


As of March 31, 2021, the Company had unutilized committed banking facilities from banks of $4.9 million.


The Company is currently expanding its product lines and manufacturing capacity in its Dalian and Nanjing plant, which requires more funding to finance the expansion. The Company plans to raise additional funds through banks borrowing and equity financing in the future to meet its daily cash demands, if required.


However, there can be no assurance that the Company will be successful in obtaining further financing. The Company expects that it will be able to secure more potential orders from the new energy market, especially from the electric car market and UPS market. The Company believes that with the booming future market demand in high power lithium ion products, it can continue as a going concern and return to profitability.


The accompanying consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company’s ability to continue as a going concern.


Revenue Recognition


The Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the five step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation.


Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, typically upon delivery to the customer. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that it would have recognized is one year or less or the amount is immaterial.


Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers.


Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the categories: discounts and returns. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable as the amount is payable to the Company’s customer.


Recently Adopted Accounting Standards


In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistent application among reporting entities. Upon adoption, the Company must apply certain aspects of this standard retrospectively for all periods presented while other aspects are applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company applied the new standard beginning January 1, 2021. 


In August 2020, the FASB issued ASU No. 2020-06 (“ASU 2020-06”) “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40).” ASU 2020-06 reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion and beneficial conversion models. As a result, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost as long as no other features require bifurcation and recognition as derivatives. For contracts in an entity’s own equity, the type of contracts primarily affected by this update are freestanding and embedded features that are accounted for as derivatives under the current guidance due to a failure to meet the settlement conditions of the derivative scope exception. This update simplifies the related settlement assessment by removing the requirements to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted, and (iii) assess shareholder rights. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and only if adopted as of the beginning of such fiscal year. The Company adopted ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have any impact on the Company’s condensed consolidated financial statement presentation or disclosures.


Recently Issued Accounting Standards


In May 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this ASU address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for fiscal year beginning after December 15, 2022. The Company is currently evaluating the impact of this new standard on its condensed consolidated financial statements and related disclosures.


Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption.
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.21.1
Pledged deposits
 3 Months Ended
Mar. 31, 2021
Pledged Deposits [Abstract]  
Pledged deposits
2.Pledged deposits

Pledged deposits as of December 31, 2020 and March 31, 2021 consisted of the following:


   December 31,   March 31, 
   2020   2021 
Pledged deposits with bank for:        
Bills payable  $8,791,499   $16,278,065 
Others*   198,249    45,238 
   $8,989,748   $16,323,303 

* In November 2019, CBAK Suzhou received notice from Court of Suzhou city that Suzhou Industrial Park Security Service Co., Ltd (“Suzhou Security”) filed a lawsuit against CBAK Suzhou for the failure to pay pursuant to the terms of the sales contract. Suzhou Security sought a total amount of $21,321 (RMB139,713), including services expenses amount of $21,198 (RMB138,908) and interest of $123 (RMB805). Upon the request of Suzhou Security for property preservation, the Court of Suzhou froze CBAK Suzhou’s bank deposits totaling $0.02 million (RMB150,000) for a period of one year. As of March 31, 2021, $5,047 (RMB33,073) was frozen by bank and the Company had accrued the service cost of $21,198 (RMB138,908). 

 

On March 20, 2020, CBAK Power received notice from Court of Nanpi County, Hebei Province that Cangzhou Huibang Engineering Manufacturing Co., Ltd (“Cangzhou Huibang”) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Cangzhou Huibang sought a total amount of $0.31 million (RMB2,029,594), including materials purchase cost of $0.3 million (RMB1,932,947), and interest of $14,804 (RMB96,647). As of December 31, 2020, the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947). Upon the request of Cangzhou Huibang for property preservation, the Court of Nanpi ordered to freeze CBAK Power’s bank deposits totaling $0.4 million (RMB2,650,000) for a period of two year to March 2, 2022. As of December 31, 2020, $18,518 (RMB120,898) was frozen by bank. In March 2021, CBAK Power had made full payment and bank deposit was released.

 

In February 2020, CBAK Power received notice from Court of Zhuanghe that Dongguan Shanshan Battery Material Co., Ltd (“Dongguan Shanshan”) filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Dongguan Shanshan sought a total amount of $0.7 million (RMB4,434,209). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $0.7 million (RMB4,434,209) for a period of one year to December 17, 2020. In July 2020, CBAK Power and Dongguan Shanshan have come to a settlement amount of $0.6 million (RMB3,635,192) and the bank deposit was then released. In October 2020, CBAK Power fail to pay according to the settlement, Dongguan Shanshan sought a total amount of $0.6 million (RMB3,635,192). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $0.6 million (RMB3,365,192) for a period of one year to October 21, 2021. As of December 31, 2020, $55,230 (RMB360,576) was frozen by bank. In late February 2021, CBAK Power and Dongguan Shanshan entered into a settlement agreement that CBAK would pay $260,393, $76,586, $76,586, $76,586, and $32,088 (RMB1,700,000, RMB500,000, RMB500,000, RMB500,000 and RMB209,487) by March 5, March 31, April 30, May 31 and June 30, 2021, respectively, and after the first payment of RMB 1,700,000 by March 5, 2021, Dongguan Shanshan would release all the enforcement measures against CBAK Power. CBAK Power had made payment on time and the bank deposit was then release. As of March 31, 2020, CBAK Power has accrued the unpaid material purchase cost of $516,865 (RMB3,374,403). As of the date of this report, CBAK Power further paid $76,303 (RMB500,000) to Dongguan Shanshan.

 

In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Nanjing Jinlong Chemical Co., Ltd. (“Nanjing Jinlong”) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Nanjing Jinlong sought a total amount of $125,443 (RMB822,000). Upon the request of Nanjing Jinlong for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits totaling $125,443 (RMB822,000) for a period of one year. As of March 31, 2021, $2,422 (RMB15,869) was frozen by bank and the Company had accrued the material purchase cost of $125,443 (RMB822,000). In April 2021, CBAK Power has mad full settlement to Nanjing Jinlong and the property preservation was then released.

 

In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Xi’an Anpu New Energy Technology Co. LTD (“Xi’an Anpu”) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the equipment purchase contract. Xi’an Anpu sought a total amount of $129,270 (RMB843,954), including $117,636 (RMB768,000) for equipment cost and $11,634 (RMB75,954) for liquidated damages. Upon the request of Xi’an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits $0.1 million (RMB843,954) for a period to May 11, 2021. As of December 31, 2020, $98,284 (RMB641,656) was frozen by bank. The property preservation was released on February 25, 2021 upon CBAK Power settlement.


In May 2020, CBAK Power received notice from Court of Wuqing District, Tianjin that Tianjin Changyuan Electric Material Co., Ltd (“Tianjin Changyuan”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. The plaintiff sought a total amount of $13,040 (RMB85,136), including material cost of $12,166 (RMB79,429) and interest of $874 (RMB5,707). In July, 2020, upon the request of the plaintiff for property preservation, the Court of Wuqing District, Tianjin ordered to freeze CBAK Power’s bank deposits totaling $13,041 (RMB85,136) for a period of one year. As of December 31, 2020, $13,041 (RMB85,136) was frozen by bank. CBAK Power had made full payment and the property preservation was released as of March 31, 2021.


In October 2020, CBAK Power received a notice from Court of Dalian Economic and Technology Development Zone that Jiuzhao New Energy Technology Co., Ltd. (“Jiuzhao”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of certain purchase contract. Jiuzhao sought a total amount of $0.9 million (RMB6.0 million), including material cost of $0.9 million (RMB5,870,267) and interest of $19,871 (RMB129,732). Upon the request of the plaintiff for property preservation, the Court of Dalian Economic and Technology Development Zone, Jiuzhao ordered to freeze CBAK Power’s bank deposits totaling $0.9 million (RMB6.0 million) for a period to September 17, 2021. As of March 31, 2021, $37,769 (RMB247,492) was frozen by bank and the Company had accrued the unpaid material purchase cost of $0.6 million (RMB3,870,267). As of the date of this report, CBAK Power has fully paid off the debts to Jiuzhao, and the frozen bank deposits were released in April 2021.


In October 2019, CBAK Power received notice from Court of Changshou District, Chongqing that Chongqing Zhongrun Chemistry Co., Ltd (“Chongqing Zhongrun”) filed arbitration claims against the Company for failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.4 million (RMB2,484,948), including material cost of $0.4 million (RMB2,397,660) and interest of $13,370 (RMB87,288). On October 31, 2019, CBAK Power and Chongqing Zhongrun reached an agreement that CBAK Power would pay the material cost by the end of December 31, 2019. In 2020, CBAK Power had paid $198,144 (RMB1,293,600). In August 2020, upon the request of Chongqing Zhongrun for property preservation, the Court of Changshou District ordered to freeze CBAK Power’s bank deposits totaling $0.2 million (RMB1,249,836) for a period of one year to August 2021. As of December 31, 2020, the Company has accrued the remaining material purchase cost of $0.2 million (RMB1,104,007) and $2,224 (RMB14,521) was frozen by bank. The property preservation was released in March, 2021 upon CBAK Power settlement.
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.21.1
Trade Accounts and Bills Receivable, net
 3 Months Ended
Mar. 31, 2021
Trade Accounts And Bills Receivable Net [Abstract]  
Trade Accounts and Bills Receivable, net
3.Trade Accounts and Bills Receivable, net

Trade accounts and bills receivable as of December 31, 2020 and March 31, 2021 consisted of the following:


   December 31,   March 31, 
   2020   2021 
Trade accounts receivable  $33,305,997   $27,621,392 
Less: Allowance for doubtful accounts   (5,266,828)   (5,094,948)
    28,039,169    22,526,444 
Bills receivable   1,532,105    780,226 
   $29,571,274   $23,306,670 

Included in trade accounts and bills receivables are retention receivables of $1,896,068 and $1,889,066 as of December 31, 2020 and March 31, 2021. Retention receivables are interest-free and recoverable at the end of the retention period of three to five years since the sales of the EV batteries or 200,000 km since the sales of the motor vehicles (whichever comes first).


An analysis of the allowance for doubtful accounts is as follows:


   March 31,   March 31, 
   2020   2021 
Balance at beginning of period  $4,650,686   $5,266,828 
Provision for the period   871,483    - 
Reversal – recoveries by cash   (198,297)   (154,061)
Charged to consolidated statements of operations and comprehensive income (loss)   673,186    (154,061)
Foreign exchange adjustment   (86,308)   (17,819)
Balance at end of period  $5,237,564   $5,094,948 
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.21.1
Inventories
 3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]  
Inventories
4.Inventories

Inventories as of December 31, 2020 and March 31, 2021 consisted of the following:


   December 31,   March 31, 
   2020   2021 
Raw materials  $757,857   $1,042,448 
Work in progress   2,338,342    1,911,177 
Finished goods   2,156,646    3,545,688 
   $5,252,845   $6,499,313 

During the three months ended March 31, 2020 and 2021, write-downs of obsolete inventories to lower of cost or market of $409,062 and $233,305, respectively, were charged to cost of revenues.
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.21.1
Prepayments and Other Receivables
 3 Months Ended
Mar. 31, 2021
Prepayments And Other Receivables And Recoverable From Loan Guarantee [Abstract]  
Prepayments and Other Receivables
5.Prepayments and Other Receivables

Prepayments and other receivables as of December 31, 2020 and March 31, 2021 consisted of the following:


   December 31,   March 31, 
   2020   2021 
Value added tax recoverable  $4,524,475   $4,287,428 
Loan receivables (note)   1,358,637    - 
Prepayments to suppliers   424,311    1,193,669 
Deposits   17,385    23,929 
Staff advances   67,867    111,948 
Prepaid operating expenses   529,401    1,223,344 
Others   524,468    1,025,265 
    7,446,544    7,865,583 
Less: Allowance for doubtful accounts   (7,000)   (7,000)
   $7,439,544   $7,858,583 

Note : Nanjing CBAK entered into a loan agreement with Shen Zhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics), to loan SZ Asian Plastics a total amount of $1.4 million (RMB8,870,000) for a period of 6 months from December 1, 2020 to May 31, 2021. The loan is unsecured and bears fixed interest at 6% per annum. The Company’s shareholder Mr. Jiping Zhao, holding 2.39% equity interest in the Company, at the same time held 79.13% equity interests in SZ Asian Plastics. In March 2021, SZ Asian Plastics has fully repaid the loan principal.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.21.1
Payables to Former Subsidiaries
 3 Months Ended
Mar. 31, 2021
Receivables From Former Subsidiaries [Abstract]  
Payables to Former Subsidiaries
6.Payables to Former Subsidiaries

Payables to former subsidiaries as of December 31, 2020 and March 31, 2021 consisted of the following:


   December 31,   March 31, 
   2020   2021 
BAK Tianjin  $29,852   $21,365 
BAK Shenzhen   597,138    361,273 
    626,990    382,638 

Balance as of December 31, 2020 and March 31, 2021 consisted of payables for purchase of inventories from BAK Tianjin, BAK Shenzhen and Shenzhen BAK. From time to time, the Company purchased products from these former subsidiaries that they did not produce to meet the needs of its customers.


The above balance is unsecured and non-interest bearing and repayable on demand. 
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.21.1
Property, Plant and Equipment, net
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, net
7.Property, Plant and Equipment, net

Property,plant and equipment as of December 31, 2020 and March 31, 2021 consisted of the following:

   December 31,   March 31, 
   2020   2021 
Buildings  $28,150,137   $32,478,253 
Machinery and equipment   32,753,952    28,046,176 
Office equipment   258,458    313,975 
Motor vehicles   197,790    244,825 
　   61,360,337    61,083,229 
Impairment   (8,980,020)   (8,916,742)
Accumulated depreciation   (11,339,947)   (11,918,266)
Carrying amount  $41,040,370   $40,248,221 

During the three months ended March 31, 2020 and 2021, the Company incurred depreciation expense of $581,491 and $698,618, respectively.


The Company has not yet obtained the property ownership certificates of the buildings in its Dalian manufacturing facilities with a carrying amount of $24,611,468 and $24,324,253 as of December 31, 2020 and March 31, 2021, respectively. The Company built its facilities on the land for which it had already obtained the related land use right. The Company has submitted applications to the Chinese government for the ownership certificates on the completed buildings located on these lands. However, the application process takes longer than the Company expected and it has not obtained the certificates as of the date of this report. However, since the Company has obtained the land use right in relation to the land, the management believe the Company has legal title to the buildings thereon albeit the lack of ownership certificates.


During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s property, plant and equipment. The impairment charge, if any, represented the excess of carrying amounts of the Company’s property, plant and equipment over the estimated discounted cash flows expected to be generated by the Company’s production facilities. The Company believes that there was no impairment during the three months ended March 31, 2020 and 2021.
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.21.1
Construction in Progress
 3 Months Ended
Mar. 31, 2021
Construction In Progress [Abstract]  
Construction in Progress
8.Construction in Progress

Constructionin progress as of December 31, 2020 and March 31, 2021 consisted of the following:

   December 31,   March 31, 
   2020   2021 
Construction in progress  $27,070,916   $

28,465,244

 
Prepayment for acquisition of property, plant and equipment   3,122,393    5,638,962 
Carrying amount  $30,193,309   $

34,104,206

 

Construction in progress as of December 31, 2020 and March 31, 2021 was mainly comprised of capital expenditures for the construction of the facilities and production lines of CBAK Power and Nanjing CBAK.


For the three months ended March 31, 2020 and 2021, the Company capitalized interest of $316,168 and $213,583, respectively, to the cost of construction in progress.
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Lease
 3 Months Ended
Mar. 31, 2021
ASU 2016-02 Transition [Abstract]  
Lease
9.Lease

(a)Right-of-use assets

   Prepaid
land		 
   lease
payments		 
Balance as of January 1, 2021  $7,500,780 
Amortization charge for the period   (43,325)
Foreign exchange adjustment   (27,243)
Balance as of March 31, 2021  $7,430,212 

Lump sum payments were made upfront to acquire the leased land from the owners with lease period for 50 years up to August 9, 2064, and no ongoing payments will be made under the terms of these land leases.


(b)Company as Lessor

The Company derives a portion of its revenue from leasing arrangements of these vehicles to end users. Such arrangements provide for monthly payments covering the vehicles sales and interest. These arrangements meet the criteria to be accounted for as sales-type leases. Accordingly, vehicle sale net of cost is recorded as other income and recognized upon delivery of the vehicle and its acceptance by the end user. Upon the recognition of such revenue, an asset is established for the investment in sales-type leases. Interests are recognized monthly over the lease term. The components of the net investment in sales-type leases as of December 31, 2020 and March 31, 2021 are as follows:


   December 31,   March 31, 
   2020   2021 
Total future minimum lease payments receivable  $1,210,305   $2,976,071 
Less: unearned income, representing interest   (124,653)   (271,838)
Present value of minimum lease payments receivables   1,085,652    2,704,233 
Less: Current portion   (235,245)   (836,714)
Non-current portion  $850,407   $1,867,519 

Vehicle sale net of cost recognized in other income (expense) and interest income from vehicle leasing was $(91,833) and $26,637 for the three month ended March 31, 2021, respectively.


The future minimum lease payments receivable for sales type leases are as follows:


12 months ending March 31,  Total Minimum Lease Payments to be Received   Amortization of Unearned Income   Net Investment in Sales Type Leases 
2022  $979,368   $142,654   $836,714 
2023   952,265    91,221    861,044 
2024   911,671    36,609    875,062 
2025   132,767    1,354    131,413 
2026   -    -    - 
Thereafter   -    -    - 
    2,976,071    271,838    2,704,233 

(c)Operating lease

On January 14, 2021, Nanjing Daxin entered into a lease agreement for manufacturing, warehouse and office space in Tianjing with a three year term, commencing on March 1, 2021 and expiring on February 29, 2024. The monthly rental payment is approximately $11,162 (RMB73,143) per month.


The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2021:


   Operating
leases		 
12 months ending March 31,    
2022  $11,162 
2023   133,945 
2024   122,783 
2025   - 
Thereafter   - 
Total undiscounted cash flows   267,890 
Less: imputed interest   (30,290)
Present value of lease liabilities  $237,600 

Lease term and discount rate    
   March 31,
2021		 
    
Weighted-average remaining lease term - years   2.83 
Operating leases     
      
Weighted-average discount rate (%)   6.175%
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible Assets, Net
 3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net
10.Intangible Assets, net

Intangible assets as of December 31, 2020 and March 31, 2021 consisted of the followings:


   December 31,
   March 31, 
   2020   2021 
Computer software at cost  $32,686   $32,567 
Accumulated amortization   (20,879)   (21,483)
　  $11,807   $11,084 

Amortization expenses were $1,301 and $686 for the three months ended March 31, 2020 and 2021, respectively.
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.21.1
Trade Accounts and Bills Payable
 3 Months Ended
Mar. 31, 2021
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]  
Trade Accounts and Bills Payable
11.Trade Accounts and Bills Payable

Trade accounts and bills payable as of December 31, 2020 and March 31, 2021 consisted of the followings:


   December 31,   March 31, 
   2020   2021 
Trade accounts payable  $19,560,793   $9,059,620 
Bills payable          
– Bank acceptance bills   8,791,499    16,278,065 
           
　  $28,352,292   $25,337,685 

All the bills payable are of trading nature and will mature within one year from the issue date.


The bank acceptance bills were pledged by the Company’s bank deposits (Note 2).
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.21.1
Loans
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Loans
12.Loans

Bank loans:


Bank borrowings as of December 31, 2020 and March 31, 2021 consisted of the followings


   December 31,   March 31, 
   2020   2021 
Current maturities of long-term bank loans  $13,739,546   $13,688,805 

On June 4, 2018, the Company obtained banking facilities from China Everbright Bank Dalian Branch with a maximum amount of RMB200 million (approximately $30.63 million) bearing interest at 130% of benchmark rate of the People’s Bank of China (“PBOC”) for three-year long-term loans with the term from June 12, 2018 to June 10, 2021, at current rate 6.175% per annum. The facilities were secured by the Company’s land use rights, buildings, machinery and equipment. According to the original repayment schedule, the loans are repayable in six installments of RMB0.8 million ($0.12 million) on December 10, 2018, RMB24.3 million ($3.72 million) on June 10, 2019, RMB0.8 million ($0.12 million) on December 10, 2019, RMB74.7 million ($11.44 million) on June 10, 2020, RMB0.8 million ($0.12 million) on December 10, 2020 and RMB66.3 million ($10.16 million) on June 10, 2021. The Company repaid the bank loan of RMB0.8 million ($0.12 million), RMB24.3 million ($3.72 million) and RMB0.8 million ($0.12 million) in December 2018, June 2019 and December 2019, respectively.


On June 28, 2020, the Company entered into a supplemental agreement with China Everbright Bank Dalian Branch to change the repayment schedule. According to the modification agreement, the remaining RMB141.8 million (approximately $21.72 million) loans are repayable in eight instalments consisting of RMB1.09 million ($0.17 million) on June 10, 2020, RMB1 million ($0.15 million) on December 10, 2020, RMB2 million ($0.31 million) on January 10, 2021, RMB2 million ($0.31 million) on February 10, 2021, RMB2 million ($0.31 million) on March 10, 2021, RMB2 million ($0.31 million) on April 10, 2021, RMB2 million ($0.31 million) on May 10, 2021, and RMB129.7 million ($19.9 million) on June 10, 2021, respectively. The Company repaid the bank loan of RMB1.09 million ($0.17 million) and RMB51 million ($7.8 million) in June and December 2020, respectively.


Under the facilities, as of March 31, 2021, outstanding loan balance owing to China Everbright Bank Dalian Branch was RMB89.7 million (approximately $13.7 million). The Company repaid RMB50 million ($7.63 million) and RMB39.7 million ($6.07 million) in April and May 2021 to the bank, respectively.


On October 15, 2019, the Company borrowed a total of RMB28 million (approximately $4.12 million) in the form of bills payable from China Everbright Bank Dalian Branch for a term until October 15, 2020, which was secured by the Company’s cash totaled RMB28 million (approximately $4.12 million). The Company discounted the bills payable of even date to China Everbright Bank at a rate of 3.3%. The Company repaid the bills on October 15, 2020.


In December 2019, the Company obtained banking facilities from China Everbright Bank Dalian Friendship Branch totaled RMB39.9 million (approximately $6.1 million) for a term until November 6, 2020, bearing interest at 5.655% per annum. The facility was secured by 100% equity in CBAK Power held by BAK Asia and buildings of Hubei BAK Real Estate Co., Ltd., which Mr. Yunfei Li (“Mr. Li”), the Company’s CEO holding 15% equity interest. The Company repaid the bank loan of RMB39.9 million (approximately $6.1 million) in December 2020.


In October to December 2020, the Company borrowed a series of acceptance bills from China Merchants Bank totaled RMB13.5 million (approximately $2.07 million) for various terms through April to June 2021, which was secured by the Company’s cash totaled RMB13.5 million (approximately $2.07 million) (Note 2).


In December 2020 to March 2021, the Company borrowed a series of acceptance bills from Agricultural Bank of China totaled RMB65.2 million (approximately $9.94 million) for various terms to June to September 2021, which was secured by the Company’s cash totaled RMB65.2 million (approximately $9.94 million) (Note 2). 


In January to March 2021, the Company borrowed a series of acceptance bills from China Zheshang Bank Co. Ltd Shenyang Branch totaled RMB28.0 million (approximately $4.27 million) for various terms to July to September 2021, which was secured by the Company’s cash totaled RMB28.0 million (approximately $4.27 million) (Note 2).


Thefacilities were secured by the Company’s assets with the following carrying amounts:

   December 31,   March 31, 
   2020   2021 
Pledged deposits (note 2)  $8,791,499   $16,278,065 
Right-of-use assets (note 9)   7,500,780    7,430,212 
Buildings   16,721,178    17,187,727 
Machinery and equipment   4,926,886    4,904,473 
   $37,940,343   $45,800,477 

As of March 31, 2021, the Company had unutilized committed banking facilities of $4.9 million.


During the three months ended March 31, 2020 and 2021, interest of $397,206 and $ 213,583, respectively, was incurred on the Company’s bank borrowings.


Other Short-term Loans


Other short-term loans as of December 31, 2020 and March 31, 2021 consisted of the following:


       December 31,   March 31, 
   Note   2020   2021 
Advance from related parties            
– Mr. Xiangqian Li, the Company’s Former CEO   (a)   $100,000   $100,000 
– Mr. Yunfei Li   (b)    278,739    133,928 
– Shareholders   (c)    92,446    92,105 
         471,185    326,033 
Advances from unrelated third party               
– Mr. Wenwu Yu   (d)    16,823    16,761 
– Ms. Longqian Peng   (d)    689,275    686,729 
– Suzhou Zhengyuanwei Needle Ce Co., Ltd   (e)    76,586    76,303 
         782,684    779,793 
        $1,253,869   $1,105,826 

(a) Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand.

(b) Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand.

(c) The earnest money paid by certain shareholders in relation to share purchase (note 1) were unsecured, non-interest bearing and repayable on demand.

In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors.


On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors will release the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money.


As of March 31, 2021, earnest money of $92,105 remained outstanding.


(d) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.

(e) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2021, loan amount of RMB0.5 million ($76,303) remained outstanding.

During the three months ended March 31, 2020 and 2021, interest of $154,976 and $2,314 were incurred on the Company’s borrowings from unrelated parties, respectively.
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.21.1
Accrued Expenses and Other Payables
 3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]  
Accrued Expenses and Other Payables
13.Accrued Expenses and Other Payables

Accrued expenses and other payables as of December 31, 2020 and March 31, 2021 consisted of the following:


   December 31,   March 31, 
   2020   2021 
Construction costs payable  $273,279   $

1,086,410

 
Equipment purchase payable   5,431,132    3,120,765 
Liquidated damages (note a)   1,210,119    1,210,119 
Accrued staff costs   2,083,660    1,534,997 
Customer deposits   394,536    289,473 
Other payables and accruals   2,252,733    2,012,220 
   $11,645,459   $

9,253,984

 

  (a) On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10-K for the year ended September 30, 2006 (the “2006 Form 10-K”). After the filing of the 2006 Form 10-K, the Company’s previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of December 31, 2019 and March 31, 2020, no liquidated damages relating to both events have been paid.

On November 9, 2007, the Company completed a private placement for the gross proceeds to the Company of $13,650,000 by selling 3,500,000 shares of common stock at the price of $3.90 per share. Roth Capital Partners, LLC acted as the Company’s exclusive financial advisor and placement agent in connection with the private placement and received a cash fee of $819,000. The Company may have become liable for liquidated damages to certain shareholders whose shares were included in a resale registration statement on Form S-3 that the Company filed pursuant to a registration rights agreement that the Company entered into with such shareholders in November 2007. Under the registration rights agreement, among other things, if a registration statement filed pursuant thereto was not declared effective by the SEC by the 100th calendar day after the closing of the Company’s private placement on November 9, 2007, or the “Effectiveness Deadline”, then the Company would be liable to pay partial liquidated damages to each such investor of (a) 1.5% of the aggregate purchase price paid by such investor for the shares it purchased on the one month anniversary of the Effectiveness Deadline; (b) an additional 1.5% of the aggregate purchase price paid by such investor every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until the earliest of the effectiveness of the registration statement, the ten-month anniversary of the Effectiveness Deadline and the time that the Company is no longer required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations; and (c) 0.5% of the aggregate purchase price paid by such investor for the shares it purchased in the Company’s November 2007 private placement on each of the following dates: the ten-month anniversary of the Effectiveness Deadline and every thirtieth day thereafter (prorated for periods totaling less than thirty days), until the earlier of the effectiveness of the registration statement and the time that the Company no longer is required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations. Such liquidated damages would bear interest at the rate of 1% per month (prorated for partial months) until paid in full.


On December 21, 2007, pursuant to the registration rights agreement, the Company filed a registration statement on Form S-3, which was declared effective by the SEC on May 7, 2008. As a result, the Company estimated liquidated damages amounting to $561,174 for the November 2007 registration rights agreement. As of December 31, 2020 and March 31, 2021, the Company had settled the liquidated damages with all the investors and the remaining provision of approximately $159,000 was included in other payables and accruals.
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.21.1
Deferred Government Grants
 3 Months Ended
Mar. 31, 2021
Other Long Term Payables [Abstract]  
Deferred Government Grants
14.Deferred Government Grants

Deferred government grants as of December 31, 2020 and March 31, 2021 consist of the following:


   December 31,   March 31, 
   2020   2021 
Total government grants  $7,456,308   $7,391,041 
Less: Current portion   (151,476)   (150,917)
Non-current portion  $7,304,832   $7,240,124 

In September 2013, the Management Committee of Dalian Economic Zone Management Committee (the “Management Committee”) provided a subsidy of RMB150 million to finance the costs incurred in moving the Company facilities to Dalian, including the loss of sales while the new facilities were being constructed. For the year ended September 30, 2015, the Company recognized $23,103,427 as income after offset of the related removal expenditures of $1,004,027. No such income or offset was recognized in the three months ended March 31, 2020 and 2021.


On October 17, 2014, the Company received a subsidy of RMB46,150,000 pursuant to an agreement with the Management Committee dated July 2, 2013 for costs of land use rights and to be used to construct the new manufacturing site in Dalian. Part of the facilities had been completed and was operated in July 2015 and the Company has initiated amortization on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon.


On June 23, 2020, BAK Asia, the Company wholly-owned Hong Kong subsidiary, entered into a framework investment agreement with Jiangsu Gaochun Economic Development Zone Development Group Company (“Gaochun EDZ”), pursuant to which the Company intended to develop certain lithium battery projects that aim to have a production capacity of 8Gwh. Gaochun EDZ agreed to provide various support to facilitate the development and operation of the projects. As of the date of this report, the Company received RMB20 million (approximately $3.05 million) subsidy from Gaochun EDZ. The Company will recognize the government subsidies as income or offsets them against the related expenditures when there are no present or future obligations for the subsidized projects.


The Company offset government grants of $35,421 and $38,133 for the three months ended March 31, 2020 and 2021, respectively, against depreciation expenses of the Dalian facilities.
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.21.1
Product Warranty Provision
 3 Months Ended
Mar. 31, 2021
Product Warranties Disclosures [Abstract]  
Product Warranty Provision
15.Product Warranty Provision

The Company maintains a policy of providing after sales support for certain of its new EV and LEV battery products introduced since October 1, 2015 by way of a warranty program. The limited cover covers a period of six to twenty four months for battery cells, a period of twelve to twenty seven months for battery modules for light electric vehicles (LEV) such as electric bicycles, and a period of three years to eight years (or 120,000 or 200,000 km if reached sooner) for battery modules for electric vehicles (EV). The Company accrues an estimate of its exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability at least annually and adjusts the amounts as necessary.
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities
 3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities
16.Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities

  (a) Income taxes in the condensed consolidated statements of comprehensive loss(income)

TheCompany’s provision for income taxes expenses consisted of:

   Three months ended
March 31,		 
   2020   2021 
PRC income tax:        
Current  $     -   $        - 
Deferred   -    - 
   $-   $- 

United States Tax


CBAK is a Nevada corporation that is subject to U.S. corporate income tax on its taxable income at a rate of up to 21% for taxable years beginning after December 31, 2017 and U.S. corporate income tax on its taxable income of up to 35% for prior tax years. The U.S. Tax Reform signed into law on December 22, 2017 significantly modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating the U.S. to a territorial tax system with a one-time transition tax on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes on certain foreign earnings. Taxpayers may elect to pay the one-time transition tax over eight years, or in a single lump sum.


The U.S. Tax Reform also includes provisions for a new tax on GILTI effective for tax years of foreign corporations beginning after December 31, 2017. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of controlled foreign corporations (“CFCs”), subject to the possible use of foreign tax credits and a deduction equal to 50 percent to offset the income tax liability, subject to some limitations.


To the extent that portions of CBAK’s U.S. taxable income, such as Subpart F income or GILTI, are determined to be from sources outside of the U.S., subject to certain limitations, the Company may be able to claim foreign tax credits to offset its U.S. income tax liabilities. If dividends that CBAK receives from its subsidiaries are determined to be from sources outside of the U.S., subject to certain limitations, CBAK will generally not be required to pay U.S. corporate income tax on those dividends. Any liabilities for U.S. corporate income tax will be accrued in the Company’s consolidated statements of comprehensive income and estimated tax payments will be made when required by U.S. law.


No provision for income taxes in the United States or elsewhere has been made as CBAK had no taxable income for the three months ended March 31, 2020 and 2021.


Hong Kong Tax


BAK Asia and BAK Investments are subject to Hong Kong profits tax rate of 16.5% and did not have any assessable profits arising in or derived from Hong Kong for the three months ended March 31, 2020 and 2021 and accordingly no provision for Hong Kong profits tax was made in these periods.


PRC Tax


The CIT Law in China applies an income tax rate of 25% to all enterprises but grants preferential tax treatment to High-New Technology Enterprises. CBAK Power was regarded as a “High-new technology enterprise” pursuant to a certificate jointly issued by the relevant Dalian Government authorities. The certificate was valid for three years commencing from year 2019. Under the preferential tax treatment, CBAK Power was entitled to enjoy a tax rate of 15% for the years from 2019 to 2021 provided that the qualifying conditions as a High-new technology enterprise were met.


A reconciliation of the provision for income taxes determined at the statutory income tax rate to the Company’s income taxes is as follows:


   Three months ended
March 31,		 
   2020   2021 
Profit (loss) before income taxes  $(2,354,111)  $29,608,168 
United States federal corporate income tax rate   21%   21%
Income tax credit computed at United States statutory corporate income tax rate   (494,363)   6,217,715 
Reconciling items:          
Rate differential for PRC earnings   (69,225)   69,004 
Non-taxable income   -    (5,969,462)
Non-deductible expenses   67,679    82,672 
Share based payments   63,028    31,252 
Valuation allowance on deferred tax assets   432,881    (431,181)
Income tax expenses  $-   $- 

(b)Deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2020 and March 31, 2021 are presented below:


    December 31,     March 31,  
    2020     2021  
Deferred tax assets            
Trade accounts receivable   $ 1,354,762     $ 1,316,433  
Inventories     575,575       593,697  
Property, plant and equipment     1,271,986       1,261,434  
Provision for product warranty     497,901       494,280  
Net operating loss carried forward     31,060,254       30,663,453  
Valuation allowance     (34,760,478 )     (34,329,297 ) 
Deferred tax assets, non-current   $ -     $ -  
                 
Deferred tax liabilities, non-current   $ -     $  -  

As of December 31, 2020 and March 31, 2021, the Company’s U.S. entity had net operating loss carry forwards of $103,580,741, of which $102,293 available to reduce future taxable income which will expire in various years through 2035 and $103,478,448 available to offset capital gains recognized in the succeeding 5 tax years and the Company’s PRC subsidiaries had net operating loss carry forwards of $37,536,687 and $36,798,249, respectively, which will expire in various years through 2028. Management believes it is more likely than not that the Company will not realize these potential tax benefits as these operations will not generate any operating profits in the foreseeable future. As a result, a valuation allowance was provided against the full amount of the potential tax benefits.


According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.


The impact of an uncertain income tax positions on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes.


The significant uncertain tax position arose from the subsidies granted by the local government for the Company’s PRC subsidiary, which may be modified or challenged by the central government or the tax authority. A reconciliation of January 1, 2021 through March 31, 2021 amount of unrecognized tax benefits excluding interest and penalties (“Gross UTB”) is as follows:


   Gross UTB   Surcharge   Net UTB 
Balance as of January 1, 2021  $7,511,182   $         -   $7,511,182 
Increase in unrecognized tax benefits taken in current period   (27,740)   -    (27,740)
Balance as of March 31, 2021  $7,483,442   $-   $7,483,442 

As of December 31, 2020 and March 31, 2021, the Company had not accrued any interest and penalties related to unrecognized tax benefits.
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.21.1
Share-based Compensation
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-based Compensation
17.Share-based Compensation

Restricted Shares and Restricted Share Units


Restricted shares granted on June 30, 2015


On June 12, 2015, the Board of Director approved the CBAK Energy Technology, Inc. 2015 Equity Incentive Plan (the “2015 Plan”) for Employees, Directors and Consultants of the Company and its Affiliates. The maximum aggregate number of Shares that may be issued under the Plan is ten million (10,000,000) Shares.


On June 30, 2015, pursuant to the 2015 Plan, the Compensation Committee of the Company’s Board of Directors granted an aggregate of 690,000 restricted shares of the Company’s common stock, par value $0.001, to certain employees, officers and directors of the Company with a fair value of $3.24 per share on June 30, 2015. In accordance with the vesting schedule of the grant, the restricted shares will vest in twelve equal quarterly installments on the last day of each fiscal quarter beginning on June 30, 2015 (i.e. last vesting period: quarter ended March 31, 2018). The Company recognizes the share-based compensation expenses on a graded-vesting method.


All the restricted shares granted in respect of the restricted shares granted on June 30, 2015 have been vested on March 31, 2018.


As of March 31, 2021, there was no unrecognized stock-based compensation associated with the above restricted shares. As of March 31, 2021, 1,667 vested shares were to be issued.


Restricted shares granted on April 19, 2016


On April 19, 2016, pursuant to the Company’s 2015 Plan, the Compensation Committee of the Board of Directors of the Company granted an aggregate of 500,000 restricted shares of the Company’s common stock, par value $0.001, to certain employees, officers and directors of the Company, of which 220,000 restricted shares were granted to the Company’s executive officers and directors. There are three types of vesting schedules. First, if the number of restricted shares granted is below 3,000, the shares will vest annually in 2 equal installments over a two year period with the first vesting on June 30, 2017. Second, if the number of restricted shares granted is larger than or equal to 3,000 and is below 10,000, the shares will vest annually in 3 equal installments over a three year period with the first vesting on June 30, 2017. Third, if the number of restricted shares granted is above or equal to 10,000, the shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on December 31, 2016. The fair value of these restricted shares was $2.68 per share on April 19, 2016. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method.


As of March 31, 2021, there was no unrecognized stock-based compensation associated with the above restricted shares and 4,167 vested shares were to be issued.


Restricted share units granted on August 23, 2019


On August 23, 2019, pursuant to the Company’s 2015 Plan, the Compensation Committee granted an aggregate of 1,887,000 restricted share units of the Company’s common stock to certain employees, officers and directors of the Company, of which 710,000 restricted share units were granted to the Company’s executive officers and directors. There are two types of vesting schedules, (i) the share units will vest semi-annually in 6 equal installments over a three year period with the first vesting on September 30, 2019; (ii) the share units will vest annual in 3 equal installments over a three year period with the first vesting on March 31, 2021. The fair value of these restricted shares was $0.9 per share on August 23, 2019. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method.


The Company recorded non-cash share-based compensation expense of $300,135 for three months ended March 31, 2020, in respect of the restricted shares granted on August 23, 2019 of which $254,890, $9,125 and $36,120 were allocated to general and administrative expenses, sales and marketing expenses and research and development expenses.


The Company recorded non-cash share-based compensation expense of $93,786 for three months ended March 31, 2021, in respect of the restricted shares granted on August 23, 2019 of which $75,794, $2,982 and $15,010 were allocated to general and administrative expenses, sales and marketing expenses and research and development expenses.


As of March 31, 2021, non-vested restricted share units granted on August 23, 2019 are as follows:


Non-vested shares as of January 1, 2021   855,504 
Vested   (288,498)
Forfeited   - 
Non-vested shares as of March 31, 2021   567,006 

As of March 31, 2021, there was unrecognized stock-based compensation of $159,302 associated with the above restricted shares. As of March 31, 2021, 288,498 vested shares were to be issued.


Restricted share units granted on October 23, 2020


On October 23, 2020, pursuant to the Company’s 2015 Plan, the Compensation Committee granted an aggregate of 100,000 restricted share units of the Company’s common stock to an employee of the Company. In accordance with the vesting schedule of the grant, the restricted shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on October 30, 2020. The fair value of these restricted shares was $3 per share on October 23, 2020. The Company recognizes the share-based compensation expenses over the vesting period (or the requisite service period) on a graded-vesting method.


The Company recorded non-cash share-based compensation expense of nil and $55,032 for three months ended March 31, 2020 and 2021, in respect of the restricted shares granted on October 23, 2020 of which allocated to research and development expenses.


As of March 31, 2021, non-vested restricted share units granted on October 23, 2020 are as follows:


Non-vested share units as of January 1, 2021           83,333  
Granted     -  
Vested     -  
Non-vested share units as of March 31, 2021     83,333  

As of March 31, 2021, there was unrecognized stock-based compensation $152,777 associated with the above restricted share units and no vested shares were to be issued.


As the Company itself is an investment holding company which is not expected to generate operating profits to realize the tax benefits arising from its net operating loss carried forward, no income tax benefits were recognized for such stock-based compensation cost under the stock option plan for the three month ended March 31, 2020 and 2021.
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Income (Loss) Per Share
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Income (Loss) Per Share
18.Income (Loss) Per Share

The following is the calculation of income (loss) per share:


   Three months ended
March 31,		 
   2020   2021 
Net (loss) income  $(2,354,111)  $29,608,168 
Less: Net loss (income) attributable to non-controlling interests   (5,870)   1,114 
Net (loss) income attributable to shareholders of CBAK Energy Technology, Inc.  $(2,359,981)  $29,609,282 
           
Weighted average shares outstanding – basis (note)   53,293,776    84,283,605 
Dilutive unvested restricted stock and warrants   -    650,308 
Weighted average shares outstanding - diluted   53,293,776    84,933,913 
           
Income (loss) per share of common stock          
Basic  $(0.04)  $0.35 
Diluted  $(0.04)  $0.35 

Note: Including 299,332 and 288,498 vested restricted shares granted pursuant to the 2015 Plan that were not yet issued for the three months ended March 31, 2020 and 2021, respectively.


For the three months ended March 31, 2020, 1,154,002 unvested restricted shares were anti-dilutive and excluded from shares used in the diluted computation.


For the three months ended March 31, 2021, 11,621,967 shares purchasable under warrants were excluded from EPS calculation, as their effects were anti-dilutive.
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.21.1
Warrants
 3 Months Ended
Mar. 31, 2021
Warrants Disclosure [Abstract]  
Warrants
19.Warrants

On December 8, 2020, the Company entered in a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of its common stock at a price of $5.18 per share, for aggregate gross proceeds to the Company of approximately $49 million, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. As part of the transaction, the institutional investors also received warrants (“Investor Warrants”) for the purchase of up to 3,795,920 shares of the Company’s common stock at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 379,592 shares of the Company’s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance.


On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other estimated offering expenses of $5.0 million payable by the Company. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 446,999 shares of the Company’s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance.


On May 10, 2021, the Company entered into the “Series B Warrant Amendment” with each of the holders of the Company’s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021.


The Company has performed a thorough reassessment of the terms of its warrants with reference to the provisions of ASC Topic 815-40-15-7I, regarding its exposure to changes in currency exchange rates. This reassessment has led to the management’s conclusion that the Company’s warrants issued to the investors should not be considered indexed to the Company’s own stock because the warrants are denominated in U.S. dollar, which is different from the Company’s functional currency, Renminbi. Warrants are remeasured at fair value with changes in fair value recorded in earnings in each reporting period.


There was a total of 15,797,479 warrants issued and outstanding as of March 31, 2021.


The fair value of the outstanding warrants was calculated using Binomial Model based on backward induction with the following assumptions:


Warrants issued in the 2020 Financing


Warrants holder  Investor
Warrants		   Placement
Agent
Warrants		 
Appraisal Date (Inception Date)  December 10,
2020		   December 10,
2020		 
Market price per share (USD/share)  $5.36   $5.36 
Exercise price (USD/price)   6.46    6.475 
Risk free rate   0.2%   0.2%
Dividend yield   0.0%   0.0%
Expected term/ Contractual life (years)   3.0 years    3.5 years 
Expected volatility   211.5%   211.5%

Appraisal Date  December 31,
2020		   December 31,
2020		 
Market price per share (USD/share)  $5.06   $5.06 
Exercise price (USD/price)   6.46    6.475 
Risk free rate   0.2%   0.2%
Dividend yield   0.0%   0.0%
Expected term/ Contractual life (years)   2.9 years    3.4 years 
Expected volatility   187.6%   187.6%

Appraisal Date  March 31,
2021		   March 31,
2021		 
Market price per share (USD/share)  $5.10   $5.1 
Exercise price (USD/price)   6.46    6.475 
Risk free rate   0.3%   0.4%
Dividend yield   0.0%   0.0%
Expected term/ Contractual life (years)   2.7 years    3.2 years 
Expected volatility   134.8%   125.8%

Warrants issued in the 2021 Financing


Warrants holder  Investor Warrants   Placement
Agent
Warrants		 
Appraisal Date (Inception Date)  Series A1
February 10,
2021		   Series A2
February 10,
2021		   Series B February 10,
2021		   February 10,
2021		 
Market price per share (USD/share)  $7.36   $7.36   $7.36   $7.36 
Exercise price (USD/price)   7.67    7.67    7.83    9.204 
Risk free rate   0.2%   0.3%   0.0%   0.2%
Dividend yield   0.0%   0.0%   0.0%   0.0%
Expected term/ Contractual life (years)    3.5 years       3.8 years     0.3 years     3.5 years 
Expected volatility   121.8%   119.5%   214.5%   121.8%

Warrants holder  Investor Warrants   Placement Agent Warrants 
Appraisal Date (Inception Date)  Series A1
March 31,
2021		   Series A2
March 31,
2021		   Series B
March 31,
2021		   March 31,
2021		 
Market price per share (USD/share)  $5.10   $5.10   $5.10   $5.10 
Exercise price (USD/price)   7.67    7.67    7.83    9.204 
Risk free rate   0.5%   0.5%   0.0%   0.5%
Dividend yield   0.0%   0.0%   0.0%   0.0%
Expected term/ Contractual life (years)    3.4 years       3.6 years     0.1 years     3.4 years 
Expected volatility   123.5%   121.6%   110.5%   123.5%

The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 3 inputs:


   Three months ended
March 31,		 
   2020   2021 
Balance at the beginning of period  $-   $17,783,000 
Warrants issued to institution investors   -    47,519,000 
Warrants issued to placement agent   -    2,346,000 
Warrants redeemed   -    - 
Fair value change of warrants included in earnings   -    (28,426,000)
Balance at end of period   -    39,222,000 

The following is a summary of the warrant activity: 


   Number of
Warrants		   Average
Exercise Price		   Weighted
Average
Remaining
Contractual
Term in
Years		 
             
Outstanding at January 1, 2021   4,175,512   $6.46    3.0 
Exercisable at January 1, 2021   3,795,920   $6.46    2.9 
Granted   11,621,967    7.79    2.3 
Exercised / surrendered   -    -      
Expired   -    -      
Outstanding at March 31, 2021   15,797,479   $7.44    2.3 
Exercisable at March 31, 2021   14,970,888   $7.41    2.3 
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.21.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
20.Fair Value of Financial Instruments

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. Certain current assets and current liabilities are financial instruments. Management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and, if applicable, their current interest rates are equivalent to interest rates currently available. The three levels of valuation hierarchy are defined as follows:


  ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
  ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
  ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, pledged deposits, trade accounts and bills receivable and payable, other receivables, balances with former subsidiaries, other short-term loans, short-term and long-term bank loans and other payables approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest.


As of December 31, 2020, and March 31, 2021, the Company’s balance sheet included Level 3 liabilities comprised of the fair value of warrant liabilities aggregating $17,783,000 and $39,220,000, respectively (see Note 19).
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.21.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
21.Commitments and Contingencies

(i)Capital Commitments

As of December 31, 2020 and March 31, 2021, the Company had the following contracted capital commitments:


   December 31,   March 31, 
   2020   2021 
For construction of buildings  $2,465,092   $1,995,782 
For purchase of equipment   10,308,416    19,255,199 
Capital injection   228,115,914    191,817,530 
   $240,889,422   $213,068,511 

(ii)Litigation

On July 7, 2016, Shenzhen Huijie Purification System Engineering Co., Ltd (“Shenzhen Huijie”), one of the Company’s contractors, filed a lawsuit against CBAK Power in the Peoples’ Court of Zhuanghe City, Dalian, (the “Court of Zhuanghe”) for failure to pay pursuant to the terms of the contract and entrusting part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,241,648 (RMB8,430,792), including construction costs of $0.9 million (RMB6.1 million, which the Company already accrued for at June 30, 2016), interest of $29,812 (RMB0.2 million) and compensation of $0.3 million (RMB1.9 million). On September 7, 2016, upon the request of Shenzhen Huijie for property preservation, the Court of Zhuanghe froze CBAK Power’s bank deposits totaling $1,210,799 (RMB8,430,792) for a period of one year. On September 1, 2017, upon the request of Shenzhen Huijie, the Court of Zhuanghe froze the bank deposits for another one year until August 31, 2018. The Court further froze the bank deposits for another one year until August 27, 2019 upon the request of Shenzhen Huijie on August 27, 2018. On August 27, 2019, the Court froze the bank deposits for another year until August 27, 2020, upon the request of Shenzhen Huijie. On June 28, 2020, the Court of Dalian entered the final judgement as described below and the frozen bank deposit was released in July 2020.


On June 30, 2017, according to the trial of first instance, the Court of Zhuanghe ruled that CBAK Power should pay the remaining contract amount of RMB6,135,860 (approximately $0.9 million) claimed by Shenzhen Huijie as well as other expenses incurred including deferred interest, discounted charge on bills payable, litigation fee and property preservation fee totaled $0.1 million. The Company has accrued for these amounts as of December 31, 2017. On July 24, 2017, CBAK Power filed an appellate petition to the Intermediate Peoples’ Court of Dalian (“Court of Dalian)” to appeal the adjudication dated on June 30, 2017. On November 17, 2017, the Court of Dalian rescinded the original judgement and remanded the case to the Court of Zhuanghe for retrial. The Court of Zhuanghe conducted a retrial and requested an appraisal to be performed by a third-party appraisal institution on the construction cost incurred and completed by Shenzhen Huijie on the subject project. On November 8, 2018, the Company received from the Court of Zhuanghe the construction-cost-appraisal report which determined that the construction cost incurred and completed by Shenzhen Huijie for the subject project to be $1,344,605 (RMB9,129,868). On May 20, 2019, the Court of Zhuanghe entered a judgment that Shenzhen Huijie should pay back to CBAK Power $261,316 (RMB1,774,337) (the amount CBAK Power paid in excess of the construction cost appraised by the appraisal institution) and the interest incurred since April 2, 2019. Shenzhen Huijie filed an appellate petition to the Court of Dalian. On June 28, 2020, the Court of Dalian entered the final judgment that Shenzhen Huijie should pay back to CBAK Power $245,530 (RMB1,667,146) (the amount CBAK Power paid in excess of the construction cost appraised by the appraisal institution) and the interest incurred since April 2, 2019, and reimburse the litigation fees totaling $30,826 (RMB209,312) that CBAK Power has paid. As of March 31, 2021, CBAK Power have not received the final judgement amount totaled $0.3 million (RMB 1,876,458) from Shenzhen Huijie. Shenzhen Huijie filed an appellate petition to High Peoples’ Court of Liaoning ("Court of Liaoning") to appeal the adjudication dated on June 28, 2020. In April 2021, the Court of Liaoning rescinded the original judgement and remanded the case to the Court of Dalian for retrial. Upon receiving the notice from the Court of Liaoning, CBAK Power has accrued the construction cost of $0.9 million (RMB6,135,860) as of March 31, 2021.


In May 2017, CBAK Power filed a lawsuit in the Court of Zhuanghe against Pingxiang Anyuan Tourism Bus Manufacturing Co., Ltd., (“Anyuan Bus”) one of CBAK Power’s customers, for failure to pay pursuant to the terms of the sales contract. CBAK Power sought a total amount of RMB18,279,858 ($2,692,174), including goods amount of RMB17,428,000 ($2,566,716) and interest of RMB851,858 ($125,458). On December 19, 2017, the Court of Zhuanghe determined that Anyuan Bus should pay the goods amount of RMB17,428,000 ($2,566,716) and the interest until the goods amount was paid off, and a litigation fee of RMB131,480 ($19,364). Anyuan Bus did not appeal and as a result, the judgment is currently in the enforcement phase. On June 29, 2018, the Company filed application petition with the Court of Zhuanghe for enforcement of the judgement against all of Anyuan Bus’s shareholders, including Jiangxi Zhixin Automobile Co., Ltd, Anyuan Bus Manufacturing Co., Ltd, Anyuan Coal Group Co., Ltd, Qian Ronghua, Qian Bo and Li Junfu. On October 22, 2018, the Court of Zhuanghe issued a judgment supporting the Company’s petition that all the Anyuan Bus’s shareholders should be liable to pay the Company the debt as confirmed under the trial. On November 9, 2018, all the shareholders of Anyuan Bus appealed against the judgment after receiving the notice from the Court. On March 29, 2019, the Company received judgment from the Court of Zhuanghe that all these six shareholders cannot be added as judgment debtors. On April 11, 2019, the Company filed appellate petition to the Intermediate Peoples’ Court of Dalian challenging the judgment from the Court of Zhuanghe. On October 9, 2019, the Intermediate Peoples’ Court of Dalian dismissed the appeal by the Company and affirmed the original judgment. As of December 31, 2020 and March 31, 2021, CBAK Power made a full provision against the receivable from Anyuan Bus of RMB17,428,000 ($2,659,626).


On July 25, 2019, CBAK Power received notice from Shenzhen Court of International Arbitration that Shenzhen Xinjiatuo Automobile Technology Co., Ltd filed arbitration against the Company for failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.16 million (RMB1,112,269), including equipment cost of $0.14 million (RMB976,000) and interest of $0.02 million (RMB136,269). On August 9, 2019, upon the request of Shenzhen Xinjiatuo Automobile Technology Co., Ltd, Shenzhen Court of International Arbitration froze CBAK Power’s bank deposits totaling $0.16 million (RMB1,117,269), including equipment cost $0.14 million (RMB976,000), interest $0.02 million (RMB136,269) and litigation fees of $736 (RMB5,000) for a period of one year to August 2020. On August 7, 2019, CBAK Power filed counter claim arbitration against Shenzhen Xinjiatuo Automobile Technology Co., Ltd for return of the prepayment due to the unqualified equipment, and sought a total amount of $0.29 million (RMB1,986,440), including return of prepayment of $0.2 million (RMB1,440,000), liquidated damages of $70,692 (RMB480,000) and litigation fees of $9,785 (RMB66,440). In early July 2020, Shenzhen Court of International Arbitration made arbitration award dismissing the plaintiff’s claim and CBAK Power’s counterclaim and the frozen bank deposits were released in early August 2020.


In early September 2019, CBAK Power received notice from Court of Nanshan District, Shenzhen that Shenzhen HSL Business Technology Co., Ltd (“HSL”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of purchase contract. The plaintiff sought an amount of $44,751 (RMB292,164) for material cost and interest as accrued until settlement. In late September 2019, CBAK Power and HSL reached agreement that CBAK Power would pay $15,317 (RMB100,000), $7,659 (RMB50,000) and $21,775 (RMB142,164) by October 15, October 30 and November 30, 2019, respectively, and CBAK Power would pay litigation fees of $550 (RMB 3,589) to HSL by the end of November 2019. The Company has settled $22,976 (RMB150,000) in 2019, $11,794 (RMB77,005) in 2020. As of December 31, 2020, CBAK Power had not settled the remaining material purchase cost of $9,981 (RMB 65,159) and accrued the material purchase cost. In late March 2021, CBAK Power and HSL entered into a debt reduction agreement that if CBAK Power would pay $7,630 (RMB50,000) to HSL before March 31, 2021, HSL would cancel all the remaining debts. Thereafter, CBAK Power fully paid $7,630 (RMB50,000) to HSL, and the lawsuit was settled in March 2021.


In November 2019, CBAK Suzhou received notice from Court of Suzhou city that Suzhou Industrial Park Security Service Co., Ltd (“Suzhou Security”) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the sales contract. Suzhou Security sought a total amount of $21,321 (RMB139,713), including services expenses amount of $21,198 (RMB138,908) and interest of $123 (RMB805). Upon the request of Suzhou Security for property preservation, the Court of Suzhou froze CBAK Suzhou’s bank deposits totaling $0.02 million (RMB150,000) for a period of one year. As of March 31, 2021, $5,047 (RMB33,073) was frozen by bank and CBAK Suzhou accrued the service cost of $21,198 (RMB138,908).


In early September of 2019, several employees of CBAK Suzhou filed arbitration with Suzhou Industrial Park Labor Disputes Arbitration Commission against CBAK Suzhou for failure to pay their salaries in time. The employees seek for a payment including salaries of $97,779 (RMB638,359) and compensation of $83,173 (RMB543,000), totaling $0.18 million (RMB1,181,359). In addition, upon the request of the employees for property preservation, bank deposit of $0.18 million (RMB1,181,359) was frozen by the court of Suzhou for a period of one year. On September 5, 2019, CBAK Suzhou and the employees reached an agreement that CBAK Suzhou will pay these salaries and compensation. In February 2020, CBAK Suzhou had made full payment and the frozen bank deposit was released in October 2020.


In October 2019, CBAK Power received notice from Court of Changshou District, Chongqing that Chongqing Zhongrun Chemistry Co., Ltd (“Chongqing Zhongrun”) filed arbitration claims against the Company for failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.4 million (RMB2,484,948), including material cost of $0.4 million (RMB2,397,660) and interest of $13,370 (RMB87,288). On October 31, 2019, CBAK Power and Chongqing Zhongrun reached an agreement that CBAK Power would pay the material cost by the end of December 31, 2019. In 2020, CBAK Power had paid $198,152 (RMB1,293,653). In August 2020, upon the request of Chongqing Zhongrun for property preservation, the Court of Changshou District ordered to freeze CBAK Power’s bank deposits totaling $0.2 million (RMB1,249,836) for a period of one year to August 2021. As of December 31, 2020, the Company has accrued the material purchase cost of $0.2 million (RMB1,104,007) and $2,224 (RMB14,521) was frozen by bank. In February 2021, CBAK Power and Chongqing Zhongrun entered into a settlement agreement that if CBAK Power would pay $174,018 (RMB1,128,227, including RMB24,220 litigation expenses incurred) to Chongqing Zhongrun before March 5, 2021, Chongqing Zhongrun would waive the claims on interests. Thereafter, CBAK Power fully repaid to Chongqing Zhongrun and the frozen bank deposits were released in March 2021.


In October 2019, CBAK Power received notice from Court of Zhuanghe City that Hunan Zhongke Xingcheng Co., Ltd (“Hunan Zhongke”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Hunan Zhongke sought a total amount of $154,003 (RMB1,005,425). In 2020, the Company have paid $38,293 (RMB250,000). Upon the request of Hunan Zhongke for property preservation, the Court of Zhuanghe City ordered to freeze CBAK Power’s bank deposits totaling $0.1 million (RMB768,876) for a period of one year to July 2021. As of December 31, 2020, the Company accrued the remaining material purchase cost of $115,710 (RMB755,425) and nil was frozen by bank. In December 2020, CBAK Power and Hunan Zhongke entered into a debt reduction agreement that if CBAK Power would pay $81,368 (RMB531,220) to Hunan Zhongke before January 10, 2021, Hunan Zhongke would cancel the remaining debts of $34,342 (RMB224,205). Thereafter, CBAK Power fully paid $81,368 (RMB531,220) to Hunan Zhongke and the frozen bank deposits were released in January 2021.


In December 2019, CBAK Power received notice from Court of Zhuanghe that Dalian Construction Electrical Installation Engineering Co., Ltd. (“Dalian Construction”) filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the construction contract. Dalian Construction sought a total amount of $101,780 (RMB691,086) and interest $1,905 (RMB12,934). As of December 31, 2019, the Company has accrued the construction cost of $101,780 (RMB691,086). Upon the request of Dalian Construction for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $103,685 (RMB704,020) for a period of one year to December 2020. As of December 31, 2019, $97,384 (RMB661,240) was frozen by bank. In January 2020, CBAK Power and Dalian Construction reached a settlement agreement, and the bank deposit was then released. The Company has repaid all the construction cost as of December 31, 2020.


In February 2020, CBAK Power received notice from Court of Zhuanghe that Dongguan Shanshan Battery Material Co., Ltd (“Dongguan Shanshan”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Dongguan Shanshan sought a total amount of $0.7 million (RMB4,434,209). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $0.7 million (RMB4,434,209) for a period of one year to December 17, 2020. In July 2020, CBAK Power and Dongguan Shanshan have agreed to a settlement amount of $0.5 million (RMB3,635,192) and the bank deposit was then released. In October 2020, because the Company failed to pay according to the settlement, Dongguan Shanshan sought a total amount of $0.6 million (RMB3,635,192). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $0.6 million (RMB3,365,192) for a period of one year to October 21, 2021. In late February 2021, CBAK Power and Dongguan Shanshan entered into a settlement agreement that CBAK would pay $260,393, $76,586, $76,586, $76,586, and $32,088 (RMB1,700,000, RMB500,000, RMB500,000, RMB00,000 and RMB209,487) by March 5, March 31, April 30, May 31 and June 30, 2021, respectively, and after the first payment of $260,393 (RMB1,700,000) by March 5, 2021, Dongguan Shanshan would release all the enforcement measures against CBAK Power. CABK Power had made payment on time and the bank deposit was then released. As of March 31, 2021, CBAK Power has accrued the unpaid materials purchase cost of $0.2 million (RMB1.2 million). As of the date of this report, CBAK Power further paid $76,303 (RMB500,000) to Dongguan Shanshan.


In March 2020, CBAK Power received notice from Court of Baodi District, Tianjin that BTR Tianjin Nanomaterial Manufacturing Co., Ltd (“Tianjin BTR”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of purchase contract. The plaintiff sought an amount of $49,398 (RMB322,500) for material cost that CBAK Power owed to Tianjin BTR and its related party Shenzhen BTR Nanomaterial Technology Co., Ltd (“Shenzhen BTR”) (together “BTRs”) and interest as accrued until settlement. In April 2020, CBAK Power and BTRs reached an agreement that CBAK Power would pay BTR $7,659, $19,912 and $21,827 (RMB 50,000, RMB130,000 and RMB142,500) by the end of April, May and June 2020, respectively, and CBAK Power would pay litigation fees of $456 (RMB 2,975) to Tianjing BTR by the end of November, 2020. As of December 31, 2020, CBAK Power has paid $15,317 (RMB100,000) to Tianjin BTR and accrued remaining materials cost $27,234 (RMB177,800) and $6,847 (RMB44,700) for Tianjin BTR and Shenzhen BTR respectively. In late January 2021, CBAK Power and Tianjing BTR reached another settlement agreement to settle all the outstanding debts (including $773 (RMB5,045) litigation expenses) by paying $13,253 (RMB86,525) in cash and return of LFP materials at a value of $14,754 (RMB96,320) and CBAK Power and Shenzhen BTR reached a settlement agreement by returning LFP materials at a value of $6,847 (RMB44,700). Thereafter, CBAK Power fully paid $13,253 (RMB 86,525) and delivered the LFP materials to BTRs, and the lawsuit was settled in March 2021.


In May 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that United Winners Laser Co., Ltd (“United Winners”) filed 3 lawsuits against CBAK Power for failure to pay pursuant to the terms of 3 purchase contracts. The plaintiff sought a total amount of $0.4 million (RMB2,845,844), including equipment cost of $0.4 (RMB2,692,000) and interest of $23,565 (RMB153,844). In late December 2020, CBAK Power and United Winners reached a settlement agreement to settle all the debts by paying $0.29 million (RMB1,884,400) by December 30, 2020 in cash and delivery of 3 electric vehicles to offset debt of $41,234 (RMB269,200), and the remaining debt of $82,468 (RMB538,400) would be relieved. CBAK Power paid $0.29 million (RMB1,884,400) and delivered the 3 electric vehicles to United Winners in December 31, 2020, and the lawsuit was settled in February 2021.


In June 2020, CBAK Power received notice from Court of Tongzhou District, Beijing that Beijing Hongfa Electric Technology Co., Ltd (“Hongfa”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of purchase contract. The plaintiff sought a total amount of $29,993 (RMB195,810) for material cost and interest as accrued until settlement. In December 2020, CBAK Power and Hongfa reached debt reduction agreement that CBAK Power would pay Hongfa $23,646 (RMB 154,375) by the January 10, 2021, and the remaining debt of $6,347 (RMB41,435) would be relieved. As of December 31, 2020, CBAK Power repaid $22,976 (RMB150,000) and accrued materials cost of $7, 017 (RMB45,810). Thereafter, CBAK Power fully paid to Hongfa, and the lawsuit was settled in January 2021.


On March 20, 2020, CBAK Power received notice from Court of Nanpi County, Hebei Province that Cangzhou Huibang Engineering Manufacturing Co., Ltd (“Cangzhou Huibang”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Cangzhou Huibang sought a total amount of $0.31 million (RMB2,029,594), including materials purchase cost of $0.30 million (RMB1,932,947), and interest of $14,804 (RMB96,647). Upon the request of Cangzhou Huibang for property preservation, the Court of Nanpi ordered to freeze CBAK Power’s bank deposits totaling $0.4 million (RMB2,650,000) for a period of one year to March 3, 2021. As of December 31, 2020, the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947) and $18,518 (RMB120,898) was frozen by bank. In late February 2021, CBAK Power and Cangzhou Huibang entered into a settlement agreement that if CBAK Power would pay $0.3 million (RMB1,965,447) within 10 days from the signature date of the agreement, Cangzhou Huibang would waive the remaining claims. Thereafter, CBAK Power paid $0.3 million (RMB1,965,447) to Cangzhou Huibang and the frozen bank deposits were released in March 2021.


In early January 2020, CBAK Power received notice from Court of Nanshan District of Shenzhen that Shenzhen Klclear Technology Co., Ltd. (“Shenzhen Klclear”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the materials purchase contract. Shenzhen Klclear sought a total amount of $1 million (RMB6,250,764), which the Company have already accrued for as of December 31, 2020. In February 2020, the Court of Nanshan District ruled that the Company should pay $0.8 million (RMB5,238,495) and the interest fees incurred from September 28, 2018. In April 2020, CBAK Power filed an appellate petition to the Intermediate Peoples’ Court of Shenzhen to appeal the adjudication in February 2020. As of the date of this report, the Intermediate Peoples’ Court of Shenzhen has not yet rendered the judgment.


In May 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Tianjin Changxing Metal Co., Ltd (“Tianjin Changxing”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Tianjin Changxing sought a total amount of $29,652 (RMB193,588). On August 24, 2020, upon the request of Tianjin Changxing for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits totaling $32,915 (RMB214,892) for a period of one year. As of December 31, 2020, nil was frozen by bank and CBAK Power accrued the material purchase cost of $29,652 (RMB193,588). In late December 2020, CBAK Power and Tianjin Changxing entered into a debt reduction agreement that if CBAK Power would pay $26,755 (RMB174,671) to Tianjin Changxing, Tianjin Changxing would cancel the remaining debts. Thereafter, CBAK Power fully paid to Tianjin Changxing and the frozen bank deposits were released in January 2021.


In May 2020, CBAK Power received notice from Court of Wuqing District, Tianjin that Tianjin Changyuan Electric Material Co., Ltd (“Tianjin Changyuan”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. The plaintiff sought a total amount of $13,040 (RMB85,136), including material cost of $12,166 (RMB79,429) and interest of $874 (RMB5,707). In July, 2020, upon the request of the plaintiff for property preservation, the Court of Wuqing District, Tianjin ordered to freeze CBAK Power’s bank deposits totaling $13,041 (RMB85,136) for a period of one year. As of December 31, 2020, $13,041 (RMB85,136) was frozen by bank and the Company had accrued the material purchase cost and litigation expenses of $12,314 (RMB80,393). In March 2021, CBAK Power and Tianjin Changyuan entered into a debt reduction agreement that if CBAK Power would pay $9,851 (RMB 64,314) to Tianjin Changyuan before April 30, 2021, Tianjin Changyuan would cancel the remaining debts of $2,463 (RMB16,079). CBAK Power has paid $9,851 (RMB 64,314) in March 2021.


In June 2020, CBAK Suzhou received notice from Court of Suzhou Industrial Park that Ligao (Shandong) New Energy Technology Co., Ltd (“Ligao”) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Ligao sought a total amount of $11,886 (RMB77,599), including contract amount of $11,240 (RMB73,380) and interest of $646 (RMB4,219). As of December 31, 2020, CBAK Suzhou had accrued the material purchase cost of $11,240 (RMB73,380). On December 31, 2020, CBAK Power, CBAK Suzhou and Ligao entered into a debt reduction agreement that if CBAK Power would pay $7,961 (RMB51,975) to Ligao, Ligao would cancel all the remaining debts. Thereafter, CBAK Power fully paid $7,961 (RMB51,975) to Ligao, and the lawsuit was settled in January 2021.


In June 2020, CBAK Suzhou received notice from Court of Yushui District, Xinyu City that Jiangxi Ganfeng Battery Technology Co., Ltd (“Ganfeng Battery”) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Ganfeng Battery sought a total amount of $115,764 (RMB755,780), including contract amount of $112,277 (RMB733,009) and interest of $3,487 (RMB22,771). Upon the request of Ganfeng Battery for property preservation, the Court of Yushui ordered to freeze CBAK Suzhou’s bank deposits totaling $115,764 (RMB755,780) for a period of one year to May 2021. In October 2020, CBAK Power, Ganfeng Battery, CBAK Suzhou and Zhengzhou Jingfan New Energy Automobile Co., Ltd entered into a settlement agreement that CBAK Power would deliver 7 eletric vehicles to Ganfeng Battery to offset all the CBAK Suzhou’ debts to Ganfeng Battery and all vehicles were delivered to Ganfeng Battery before December 31, 2020.


In June 2020, CBAK Suzhou received notice from Court of Suzhou Industrial Park that Suzhou Jihongkai Machine Equipment Co., Ltd (“Jihongkai”) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Jihongkai sought contract amount of $26,916 (RMB175,722) and interest as accrued until settlement. As of December 31, 2020, the Company had accrued the material purchase cost of $26,916 (RMB175,722). In January 2021, CBAK Power, CBAK Suzhou and Jihongkai entered into a settlement agreement to settle all the debts and related litigation expenses by paying $12,213 (RMB79,736) in cash and delivery of an electric vehicle at a value of $15,287 (RMB99,800) from CBAK Power to Jihongkai. Thereafter, CBAK Power fully paid $12,213 (RMB79,736) and delivered the electric vehicle to Jihongkai, and the lawsuit was settled in January 2021.


In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Nanjing Jinlong Chemical Co., Ltd. (“Nanjing Jinlong”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Nanjing Jinlong sought a total amount of $125,443 (RMB822,000). Upon the request of Nanjing Jinlong for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits totaling $125,908 (RMB822,000) for a period of one year to May 2021. As of March 31, 2021, $2,422 (RMB15,869) was frozen by bank and CBAK Power accrued the material purchase cost of $125,443 (RMB822,000). In April 2021, CBAK Power has made full settlement to Nanjing Jinlong and the frozen bank deposits were released in April 2021.


In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Xi’an Anpu New Energy Technology Co. LTD (“Xi’an Anpu”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the equipment purchase contract. Xi’an Anpu sought a total amount of $129,270 (RMB843,954), including $117,636 (RMB768,000) for equipment cost and $11,634 (RMB75,954) for liquidated damages. Upon the request of Xi’an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits $129,270 (RMB843,954) for a period to May 11, 2021. As of December 31, 2020, $98,284 (RMB641,656) was frozen by bank and CBAK Power accrued the equipment purchase cost of $117,636 (RMB768,000). In January 2021, CBAK Power and Xi’an Anpu entered into a settlement agreement to settle all the debts by paying $64,406 (RMB420,478) in cash and delivery of 3 electric vehicles at a value of $45,952 (RMB300,000). Thereafter, CBAK Power fully paid $64,406 (RMB420,479) and delivered the 3 electric vehicles to Xi’an Anpu, and the lawsuit was settled in February 2021.


In June 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Shenzhen Gd Laser Technology Co., Ltd. (“Shenzhen Gd”) filed lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Shenzhen Gd sought a total amount of $24,713 (RMB161,346), including equipment cost of $22,975 (RMB150,000) and interest amount of $1,738 (RMB11,346). As of March 31, 2021, the equipment was not received by CBAK Power. CBAK Power has included the equipment cost of $22,975 (RMB150,000) under capital commitments. In April 2021, CBAK Power reached agreement with Shenzhen Gd to terminate the purchase agreement and Shenzhen Gd filed application to withdraw the lawsuit against CBAK Power in April 2021.


In July 2020, CBAK Power received notice from Court of Shandong Linyi Economic and Technology Development Zone (“Court of Shandong”) that Shandong Tianjiao New Energy Co. LTD (“Tianjiao”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the equipment purchase contract. Tianjiao sought an amount of $391,777 (RMB2,557,756) for equipment cost and interest as accrued until settlement. Upon the request of Tianjiao for property preservation, the Court of Shandong ordered to freeze CBAK Power’s bank deposits $0.5 million (RMB3,000,000) for a period of one year. In December 2020, CBAK and Tianjiao reached an agreement that CBAK would pay Tianjiao $45,952 (RMB300,000) by the end of each month from December 2020 to July 2021, and RMB 157,756 by the end of August 2021. As of March 31, 2020, CBAK Power accrued unpaid materials cost $207,202 (RMB1,357,756) and nil was frozen by bank.


In October 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Shanghai Shengmeng Industrial Technology Co., Ltd. (“Shengmeng”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Shengmeng sought a total amount of $13,429 (RMB87,672) for material cost and interest as accrued until settlement. In November 2020, CBAK and Shengmeng reached an agreement that CBAK would pay $4,595 (RMB30,000) by November 30, 2020 and $5,004 (RMB 32,672) by December 20, 2020, and CBAK would pay litigation fees of $156 (RMB1,021) to Shengmeng. Thereafter, CBAK Power fully paid off the debts to Shengmeng, and the lawsuit was settled in March 2021.


In October 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Jiuzhao New Energy Technology Co., Ltd. (“Jiuzhao”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Jiuzhao sought a total amount of $0.9 million (RMB6,000,000), including material cost of $0.9 million (RMB5,870,267) and interest amount of $19,871 (RMB129,733). In December 1, 2020, CBAK and Jiuzhao reached an agreement that CBAK Power would pay Jiuzhao $76,586 (RMB500,000) by the end of each month from December 2020 to October 2021, and $56,715 (RMB370,267) by November 30, 2021, and CBAK would pay litigation fees of $4,886 (RMB 31,900) to Jiuzhao. As of March 31, 2020, CBAK Power has accrued $0.6 million (RMB3,870,267) material cost and $37,769 (RMB247,492) was frozen by bank. As of the date of this report, CBAK Power has fully paid off the debts to Jiuzhao, and the frozen bank deposits were released in April 2021.


In November 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Dalian Tianda Metal Machinery Trade Co., Ltd. (“Tianda”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Tianda sought a total amount of $27,365 (RMB178,655) for material cost and interest as accrued until settlement. In December 2020, CBAK Power and Tianda reached an agreement that CBAK Power would pay Tianda $7,659 (RMB50,000) by the 30th of each month from November 2020 to January 2021, and $4,389 (RMB28,655) by end of February 2021, and CBAK Power would pay litigation fees of $297 (RMB1,937) to Tianda by November 30, 2020. As of December 31, 2020, CBAK Power has accrued $18,358 (RMB119,855) material cost and nil was frozen by bank. Thereafter, CBAK Power fully paid off the debts to Tianda, and the lawsuit was settled in February 2021.


In December 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Shenzhen Haoneng Technology Co., Ltd. (“Haoneng”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the equipment purchase contract. Haoneng sought a total amount of $266,182 (RMB1,737,797), including equipment purchase cost of $263,094 (RMB1,724,000) and interest amount of $2,106 (RMB13,797). As of March 31, 2021, CBAK Power has accrued the equipment purchase cost of $263,094 (RMB 1,724,000).


In December 2020, CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Haoneng filed another lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Haoneng sought a total amount of $1.57million (RMB10,257,030), including equipment cost of $1.4 million (RMB9,072,000) and interest amount of $0.17 million (RMB1,185,030). As of March 31, 2021, the equipment was not received by CBAK Power, CBAK Power has included the equipment cost of $1.4 million8 (RMB9,072,000) under capital commitments.


In April 2020, CBAK Suzhou received notice from Court of Suzhou Industrial Park that Suzhou Suwangda Plastic Product Co., Ltd (“Suwangda”) filed a lawsuit against CBAK Suzhou for failure to pay pursuant to the terms of the purchase contract. Suwangda sought contract amount of $13,325 (RMB86,992) and interest as accrued until settlement. As of December 31, 2020, the Company has accrued the material cost of $13,325 (RMB86,992). In March 2021, CBAK Power, CBAK Suzhou and Suwangda entered into a settlement agreement to settle all the debts by paying $9,670 (RMB63,134) from CBAK Power to Suwangda. Thereafter, CBAK Power fully paid $9,670 (RMB63,134) and the lawsuit was settled in March 2021. The remaining $3,654 (RMB23,858) was waived by Suwangda.


In June 2020, CBAK Power received notice from Court of Pingyuan County, Shandong province that Shandong Hangewei New Energy Vehicle Control Co., Ltd (“Hangewei”) filed a lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Hangewei sought a total amount of $16,307 (RMB 106,464) and interest as accrued until settlement. In October 2020, CBAK Power and Hangewei entered into a settlement agreement to settle all the debts by paying Hangewei $1,532 (RMB10,000) and $12,254 (RMB80,000) by the end of October and November 2020, respectively. CBAK Power paid $13,786 (RMB90,000) before December 31, 2020 and the remaining $2,521 (RMB16,464) was waived by Hangewei.
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Concentrations and Credit Risk
 3 Months Ended
Mar. 31, 2021
Risks and Uncertainties [Abstract]  
Concentrations and Credit Risk
22.Concentrations and Credit Risk

(a)Concentrations

The Company had the following customers that individually comprised 10% or more of net revenue for the three months ended March 31, 2020 and 2021 as follows:


   Three months ended March 31, 
   2020   2021 
Customer A  $2,093,093    30.33%  $2,903,261    30.83%
Customer B    *    *    1,789,045    19.00%
Customer C    *    *    1,348,200    14.32%
Customer D   3,796,267    55.01%   *    * 

* Comprised less than 10% of net revenue for the respective period.


The Company had the following customers that individually comprised 10% or more of accounts receivable as of December 31, 2020 and March 31, 2021 as follows:


   December 31,
2020		   March 31,
2021		 
Customer A  $3,148,737    11.23%  $6,335,867    28.13%
Zhengzhou BAK Battery Co., Ltd (note a)   15,258,164    54.42%   8,437,625    37.46%

The Company had the following suppliers that individually comprised 10% or more of net purchase for the three months ended March 31, 2020 and 2021 as follows:


   Three months ended March 31, 
   2020   2021 
Supplier A  $*   *   $659,513    10.21%
Zhengzhou BAK Battery Co., Ltd (note a)   *    *    1,259,309    19.49%
Shenzhen BAK (note b)   3,841,680    82.43%   *    * 

* Comprised less than 10% of net purchase for the respective period.


The Company had the following suppliers that individually comprised 10% or more of accounts payable as of December 31, 2020 and March 31, 2021 as follows:


   December 31,
2020		   March 31,
2021		 
Supplier B  $9,272,478    47.40%  $1,728,201    19.08%
Supplier C   2,017,814    10.32%   950,038    10.49%
Supplier D   *    *    947,819    10.46%

Apart from the above, for the three months ended March 31, 2020 and 2021, the Company recorded the following transactions:


   Three months ended
March 31,		 
   2020   2021 
         
Sales of finished goods and raw materials to        
BAK Shenzhen (note b)  $69,226   $- 
Zhengzhou BAK Battery Co., Ltd (note a)   -    108,290 
Zhengzhou BAK Electronics Co., Ltd.  (note c)   -    412,353 

Apart from the above, the Company recorded the following as of December 31, 2020 and March 31, 2021:


   December 31, 2020   March 31, 2021 
Trade accounts and bills receivables, net          
Zhengzhou BAK Electronics Co., Ltd (note c)  $-   $461,024 
Zhengzhou BAK New Energy Vehicle Co., Ltd (note d)   1,759,050    911,599 

Notes:  
a Mr. Xiangqian Li, the Company’s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $2,327,491 to the Company.
b Mr. Xiangqian Li is a director of Shenzhen BAK and BAK Shenzhen.
c BAK Shenzhen has 95% equity interests in Zhengzhou BAK Electronics Co., Ltd. Up to the date of this report, Zhengzhou BAK Electronics Co., Ltd. repaid nil to the Company.
d Mr. Xiangqian Li is a director of Zhengzhou BAK New Energy Vehicle Co., Ltd. For the three months ended March 31, 2020 and 2021, sales of finished goods and raw materials to Zhengzhou BAK New Energy Vehicle Co., Ltd were nil. Up to the date of this report, Zhengzhou BAK New Energy Technology Co., Ltd repaid nil to the Company.

(b) Credit Risk

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and pledged deposits. As of December 31, 2020 and March 31, 2021, substantially all of the Company’s cash and cash equivalents were held by major financial institutions located in the PRC, which management believes are of high credit quality.


For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses. Historically, such losses have been within management’s expectations.
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Information
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information
23. Segment Information

The Company used to engage in one business segment, the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion rechargeable batteries for use in a wide array of applications. The Company manufactured five types of Li-ion rechargeable batteries: aluminium-case cell, battery pack, cylindrical cell, lithium polymer cell and high-power lithium battery cell. The Company’s products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices.


After the disposal of BAK International and its subsidiaries (see Note 1), the Company focused on producing high-power lithium battery cells. Net revenues for the three months ended March 31, 2020 and 2021 were as follows:


Net revenues by product:


   Three months ended
March 31,		 
   2020   2021 
High power lithium batteries used in:        
Electric vehicles  $215,118   $100,976 
Light electric vehicles   751    34,104 
Uninterruptable supplies   6,685,405    8,763,583 
    6,901,274    8,898,663 
Raw materials used in lithium batteries   -    517,386 
Total  $6,901,274   $9,416,049 

Net revenues by geographic area:


   Three months ended
March 31,		 
   2020   2021 
Mainland China  $6,876,789   $7,625,793 
Europe   -    1,789,045 
Other   24,485    1,211 
Total  $6,901,274   $9,416,049 

Substantially all of the Company’s long-lived assets are located in the PRC.
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.21.1
Subsequent Events
 3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events
24. Subsequent Events 

On April 1, 2021, CBAK Power entered into a framework investment agreement with Hangzhou Juzhong Daxin Asset Management Co., Ltd. ("Juzhong Daxin") for a potential acquisition of Zhejiang Meidu Hitrans Lithium Battery Technology Co., Ltd ("Hitrans"). Juzhong Daxin is the trustee of 85% of equity interests of Hitrans and has the voting right and right to dividend over the 85% of equity interests. Subject to definitive acquisition agreements to be entered into among the parties, including shareholders owning the 85% of equity interests of Hitrans, CBAK Power intends to acquire 85% of equity interests of Hitrans in cash in 2021. As of date of this report, CBAK Power has paid $3.05 million (RMB20,000,000) to Juzhong Daxin as a security deposit. Hitrans is an unrelated third party of the Company engaging in researching, manufacturing and trading of raw materials and is one of the major suppliers of the Company in fiscal 2020. 


On April 21, 2021, CBAK Power, along with Shenzhen BAK Power Battery Co., Ltd (BAK SZ), Shenzhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics) and Xiaoxia Liu, entered into an investment agreement with Junxiu Li, Hunan Xintao New Energy Technology Partnership, Xingyu Zhu, and Jiangsu Saideli Pharmaceutical Machinery Manufacturing Co., Ltd for an investment in Hunan DJY Technology Co., Ltd ("DJY"). CBAK Power has paid $1.4 million (RMB9,000,000) to acquire 9.74% of the equity interests of DJY. CBAK Power has appointed one director to the Board of Directors of DJY. DJY is an unrelated third party of the Company engaging in researching and manufacturing of raw materials and equipment.
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.21.1
Accounting Policies, by Policy (Policies)
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Basis of Presentation and Organization

Basis of Presentation and Organization


On November 6, 2004, BAK International, a non-operating holding company that had substantially the same shareholders as Shenzhen BAK Battery Co., Ltd (“Shenzhen BAK”), entered into a share swap transaction with the shareholders of Shenzhen BAK for the purpose of the subsequent reverse acquisition of the Company. The share swap transaction between BAK International and the shareholders of Shenzhen BAK was accounted for as a reverse acquisition of Shenzhen BAK with no adjustment to the historical basis of the assets and liabilities of Shenzhen BAK.


On January 20, 2005, the Company completed a share swap transaction with the shareholders of BAK International. The share swap transaction, also referred to as the “reverse acquisition” of the Company, was consummated under Nevada law pursuant to the terms of a Securities Exchange Agreement entered by and among CBAK, BAK International and the shareholders of BAK International on January 20, 2005. The share swap transaction has been accounted for as a capital-raising transaction of the Company whereby the historical financial statements and operations of Shenzhen BAK are consolidated using historical carrying amounts.


Also on January 20, 2005, immediately prior to consummating the share swap transaction, BAK International executed a private placement of its common stock with unrelated investors whereby it issued an aggregate of 1,720,087 shares of common stock for gross proceeds of $17,000,000. In conjunction with this financing, Mr. Xiangqian Li, the Chairman and Chief Executive Officer of the Company (“Mr. Li”), agreed to place 435,910 shares of the Company’s common stock owned by him into an escrow account pursuant to an Escrow Agreement dated January 20, 2005 (the “Escrow Agreement”). Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target.


Under accounting principles generally accepted in the United States of America (“US GAAP”), escrow agreements such as the one established by Mr. Li generally constitute compensation if, following attainment of a performance threshold, shares are returned to a company officer. The Company determined that without consideration of the compensation charge, the performance thresholds for the year ended September 30, 2005 would be achieved. However, after consideration of a related compensation charge, the Company determined that such thresholds would not have been achieved. The Company also determined that, even without consideration of a compensation charge, the performance thresholds for the year ended September 30, 2006 would not be achieved.


While the 217,955 escrow shares relating to the 2005 performance threshold were previously released to Mr. Li, Mr. Li executed a further undertaking on August 21, 2006 to return those shares to the escrow agent for the distribution to the relevant investors. However, such shares were not returned to the escrow agent, but, pursuant to a Delivery of Make Good Shares, Settlement and Release Agreement between the Company, BAK International and Mr. Li entered into on October 22, 2007 (the “Li Settlement Agreement”), such shares were ultimately delivered to the Company as described below. Because the Company failed to satisfy the performance threshold for the fiscal year ended September 30, 2006, the remaining 217,955 escrow shares relating to the fiscal year 2006 performance threshold were released to the relevant investors. As Mr. Li has not retained any of the shares placed into escrow, and as the investors party to the Escrow Agreement are only shareholders of the Company and do not have and are not expected to have any other relationship to the Company, the Company has not recorded a compensation charge for the years ended September 30, 2005 and 2006.


At the time the escrow shares relating to the 2006 performance threshold were transferred to the investors in fiscal year 2007, the Company should have recognized a credit to donated shares and a debit to additional paid-in capital, both of which are elements of shareholders’ equity. This entry is not material because total ordinary shares issued and outstanding, total shareholders’ equity and total assets do not change; nor is there any impact on income or earnings per share. Therefore, previously filed consolidated financial statements for the fiscal year ended September 30, 2007 will not be restated. This share transfer has been reflected in these financial statements by reclassifying the balances of certain items as of October 1, 2007. The balances of donated shares and additional paid-in capital as of October 1, 2007 were credited and debited by $7,955,358 respectively, as set out in the consolidated statements of changes in shareholders’ equity.


In November 2007, Mr. Li delivered the 217,955 shares related to the 2005 performance threshold to BAK International pursuant to the Li Settlement Agreement; BAK International in turn delivered the shares to the Company. Such shares (other than those issued to investors pursuant to the 2008 Settlement Agreements, as described below) are now held by the Company. Upon receipt of these shares, the Company and BAK International released all claims and causes of action against Mr. Li regarding the shares, and Mr. Li released all claims and causes of action against the Company and BAK International regarding the shares. Under the terms of the Li Settlement Agreement, the Company commenced negotiations with the investors who participated in the Company’s January 2005 private placement in order to achieve a complete settlement of BAK International’s obligations (and the Company’s obligations to the extent it has any) under the applicable agreements with such investors.


Beginning on March 13, 2008, the Company entered into settlement agreements (the “2008 Settlement Agreements”) with certain investors in the January 2005 private placement. Since the other investors have never submitted any claims regarding this matter, the Company did not reach any settlement with them.


Pursuant to the 2008 Settlement Agreements, the Company and the settling investors have agreed, without any admission of liability, to a settlement and mutual release from all claims relating to the January 2005 private placement, including all claims relating to the escrow shares related to the 2005 performance threshold that had been placed into escrow by Mr. Li, as well as all claims, including claims for liquidated damages relating to registration rights granted in connection with the January 2005 private placement. Under the 2008 Settlement Agreement, the Company has made settlement payments to each of the settling investors of the number of shares of the Company’s common stock equivalent to 50% of the number of the escrow shares related to the 2005 performance threshold these investors had claimed; aggregate settlement payments as of June 30, 2015amounted to 73,749 shares. Share payments to date have been made in reliance upon the exemptions from registration provided by Section 4(2) and/or other applicable provisions of the Securities Act of 1933, as amended. In accordance with the 2008 Settlement Agreements, the Company filed a registration statement covering the resale of such shares which was declared effective by the SEC on June 26, 2008.


Pursuant to the Li Settlement Agreement, the 2008 Settlement Agreements and upon the release of the 217,955 escrow shares relating to the fiscal year 2006 performance threshold to the relevant investors, neither Mr. Li or the Company have any obligations to the investors who participated in the Company’s January 2005 private placement relating to the escrow shares.


As of March 31, 2021, the Company had not received any claim from the other investors who have not been covered by the “2008 Settlement Agreements” in the January 2005 private placement.


As the Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and the Company also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the “2008 Settlement Agreements” with us in fiscal year 2008, pursuant to “Li Settlement Agreement” and “2008 Settlement Agreements”, neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company’s January 2005 private placement relating to the escrow shares.


On August 14, 2013, Dalian BAK Trading Co., Ltd was established as a wholly owned subsidiary of China BAK Asia Holding Limited (“BAK Asia”) with a registered capital of $500,000. Pursuant to CBAK Trading’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 14, 2015. On August 5, 2019, CBAK Trading’s registered capital was increased to $5,000,000. Pursuant to CBAK Trading’s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Trading on or before August 1, 2033. Up to the date of this report, the Company has contributed $2,435,000 to CBAK Trading in cash.


On December 27, 2013, Dalian BAK Power Battery Co., Ltd was established as a wholly owned subsidiary of BAK Asia with a registered capital of $30,000,000. Pursuant to CBAK Power’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 27, 2015. On March 7, 2017, the name of Dalian BAK Power Battery Co., Ltd was changed to Dalian CBAK Power Battery Co., Ltd (“CBAK Power”). On July 10, 2018, CBAK Power’s registered capital was increased to $50,000,000. On October 29, 2019, CBAK Power’s registered capital was further increased to $60,000,000. Pursuant to CBAK Power’s amendment articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Power on or before December 31, 2021. Up to the date of this report, the Company has contributed $60,000,000 to CBAK Power through injection of a series of patents and cash.


On May 4, 2018, CBAK New Energy (Suzhou) Co., Ltd (“CBAK Suzhou”) was established as a 90% owned subsidiary of CBAK Power with a registered capital of RMB10,000,000 (approximately $1.5 million). The remaining 10% equity interest was held by certain employees of CBAK Suzhou. Pursuant to CBAK Suzhou’s articles of association, each shareholder is entitled to the right of the profit distribution or responsible for the loss according to its proportion to the capital contribution. Pursuant to CBAK Suzhou’s articles of association and relevant PRC regulations, CBAK Power was required to contribute the capital to CBAK Suzhou on or before December 31, 2019. Up to the date of this report, the Company has contributed RMB9.0 million (approximately $1.3 million), and the other shareholders have contributed RMB1.0 million (approximately $0.1 million) to CBAK Suzhou through injection of a series of cash. The Company plan to dissolve CBAK Suzhou in 2021.


On November 21, 2019, Dalian CBAK Energy Technology Co., Ltd (“CBAK Energy”) was established as a wholly owned subsidiary of BAK Asia with a registered capital of $50,000,000. Pursuant to CBAK Energy’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to CBAK Energy on or before November 20, 2022. Up to the date of this report, the Company has contributed $20,719,925 to CBAK Energy. CBAK Energy will be focus on manufacture and sale of lithium batteries and lithium batteries’ materials.


On July 14, 2020, the Company acquired BAK Asia Investments Limited (“BAK Investments”), a company incorporated under Hong Kong laws, from Mr. Xiangqian Li, the Company’s former CEO, for a cash consideration of HK$1.00. BAK Asia Investments Limited is a holding company without any other business operations.


On July 31, 2020, BAK Investments formed a wholly owned subsidiary CBAK New Energy (Nanjing) Co., Ltd. (“CBAK Nanjing”) in China with a registered capital of $100,000,000. Pursuant to CBAK Nanjing’s articles of association and relevant PRC regulations, BAK Investments was required to contribute the capital to CBAK Nanjing on or before July 29, 2040. Up to the date of this report, the Company has contributed $49,989,915 to CBAK Nanjing.


On August 6, 2020, Nanjing CBAK New Energy Technology Co., Ltd. (“Nanjing CBAK”) was established as a wholly owned subsidiary of CBAK Nanjing with a registered capital of RMB700,000,000 (approximately $107 million). Pursuant to Nanjing CBAK’s articles of association and relevant PRC regulations, CBAK Nanjing was required to contribute the capital to Nanjing CBAK on or before August 5, 2040. Up to the date of this report, the Company has contributed RMB290,378,836 (approximately $44.3 million) to Nanjing CBAK.


On November 9, 2020, Nanjing Daxin New Energy Automobile Industry Co., Ltd (“Nanjing Daxin”) was established as a wholly owned subsidiary of CBAK Nanjing with a register capital of RMB50,000,000 (approximately $7.6 million). Up to the date of this report, the Company has contributed RMB10,000,000 (approximately $1.53 million) to Nanjing Daxin. On January 18, 2021, Nanjing Daxin established a branch in Tianjin City.


The Company’s condensed consolidated financial statements have been prepared under US GAAP.


These condensed consolidated financial statements are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed consolidated financial statements, which are of a normal and recurring nature, have been included. The results reported in the condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The following (a) condensed consolidated balance sheet as of December 31, 2020, which was derived from the Company’s audited financial statements, and (b) the unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to those rules and regulations, though the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying footnotes of the Company for the year ended December 31, 2020 filed with the SEC on April 13, 2021.


The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. This basis of accounting differs in certain material respects from that used for the preparation of the books of account of the Company’s principal subsidiaries, which are prepared in accordance with the accounting principles and the relevant financial regulations applicable to enterprises with limited liability established in the PRC or Hong Kong. The accompanying consolidated financial statements reflect necessary adjustments not recorded in the books of account of the Company’s subsidiaries to present them in conformity with US GAAP.


After the disposal of BAK International Limited and its subsidiaries, namely Shenzhen BAK, Shenzhen BAK Power Battery Co., Ltd (formerly BAK Battery (Shenzhen) Co., Ltd.) (“BAK Shenzhen”), BAK International (Tianjin) Ltd. (“BAK Tianjin”), Tianjin Chenhao Technological Development Limited (a subsidiary of BAK Tianjin established on May 8, 2014, “Tianjin Chenhao”), BAK Battery Canada Ltd. (“BAK Canada”), BAK Europe GmbH (“BAK Europe”) and BAK Telecom India Private Limited (“BAK India”), effective on June 30, 2014, and as of December 31, 2019, the Company’s subsidiaries consisted of: i) China BAK Asia Holdings Limited (“BAK Asia”), a wholly owned limited liability company incorporated in Hong Kong on July 9, 2013; ii) Dalian CBAK Trading Co., Ltd. (“CBAK Trading”), a wholly owned limited company established on August 14, 2013 in the PRC; iii) Dalian CBAK Power Battery Co., Ltd. (“CBAK Power”), a wholly owned limited liability company established on December 27, 2013 in the PRC; iv) CBAK New Energy (Suzhou) Co., Ltd. (“CBAK Suzhou”), a 90% owned limited liability company established on May 4, 2018 in the PRC; v) Dalian CBAK Energy Technology Co., Ltd (“CBAK Energy”), a wholly owned limited liability company established on November 21, 2019 in the PRC; (vi) BAK Asia Investments Limited (“BAK Investments”), a wholly owned limited liability company incorporated in Hong Kong acquired on July 14, 2020; (vii) CBAK New Energy (Nanjing) Co., Ltd. (“CBAK Nanjing”), a wholly owned limited liability company established on July 31, 2020 in the PRC; (viii) Nanjing CBAK New Energy Technology Co., Ltd, (“Nanjing CBAK”), a wholly owned limited liability company established on August 6, 2020 in the PRC and (ix) Nanjing Daxin New Energy Automobile Industry Co., Ltd (“Nanjing Daxin”), a wholly owned limited liability company established on November 9, 2020.


The Company continued its business and continued to generate revenues from sale of batteries via subcontracting the production to BAK Tianjin and BAK Shenzhen, former subsidiaries before the completion of construction and operation of its facility in Dalian. BAK Tianjin and BAK Shenzhen are now suppliers of the Company, and the Company does not have any significant benefits or liability from the operating results of BAK Tianjin and BAK Shenzhen except the normal risk with any major supplier.


As of the date of this report, Mr. Xiangqian Li is no longer a director of BAK International and BAK Tianjin. He remained as a director of Shenzhen BAK and BAK Shenzhen.


On and effective March 1, 2016, Mr. Xiangqian Li resigned as Chairman, director, Chief Executive Officer, President and Secretary of the Company. On the same date, the Board of Directors of the Company appointed Mr. Yunfei Li as Chairman, Chief Executive Officer, President and Secretary of the Company. On March 4, 2016, Mr. Xiangqian Li transferred 3,000,000 shares to Mr. Yunfei Li for a price of $2.4 per share. After the share transfer, Mr. Yunfei Li held 3,000,000 shares or 17.3% and Mr. Xiangqian Li held 760,557 shares at 4.4% of the Company’s outstanding stock, respectively. As of March 31, 2021, Mr. Yunfei Li held 10,785,872 shares or 12.2% of the Company’s outstanding stock, and Mr. Xiangqian Li held none of the Company’s outstanding stock.


The Company had an accumulated deficit from recurring losses from operations and short-term debt obligations as of December 31, 2020 and March 31, 2021. As of December 31, 2020, the Company has a working capital deficiency of $10.5 million. These factors raise substantial doubts about the Company’s ability to continue as a going concern.


In June and July 2015, the Company received advances of approximately $9.8 million from potential investors. On September 29, 2015, the Company entered into a Debt Conversion Agreement with these investors. Pursuant to the terms of the Debt Conversion Agreement, each of the creditors agreed to convert existing loan principal of $9,847,644 into an aggregate 4,376,731 shares of common stock of the Company (“the Shares”) at a conversion price of $2.25 per share. Upon receipt of the Shares on October 16, 2015, the creditors released the Company from all claims, demands and other obligations relating to the Debts. As such, no interest was recognized by the Company on the advances from investors pursuant to the supplemental agreements with investors and the Debt Conversion Agreement.


In June 2016, the Company received further advances in the aggregate of $2.9 million from Mr. Jiping Zhou and Mr. Dawei Li. These advances were unsecured, non-interest bearing and repayable on demand. On July 8, 2018, the Company received further advances of $2.6 million from Mr. Jiping Zhou. On July 28, 2016, the Company entered into securities purchase agreements with Mr. Jiping Zhou and Mr. Dawei Li to issue and sell an aggregate of 2,206,640 shares of common stock of the Company, at $2.5 per share, for an aggregate consideration of approximately $5.52 million. On August 17, 2016, the Company issued these shares to the investors.


On February 17, 2017, the Company signed investment agreements with eight investors (including Mr. Yunfei Li, the Company’s CEO, and seven of the Company’s existing shareholders) whereby the investors agreed to subscribe new shares of the Company totaling $10 million. Pursuant to the investment agreements, in January 2017 the 8 investors paid the Company a total of $2.06 million as down payments. Mr. Yunfei Li agrees to subscribe new shares of the Company totaled $1,120,000 and paid the earnest money of $225,784 in January 2017. On April 1, April 21, April 26 and May 10, 2017, the Company received $1,999,910, $3,499,888, $1,119,982 and $2,985,497 from these investors, respectively. On May 31, 2017, the Company entered into a securities purchase agreement with the eight investors, pursuant to which the Company agreed to issue an aggregate of 6,403,518 shares of common stock to these investors, at a purchase price of $1.50 per share, for an aggregate price of $9.6 million, among which 746,018 shares issued to Mr. Yunfei Li. On June 22, 2017, the Company issued the shares to the investors.


In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors.


On January 7, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $3.4 million (RMB23,980,950) and $1.7 million (RMB11,647,890) (totaled $5.1 million, the “First Debt”) to Mr. Dawei Li and Mr. Yunfei Li, respectively.


On January 7, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li and Mr. Yunfei Li. Pursuant to the terms of the cancellation agreement, Mr. Dawei Li and Mr. Yunfei Li agreed to cancel the First Debt in exchange for 3,431,373 and 1,666,667 shares of common stock of the Company, respectively, at an exchange price of $1.02 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the First Debt.


On April 26, 2019, each of Mr. Jun Lang, Ms. Jing Shi and Asia EVK Energy Auto Limited (“Asia EVK”) entered into an agreement with CBAK Power and Tianjin New Energy whereby Tianjin New Energy assigned its rights to loans to CBAK Power of approximately $0.3 million (RMB2,225,082), $0.1 million (RMB 912,204) and $5.0 million (RMB35,406,036) (collectively $5.4 million, the “Second Debt”) to Mr. Jun Lang, Ms. Jing Shi and Asia EVK, respectively.


On April 26, 2019, the Company entered into a cancellation agreement with Mr. Jun Lang, Ms. Jing Shi and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, the creditors agreed to cancel the Second Debt in exchange for 300,534, 123,208 and 4,782,163 shares of common stock of the Company, respectively, at an exchange price of $1.1 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Second Debt.


On June 28, 2019, each of Mr. Dawei Li and Mr. Yunfei Li entered into an agreement with CBAK Power to loan approximately $1.4 million (RMB10,000,000) and $2.5 million (RMB18,000,000) respectively to CBAK Power for a terms of six months (collectively $3.9 million, the “Third Debt”). The loan was unsecured, non-interest bearing and repayable on demand.


On July 16, 2019, each of Asia EVK and Mr. Yunfei Li entered into an agreement with CBAK Power and Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. (the Company’s construction contractor) whereby Dalian Zhenghong Architectural Decoration and Installation Engineering Co. Ltd. assigned its rights to the unpaid construction fees owed by CBAK Power of approximately $2.8 million (RMB20,000,000) and $0.4 million (RMB2,813,810) (collectively $3.2 million, the “Fourth Debt”) to Asia EVK and Mr. Yunfei Li, respectively.


On July 26, 2019, the Company entered into a cancellation agreement with Mr. Dawei Li, Mr. Yunfei Li and Asia EVK (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Dawei Li, Mr. Yunfei Li and Asia EVK agreed to cancel the Third Debt and Fourth Debt in exchange for 1,384,717, 2,938,067 and 2,769,435 shares of common stock of the Company, respectively, at an exchange price of $1.05 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Third Debt and Fourth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.


On July 24, 2019, the Company entered into a securities purchase agreement with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company issued a promissory note (the “Note 1”) to the Lender. The Note has an original principal amount of $1,395,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,250,000 after an original issue discount of $125,000 and payment of Lender’s expenses of $20,000.


On October 10, 2019, each of Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen entered into an agreement with CBAK Power and Zhengzhou BAK New Energy Vehicle Co., Ltd. (the Company’s supplier of which Mr. Xiangqian Li, the former CEO, is a director of this company) whereby Zhengzhou BAK New Energy Vehicle Co., Ltd. assigned its rights to the unpaid inventories cost owed by CBAK Power of approximately $2.1 million (RMB15,000,000), $1.0 million (RMB7,380,000) and $1.0 million (RMB7,380,000) (collectively $4.2 million, the “Fifth Debt”) to Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen, respectively.


On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt and the Unpaid Earnest Money of approximately $1 million (RMB6,720,000) in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.


On December 30, 2019, the Company entered into a second securities purchase agreement with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company issued a promissory note (the “Note II”) to the Lender. The Note II has an original principal amount of $1,670,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,500,000 after an original issue discount of $150,000 and payment of Lender’s expenses of $20,000.


On January 27, 2020, the Company entered into an exchange agreement (the “First Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 160,256 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On February 20, 2020, the Company entered into a second exchange agreement (the “Second Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 207,641 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On April 10, 2020, each of Mr. Yunfei Li, Mr. Ping Shen and Asia EVK entered into an agreement with CBAK Power and Shenzhen BAK, whereby Shenzhen BAK assigned its rights to the unpaid inventories cost (note 7) owed by CBAK Power of approximately $1.0 million (RMB7,000,000), $2.3 million (RMB16,000,000) and $1.0 million (RMB7,300,000) (collectively $4.3 million, the “Sixth Debt”) to Mr. Yunfei Li, Mr. Ping Shen and Asia EVK, respectively.


On April 27, 2020, the Company entered into a cancellation agreement with Mr. Yunfei Li, Mr. Ping Shen and Asia EVK (the “creditors”). Pursuant to the terms of the cancellation agreement, Mr. Yunfei Li, Mr. Ping Shen and Asia EVK agreed to cancel the Sixth Debt in exchange for 2,062,619, 4,714,557 and 2,151,017 shares of common stock of the Company, respectively, at an exchange price of $0.48 per share. Upon receipt of the shares, the creditors released the Company from any claims, demands and other obligations relating to the Sixth Debt. The cancellation agreement contains customary representations and warranties of the creditors. The creditors do not have registration rights with respect to the shares.


On April 28, 2020, the Company entered into a third exchange agreement (the “Third Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 312,500 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On June 8, 2020, the Company entered into a fourth exchange agreement (the “Fourth Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 271,739 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On June 10, 2020, the Company entered into a Fifth exchange agreement (the “Fifth Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $150,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 407,609 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On July 6, 2020, the Company entered into a Sixth exchange agreement (the “Sixth Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 461,595 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On July 8, 2020, the Company entered into a First exchange agreement for Note II (the “First Exchange Agreement- Note II”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on December 30, 2019, which has an original principal amount of $1,670,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 453,161 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On July 29, 2020, the Company entered into a Seventh exchange agreement (the “Seventh Exchange Agreement”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $365,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 576,802 shares of the Company’s common stock, par value $0.001 per share to the Lender.


On October 12, 2020, the Company entered into an Amendment to Promissory Notes (the “Amendment”) with Atlas Sciences, LLC (the Lender), pursuant to which the Lender has the right at any time until the outstanding balance of the Notes has been paid in full, at its election, to convert all or any portion of the outstanding balance of the Notes into shares of common stock of the Company. The conversion price for each conversion will be calculated pursuant to the following formula: 80% multiplied by the lowest closing price of the Company common stock during the ten (10) trading days immediately preceding the applicable conversion (the “Conversion Price”). Notwithstanding the foregoing, in no event will the Conversion Price be less than $1.00.


According to the Amendment, on October 13, 2020, the Company exchange $230,000 in principal and $141,275 coupon interest under the Note I and $775,000 principal under the Note II for the issuance of 229,750 and 479,579 shares of the Company’s common stock, par value $0.001 per share to the Lender, respectively.


On October 20, 2020, the Company further exchange $645,000 in principal and $133,252 coupon interests under Note II for the issuance of 329,768 shares of the Company’s common stock, par value $0.001 per share to the Lender. Up to the date of this report, the Company has fully repaid the principal and coupon interests of Note I and Note II.


On November 5, 2020, each of Tillicum Investment Company Limited, an unrelated party, entered into an agreement with CBAK Nanjing and Shenzhen ESTAR Industrial Company Limited, whereby Shenzhen ESTAR Industrial Company Limited assigned its rights to the unpaid equipment cost owed by CBAK Nanjing of approximately $11.17 million (RMB75,000,000) (the “Seventh Debt”) to Tillicum Investment Company Limited.


On November 11, 2020, the Company entered into a cancellation agreement with Tillicum Investment Company Limited (the “creditor”). Pursuant to the terms of the cancellation agreement, Tillicum Investment Company Limited agreed to cancel the Seventh Debt in exchange for 3,192,291 shares of common stock of the Company, at an exchange price of $3.5 per share. Upon receipt of the shares, the creditor released the Company from any claims, demands and other obligations relating to the Seventh Debt. The cancellation agreement contains customary representations and warranties of the creditor. The creditor does not have registration rights with respect to the shares.


On December 8, 2020, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of common stock of the Company at a per share purchase price of $5.18, and warrants to purchase an aggregate of 3,795,920 shares of common stock of the Company at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance, for gross proceeds of approximately $49.16 million, before deducting fees to the placement agent and other offering expenses of $3.81 million. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 379,592 shares of the Company’s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance.


On February 8, 2021, the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other offering expenses of $5.0 million. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 446,999 shares of the Company’s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance.


On May 10, 2021, the Company entered into Amendment No. 1 to the Series B Warrant (the “Series B Warrant Amendment”) with each of the holders of the Company’s outstanding Series B warrants. Pursuant to the Series B Warrant Amendment, the term of the Series B warrants was extended from May 11, 2021 to August 31, 2021.


As of March 31, 2021, the Company had aggregate interest-bearing bank loans of approximately $13.7 million, due in 2021, in addition to approximately $36.4 million of other current liabilities (excluding warrants derivative liability).


As of March 31, 2021, the Company had unutilized committed banking facilities from banks of $4.9 million.


The Company is currently expanding its product lines and manufacturing capacity in its Dalian and Nanjing plant, which requires more funding to finance the expansion. The Company plans to raise additional funds through banks borrowing and equity financing in the future to meet its daily cash demands, if required.


However, there can be no assurance that the Company will be successful in obtaining further financing. The Company expects that it will be able to secure more potential orders from the new energy market, especially from the electric car market and UPS market. The Company believes that with the booming future market demand in high power lithium ion products, it can continue as a going concern and return to profitability.


The accompanying consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company’s ability to continue as a going concern.
Revenue Recognition

Revenue Recognition


The Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the five step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation.


Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, typically upon delivery to the customer. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that it would have recognized is one year or less or the amount is immaterial.


Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers.


Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the categories: discounts and returns. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable as the amount is payable to the Company’s customer.
Recently Adopted Accounting Standards

Recently Adopted Accounting Standards


In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistent application among reporting entities. Upon adoption, the Company must apply certain aspects of this standard retrospectively for all periods presented while other aspects are applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company applied the new standard beginning January 1, 2021. 


In August 2020, the FASB issued ASU No. 2020-06 (“ASU 2020-06”) “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40).” ASU 2020-06 reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion and beneficial conversion models. As a result, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost as long as no other features require bifurcation and recognition as derivatives. For contracts in an entity’s own equity, the type of contracts primarily affected by this update are freestanding and embedded features that are accounted for as derivatives under the current guidance due to a failure to meet the settlement conditions of the derivative scope exception. This update simplifies the related settlement assessment by removing the requirements to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted, and (iii) assess shareholder rights. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and only if adopted as of the beginning of such fiscal year. The Company adopted ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have any impact on the Company’s condensed consolidated financial statement presentation or disclosures.
Recently Issued Accounting Standards

Recently Issued Accounting Standards


In May 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this ASU address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for fiscal year beginning after December 15, 2022. The Company is currently evaluating the impact of this new standard on its condensed consolidated financial statements and related disclosures.


Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption.
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.21.1
Pledged deposits (Tables)
 3 Months Ended
Mar. 31, 2021
Pledged Deposits [Abstract]  
Schedule of pledged deposits
   December 31,   March 31, 
   2020   2021 
Pledged deposits with bank for:        
Bills payable  $8,791,499   $16,278,065 
Others*   198,249    45,238 
   $8,989,748   $16,323,303 
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.21.1
Trade Accounts and Bills Receivable, net (Tables)
 3 Months Ended
Mar. 31, 2021
Trade Accounts And Bills Receivable Net [Abstract]  
Schedule of trade accounts and bills receivable
   December 31,   March 31, 
   2020   2021 
Trade accounts receivable  $33,305,997   $27,621,392 
Less: Allowance for doubtful accounts   (5,266,828)   (5,094,948)
    28,039,169    22,526,444 
Bills receivable   1,532,105    780,226 
   $29,571,274   $23,306,670 
Schedule of analysis of the allowance for doubtful accounts
   March 31,   March 31, 
   2020   2021 
Balance at beginning of period  $4,650,686   $5,266,828 
Provision for the period   871,483    - 
Reversal – recoveries by cash   (198,297)   (154,061)
Charged to consolidated statements of operations and comprehensive income (loss)   673,186    (154,061)
Foreign exchange adjustment   (86,308)   (17,819)
Balance at end of period  $5,237,564   $5,094,948 
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.21.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]  
Schedule of inventories
   December 31,   March 31, 
   2020   2021 
Raw materials  $757,857   $1,042,448 
Work in progress   2,338,342    1,911,177 
Finished goods   2,156,646    3,545,688 
   $5,252,845   $6,499,313 
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.21.1
Prepayments and Other Receivables (Tables)
 3 Months Ended
Mar. 31, 2021
Prepayments And Other Receivables And Recoverable From Loan Guarantee [Abstract]  
Schedule of prepayments and other receivables
   December 31,   March 31, 
   2020   2021 
Value added tax recoverable  $4,524,475   $4,287,428 
Loan receivables (note)   1,358,637    - 
Prepayments to suppliers   424,311    1,193,669 
Deposits   17,385    23,929 
Staff advances   67,867    111,948 
Prepaid operating expenses   529,401    1,223,344 
Others   524,468    1,025,265 
    7,446,544    7,865,583 
Less: Allowance for doubtful accounts   (7,000)   (7,000)
   $7,439,544   $7,858,583 
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.21.1
Payables to Former Subsidiaries (Tables)
 3 Months Ended
Mar. 31, 2021
Receivables From Former Subsidiaries [Abstract]  
Schedule of payables to a former subsidiaries, net
   December 31,   March 31, 
   2020   2021 
BAK Tianjin  $29,852   $21,365 
BAK Shenzhen   597,138    361,273 
    626,990    382,638 
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.21.1
Property, Plant and Equipment, net (Tables)
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of property, plant and equipment, net
   December 31,   March 31, 
   2020   2021 
Buildings  $28,150,137   $32,478,253 
Machinery and equipment   32,753,952    28,046,176 
Office equipment   258,458    313,975 
Motor vehicles   197,790    244,825 
　   61,360,337    61,083,229 
Impairment   (8,980,020)   (8,916,742)
Accumulated depreciation   (11,339,947)   (11,918,266)
Carrying amount  $41,040,370   $40,248,221 
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.21.1
Construction in Progress (Tables)
 3 Months Ended
Mar. 31, 2021
Construction In Progress [Abstract]  
Schedule of construction in progress
   December 31,   March 31, 
   2020   2021 
Construction in progress  $27,070,916   $

28,465,244

 
Prepayment for acquisition of property, plant and equipment   3,122,393    5,638,962 
Carrying amount  $30,193,309   $

34,104,206

 
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.21.1
Lease (Tables)
 3 Months Ended
Mar. 31, 2021
ASU 2016-02 Transition [Abstract]  
Schedule of right-of-use assets
   Prepaid
land		 
   lease
payments		 
Balance as of January 1, 2021  $7,500,780 
Amortization charge for the period   (43,325)
Foreign exchange adjustment   (27,243)
Balance as of March 31, 2021  $7,430,212 
Schedule of net investment in sales-type leases
   December 31,   March 31, 
   2020   2021 
Total future minimum lease payments receivable  $1,210,305   $2,976,071 
Less: unearned income, representing interest   (124,653)   (271,838)
Present value of minimum lease payments receivables   1,085,652    2,704,233 
Less: Current portion   (235,245)   (836,714)
Non-current portion  $850,407   $1,867,519 
Schedule of future minimum lease payments receivable for sales type leases
12 months ending March 31,  Total Minimum Lease Payments to be Received   Amortization of Unearned Income   Net Investment in Sales Type Leases 
2022  $979,368   $142,654   $836,714 
2023   952,265    91,221    861,044 
2024   911,671    36,609    875,062 
2025   132,767    1,354    131,413 
2026   -    -    - 
Thereafter   -    -    - 
    2,976,071    271,838    2,704,233 
Schedule of maturities of lease liabilities
   Operating
leases		 
12 months ending March 31,    
2022  $11,162 
2023   133,945 
2024   122,783 
2025   - 
Thereafter   - 
Total undiscounted cash flows   267,890 
Less: imputed interest   (30,290)
Present value of lease liabilities  $237,600 
Schedule of lease term and discount rate
Lease term and discount rate    
   March 31,
2021		 
    
Weighted-average remaining lease term - years   2.83 
Operating leases     
      
Weighted-average discount rate (%)   6.175%
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangible assets
   December 31,
   March 31, 
   2020   2021 
Computer software at cost  $32,686   $32,567 
Accumulated amortization   (20,879)   (21,483)
　  $11,807   $11,084 
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.21.1
Trade Accounts and Bills Payable (Tables)
 3 Months Ended
Mar. 31, 2021
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]  
Schedule of trade accounts and bills payable
   December 31,   March 31, 
   2020   2021 
Trade accounts payable  $19,560,793   $9,059,620 
Bills payable          
– Bank acceptance bills   8,791,499    16,278,065 
           
　  $28,352,292   $25,337,685 
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.21.1
Loans (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of bank borrowings
   December 31,   March 31, 
   2020   2021 
Current maturities of long-term bank loans  $13,739,546   $13,688,805 
Schedule of facilities secured by the company's assets
   December 31,   March 31, 
   2020   2021 
Pledged deposits (note 2)  $8,791,499   $16,278,065 
Right-of-use assets (note 9)   7,500,780    7,430,212 
Buildings   16,721,178    17,187,727 
Machinery and equipment   4,926,886    4,904,473 
   $37,940,343   $45,800,477 
Schedule of other short-term loans
       December 31,   March 31, 
   Note   2020   2021 
Advance from related parties            
– Mr. Xiangqian Li, the Company’s Former CEO   (a)   $100,000   $100,000 
– Mr. Yunfei Li   (b)    278,739    133,928 
– Shareholders   (c)    92,446    92,105 
         471,185    326,033 
Advances from unrelated third party               
– Mr. Wenwu Yu   (d)    16,823    16,761 
– Ms. Longqian Peng   (d)    689,275    686,729 
– Suzhou Zhengyuanwei Needle Ce Co., Ltd   (e)    76,586    76,303 
         782,684    779,793 
        $1,253,869   $1,105,826 
(a) Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand.
(b) Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand.
(c) The earnest money paid by certain shareholders in relation to share purchase (note 1) were unsecured, non-interest bearing and repayable on demand.
(d) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.
(e) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2021, loan amount of RMB0.5 million ($76,303) remained outstanding.
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.21.1
Accrued Expenses and Other Payables (Tables)
 3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]  
Schedule of accrued expenses and other payables
   December 31,   March 31, 
   2020   2021 
Construction costs payable  $273,279   $

1,086,410

 
Equipment purchase payable   5,431,132    3,120,765 
Liquidated damages (note a)   1,210,119    1,210,119 
Accrued staff costs   2,083,660    1,534,997 
Customer deposits   394,536    289,473 
Other payables and accruals   2,252,733    2,012,220 
   $11,645,459   $

9,253,984

 
  (a) On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10-K for the year ended September 30, 2006 (the “2006 Form 10-K”). After the filing of the 2006 Form 10-K, the Company’s previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of December 31, 2019 and March 31, 2020, no liquidated damages relating to both events have been paid.
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.21.1
Deferred Government Grants (Tables)
 3 Months Ended
Mar. 31, 2021
Other Long Term Payables [Abstract]  
Schedule of deferred government grants
   December 31,   March 31, 
   2020   2021 
Total government grants  $7,456,308   $7,391,041 
Less: Current portion   (151,476)   (150,917)
Non-current portion  $7,304,832   $7,240,124 
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Tables)
 3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes expenses
   Three months ended
March 31,		 
   2020   2021 
PRC income tax:        
Current  $     -   $        - 
Deferred   -    - 
   $-   $- 
Schedule of income tax reconciliation
   Three months ended
March 31,		 
   2020   2021 
Profit (loss) before income taxes  $(2,354,111)  $29,608,168 
United States federal corporate income tax rate   21%   21%
Income tax credit computed at United States statutory corporate income tax rate   (494,363)   6,217,715 
Reconciling items:          
Rate differential for PRC earnings   (69,225)   69,004 
Non-taxable income   -    (5,969,462)
Non-deductible expenses   67,679    82,672 
Share based payments   63,028    31,252 
Valuation allowance on deferred tax assets   432,881    (431,181)
Income tax expenses  $-   $- 
Schedule of deferred tax assets and liabilities
    December 31,     March 31,  
    2020     2021  
Deferred tax assets            
Trade accounts receivable   $ 1,354,762     $ 1,316,433  
Inventories     575,575       593,697  
Property, plant and equipment     1,271,986       1,261,434  
Provision for product warranty     497,901       494,280  
Net operating loss carried forward     31,060,254       30,663,453  
Valuation allowance     (34,760,478 )     (34,329,297 ) 
Deferred tax assets, non-current   $ -     $ -  
                 
Deferred tax liabilities, non-current   $ -     $  -  
Schedule of unrecognized tax benefits excluding interest and penalties
   Gross UTB   Surcharge   Net UTB 
Balance as of January 1, 2021  $7,511,182   $         -   $7,511,182 
Increase in unrecognized tax benefits taken in current period   (27,740)   -    (27,740)
Balance as of March 31, 2021  $7,483,442   $-   $7,483,442 
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.21.1
Share-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of non-vested restricted share units granted
Non-vested shares as of January 1, 2021   855,504 
Vested   (288,498)
Forfeited   - 
Non-vested shares as of March 31, 2021   567,006 
Non-vested share units as of January 1, 2021           83,333  
Granted     -  
Vested     -  
Non-vested share units as of March 31, 2021     83,333  
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.21.1
Income (Loss) Per Share (Tables)
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Schedule of calculation of income (loss) per share
   Three months ended
March 31,		 
   2020   2021 
Net (loss) income  $(2,354,111)  $29,608,168 
Less: Net loss (income) attributable to non-controlling interests   (5,870)   1,114 
Net (loss) income attributable to shareholders of CBAK Energy Technology, Inc.  $(2,359,981)  $29,609,282 
           
Weighted average shares outstanding – basis (note)   53,293,776    84,283,605 
Dilutive unvested restricted stock and warrants   -    650,308 
Weighted average shares outstanding - diluted   53,293,776    84,933,913 
           
Income (loss) per share of common stock          
Basic  $(0.04)  $0.35 
Diluted  $(0.04)  $0.35 
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.21.1
Warrants (Tables)
 3 Months Ended
Mar. 31, 2021
Warrants Disclosure [Abstract]  
Schedule of the outstanding warrants
Warrants holder  Investor
Warrants		   Placement
Agent
Warrants		 
Appraisal Date (Inception Date)  December 10,
2020		   December 10,
2020		 
Market price per share (USD/share)  $5.36   $5.36 
Exercise price (USD/price)   6.46    6.475 
Risk free rate   0.2%   0.2%
Dividend yield   0.0%   0.0%
Expected term/ Contractual life (years)   3.0 years    3.5 years 
Expected volatility   211.5%   211.5%
Appraisal Date  December 31,
2020		   December 31,
2020		 
Market price per share (USD/share)  $5.06   $5.06 
Exercise price (USD/price)   6.46    6.475 
Risk free rate   0.2%   0.2%
Dividend yield   0.0%   0.0%
Expected term/ Contractual life (years)   2.9 years    3.4 years 
Expected volatility   187.6%   187.6%
Appraisal Date  March 31,
2021		   March 31,
2021		 
Market price per share (USD/share)  $5.10   $5.1 
Exercise price (USD/price)   6.46    6.475 
Risk free rate   0.3%   0.4%
Dividend yield   0.0%   0.0%
Expected term/ Contractual life (years)   2.7 years    3.2 years 
Expected volatility   134.8%   125.8%
Schedule of warrants issued
Warrants holder  Investor Warrants   Placement
Agent
Warrants		 
Appraisal Date (Inception Date)  Series A1
February 10,
2021		   Series A2
February 10,
2021		   Series B February 10,
2021		   February 10,
2021		 
Market price per share (USD/share)  $7.36   $7.36   $7.36   $7.36 
Exercise price (USD/price)   7.67    7.67    7.83    9.204 
Risk free rate   0.2%   0.3%   0.0%   0.2%
Dividend yield   0.0%   0.0%   0.0%   0.0%
Expected term/ Contractual life (years)    3.5 years       3.8 years     0.3 years     3.5 years 
Expected volatility   121.8%   119.5%   214.5%   121.8%
Warrants holder  Investor Warrants   Placement Agent Warrants 
Appraisal Date (Inception Date)  Series A1
March 31,
2021		   Series A2
March 31,
2021		   Series B
March 31,
2021		   March 31,
2021		 
Market price per share (USD/share)  $5.10   $5.10   $5.10   $5.10 
Exercise price (USD/price)   7.67    7.67    7.83    9.204 
Risk free rate   0.5%   0.5%   0.0%   0.5%
Dividend yield   0.0%   0.0%   0.0%   0.0%
Expected term/ Contractual life (years)    3.4 years       3.6 years     0.1 years     3.4 years 
Expected volatility   123.5%   121.6%   110.5%   123.5%
Schedule of warrants liability measured at fair value on a recurring basis using Level 3 inputs
   Three months ended
March 31,		 
   2020   2021 
Balance at the beginning of period  $-   $17,783,000 
Warrants issued to institution investors   -    47,519,000 
Warrants issued to placement agent   -    2,346,000 
Warrants redeemed   -    - 
Fair value change of warrants included in earnings   -    (28,426,000)
Balance at end of period   -    39,222,000 
Schedule of the warrant activity
   Number of
Warrants		   Average
Exercise Price		   Weighted
Average
Remaining
Contractual
Term in
Years		 
             
Outstanding at January 1, 2021   4,175,512   $6.46    3.0 
Exercisable at January 1, 2021   3,795,920   $6.46    2.9 
Granted   11,621,967    7.79    2.3 
Exercised / surrendered   -    -      
Expired   -    -      
Outstanding at March 31, 2021   15,797,479   $7.44    2.3 
Exercisable at March 31, 2021   14,970,888   $7.41    2.3 
XML 61 R49.htm IDEA: XBRL DOCUMENT v3.21.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of capital commitments
   December 31,   March 31, 
   2020   2021 
For construction of buildings  $2,465,092   $1,995,782 
For purchase of equipment   10,308,416    19,255,199 
Capital injection   228,115,914    191,817,530 
   $240,889,422   $213,068,511 
XML 62 R50.htm IDEA: XBRL DOCUMENT v3.21.1
Concentrations and Credit Risk (Tables)
 3 Months Ended
Mar. 31, 2021
Risks and Uncertainties [Abstract]  
Schedule of revenue by major customers by reporting segments
   Three months ended March 31, 
   2020   2021 
Customer A  $2,093,093    30.33%  $2,903,261    30.83%
Customer B    *    *    1,789,045    19.00%
Customer C    *    *    1,348,200    14.32%
Customer D   3,796,267    55.01%   *    * 

* Comprised less than 10% of net revenue for the respective period.
Schedule of accounts receivable by major customer
   December 31,
2020		   March 31,
2021		 
Customer A  $3,148,737    11.23%  $6,335,867    28.13%
Zhengzhou BAK Battery Co., Ltd (note a)   15,258,164    54.42%   8,437,625    37.46%
Schedule of net purchase by suppliers
   Three months ended March 31, 
   2020   2021 
Supplier A  $*   *   $659,513    10.21%
Zhengzhou BAK Battery Co., Ltd (note a)   *    *    1,259,309    19.49%
Shenzhen BAK (note b)   3,841,680    82.43%   *    * 

* Comprised less than 10% of net purchase for the respective period.
Schedule of accounts payable by suppliers
   December 31,
2020		   March 31,
2021		 
Supplier B  $9,272,478    47.40%  $1,728,201    19.08%
Supplier C   2,017,814    10.32%   950,038    10.49%
Supplier D   *    *    947,819    10.46%
Schedule of transactions
   Three months ended
March 31,		 
   2020   2021 
         
Sales of finished goods and raw materials to        
BAK Shenzhen (note b)  $69,226   $- 
Zhengzhou BAK Battery Co., Ltd (note a)   -    108,290 
Zhengzhou BAK Electronics Co., Ltd.  (note c)   -    412,353 
   December 31, 2020   March 31, 2021 
Trade accounts and bills receivables, net          
Zhengzhou BAK Electronics Co., Ltd (note c)  $-   $461,024 
Zhengzhou BAK New Energy Vehicle Co., Ltd (note d)   1,759,050    911,599 
Notes:  
a Mr. Xiangqian Li, the Company’s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $2,327,491 to the Company.
b Mr. Xiangqian Li is a director of Shenzhen BAK and BAK Shenzhen.
c BAK Shenzhen has 95% equity interests in Zhengzhou BAK Electronics Co., Ltd. Up to the date of this report, Zhengzhou BAK Electronics Co., Ltd. repaid nil to the Company.
d Mr. Xiangqian Li is a director of Zhengzhou BAK New Energy Vehicle Co., Ltd. For the three months ended March 31, 2020 and 2021, sales of finished goods and raw materials to Zhengzhou BAK New Energy Vehicle Co., Ltd were nil. Up to the date of this report, Zhengzhou BAK New Energy Technology Co., Ltd repaid nil to the Company.
XML 63 R51.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Schedule of net revenues from manufacture of batteries by geographical areas
   Three months ended
March 31,		 
   2020   2021 
High power lithium batteries used in:        
Electric vehicles  $215,118   $100,976 
Light electric vehicles   751    34,104 
Uninterruptable supplies   6,685,405    8,763,583 
    6,901,274    8,898,663 
Raw materials used in lithium batteries   -    517,386 
Total  $6,901,274   $9,416,049 
Schedule of net revenues from manufacture of batteries by geographical areas
   Three months ended
March 31,		 
   2020   2021 
Mainland China  $6,876,789   $7,625,793 
Europe   -    1,789,045 
Other   24,485    1,211 
Total  $6,901,274   $9,416,049 
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.21.1
Principal Activities, Basis of Presentation and Organization (Details)
 1 Months Ended 3 Months Ended
Feb. 08, 2021
Dec. 08, 2020
Nov. 11, 2020
Nov. 05, 2020
Oct. 20, 2020
Oct. 12, 2020
Aug. 06, 2020
USD ($)
Jul. 08, 2020
May 13, 2020
Apr. 10, 2020
Oct. 10, 2019
Aug. 05, 2019
USD ($)
Jan. 07, 2019
USD ($)
$ / shares
shares
Mar. 04, 2016
$ / shares
shares
Jul. 31, 2020
USD ($)
May 27, 2020
Dec. 30, 2019
USD ($)
Nov. 21, 2019
USD ($)
Jul. 26, 2019
$ / shares
shares
Jul. 24, 2019
USD ($)
Apr. 26, 2019
USD ($)
$ / shares
shares
May 31, 2017
USD ($)
$ / shares
shares
Jun. 30, 2015
shares
Oct. 01, 2007
USD ($)
Sep. 30, 2006
shares
Dec. 31, 2005
shares
Jan. 20, 2005
USD ($)
shares
Mar. 31, 2021
USD ($)
shares
Dec. 31, 2020
USD ($)
shares
Aug. 06, 2020
CNY (¥)
Oct. 29, 2019
USD ($)
Jul. 16, 2019
USD ($)
Jul. 16, 2019
CNY (¥)
Jun. 28, 2019
USD ($)
Jun. 28, 2019
CNY (¥)
Apr. 26, 2019
CNY (¥)
Jan. 07, 2019
CNY (¥)
Jul. 10, 2018
USD ($)
Jul. 08, 2018
USD ($)
May 04, 2018
CNY (¥)
May 17, 2017
USD ($)
Apr. 26, 2017
USD ($)
Apr. 21, 2017
USD ($)
Apr. 01, 2017
USD ($)
Jan. 31, 2017
USD ($)
Jul. 28, 2016
USD ($)
$ / shares
shares
Jun. 30, 2016
USD ($)
Sep. 29, 2015
USD ($)
$ / shares
shares
Jul. 31, 2015
USD ($)
Dec. 27, 2013
USD ($)
Aug. 14, 2013
USD ($)
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Shares of common stock (in Shares) | shares                                           6,403,518         1,720,087                                                
Gross proceeds of common stock                                                     $ 17,000,000 $ 15,630,011                                              
Shares placed in escrow (in Shares) | shares                                                     435,910                                                
Escrow agreement, description                                                     Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target.                                                
Shares released from escrow (in Shares) | shares                                             73,749   217,955 217,955   217,955                                              
Adjustments of additional paid in capital                                               $ 7,955,358                                                      
Common stock equivalent percentage                                                       50.00%                                              
Transfer of related shares, description                                                       As the Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and the Company also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the “2008 Settlement Agreements” with us in fiscal year 2008, pursuant to “Li Settlement Agreement” and “2008 Settlement Agreements”, neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company’s January 2005 private placement relating to the escrow shares.                                              
Registered capital of subsidiary                       $ 5,000,000                                                                              
Cash                       2,435,000                                                                              
Subsidiaries consisted, description                                                       i) China BAK Asia Holdings Limited (“BAK Asia”), a wholly owned limited liability company incorporated in Hong Kong on July 9, 2013; ii) Dalian CBAK Trading Co., Ltd. (“CBAK Trading”), a wholly owned limited company established on August 14, 2013 in the PRC; iii) Dalian CBAK Power Battery Co., Ltd. (“CBAK Power”), a wholly owned limited liability company established on December 27, 2013 in the PRC; iv) CBAK New Energy (Suzhou) Co., Ltd. (“CBAK Suzhou”), a 90% owned limited liability company established on May 4, 2018 in the PRC; v) Dalian CBAK Energy Technology Co., Ltd (“CBAK Energy”), a wholly owned limited liability company established on November 21, 2019 in the PRC; (vi) BAK Asia Investments Limited (“BAK Investments”), a wholly owned limited liability company incorporated in Hong Kong acquired on July 14, 2020; (vii) CBAK New Energy (Nanjing) Co., Ltd. (“CBAK Nanjing”), a wholly owned limited liability company established on July 31, 2020 in the PRC; (viii) Nanjing CBAK New Energy Technology Co., Ltd, (“Nanjing CBAK”), a wholly owned limited liability company established on August 6, 2020 in the PRC and (ix) Nanjing Daxin New Energy Automobile Industry Co., Ltd (“Nanjing Daxin”), a wholly owned limited liability company established on November 9, 2020.                                              
Exchange price per share (in Dollars per share) | $ / shares                                     $ 1.05                                                                
Common stock shares outstanding (in Shares) | shares                                                       88,106,019 79,166,043                                            
Working capital                                                         $ 10,500,000                                            
Receive advance amount                                                                                                 $ 9,800,000    
Principal amount                                                                                               $ 9,847,644      
Aggregate share (in Shares) | shares                                                                                           2,206,640   4,376,731      
Conversion price per share (in Dollars per share) | $ / shares                                                                                               $ 2.25      
Further advance amount                                                                             $ 2,600,000               $ 2,900,000        
Common stock per share (in Dollars per share) | $ / shares                                                                                           $ 2.5          
Aggregate consideration amount                                                                                           $ 5,520,000          
Investment total                                                                                           $ 10,000,000          
Inventory paid total                                                                                         $ 2,060,000            
Common stock value subscriptions                                                                                         1,120,000            
Proceeds from received investment                                                                                 $ 2,985,497 $ 1,119,982 $ 3,499,888 $ 1,999,910 $ 225,784            
Purchase price per share (in Dollars per share) | $ / shares                                           $ 1.50                                                          
Aggregate price amount                                           $ 9,600,000                                                          
Share issued (in Shares) | shares                                           746,018                                                          
Agreement CBAK Power, description                   On April 10, 2020, each of Mr. Yunfei Li, Mr. Ping Shen and Asia EVK entered into an agreement with CBAK Power and Shenzhen BAK, whereby Shenzhen BAK assigned its rights to the unpaid inventories cost (note 7) owed by CBAK Power of approximately $1.0 million (RMB7,000,000), $2.3 million (RMB16,000,000) and $1.0 million (RMB7,300,000) (collectively $4.3 million, the “Sixth Debt”) to Mr. Yunfei Li, Mr. Ping Shen and Asia EVK, respectively.                                   In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors.                                              
Debt amount                                                       $ 13,700,000                                              
Exchange agreement, description         the Company further exchange $645,000 in principal and $133,252 coupon interests under Note II for the issuance of 329,768 shares of the Company’s common stock, par value $0.001 per share to the Lender. Up to the date of this report, the Company has fully repaid the principal and coupon interests of Note I and Note II.     On July 8, 2020, the Company entered into a First exchange agreement for Note II (the “First Exchange Agreement- Note II”) with Atlas Sciences, LLC (the “Lender”), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the “Partitioned Promissory Note”) from the outstanding balance of certain promissory note that the Company issued to the Lender on December 30, 2019, which has an original principal amount of $1,670,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 453,161 shares of the Company’s common stock, par value $0.001 per share to the Lender.                       Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt and the Unpaid Earnest Money of approximately $1 million (RMB6,720,000) in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share.                                                              
Cancellation agreement, description                               Pursuant to the terms of the cancellation agreement, Mr. Yunfei Li, Mr. Ping Shen and Asia EVK agreed to cancel the Sixth Debt in exchange for 2,062,619, 4,714,557 and 2,151,017 shares of common stock of the Company, respectively, at an exchange price of $0.48 per share.                                                                      
Amendment to promissory notes, description                 According to the Amendment, on October 13, 2020, the Company exchange $230,000 in principal and $141,275 coupon interest under the Note I and $775,000 principal under the Note II for the issuance of 229,750 and 479,579 shares of the Company’s common stock, par value $0.001 per share to the Lender, respectively.                                                                                    
Other current liabilities                                                       36,400,000                                              
Unutilized committed amount                                                       $ 4,900,000                                              
Promissory Notes [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Amendment to promissory notes, description           the Company entered into an Amendment to Promissory Notes (the “Amendment”) with Atlas Sciences, LLC (the Lender), pursuant to which the Lender has the right at any time until the outstanding balance of the Notes has been paid in full, at its election, to convert all or any portion of the outstanding balance of the Notes into shares of common stock of the Company. The conversion price for each conversion will be calculated pursuant to the following formula: 80% multiplied by the lowest closing price of the Company common stock during the ten (10) trading days immediately preceding the applicable conversion (the “Conversion Price”). Notwithstanding the foregoing, in no event will the Conversion Price be less than $1.00.                                                                                          
Securities Purchase Agreement [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Original principal amount                                 $ 1,670,000     $ 1,395,000                                                              
Bears interest rate                                 10.00%     10.00%                                                              
Received proceeds                                 $ 1,500,000     $ 1,250,000                                                              
Original issue discount                                 150,000     125,000                                                              
Lender's expenses                                 $ 20,000     $ 20,000                                                              
Second Debt [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                                         $ 5,400,000                                                            
Third Debt [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                                                                   $ 3,900,000                                  
Fourth Debt [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                                                               $ 3,200,000                                      
CBAK Energy [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Company contribution related, description                                   Up to the date of this report, the Company has contributed $20,719,925 to CBAK Energy.                                                                  
Registered capital increased                                   $ 50,000,000                                                                  
CBAK Energy Nanjing [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Registered capital of subsidiary                             $ 100,000,000                                                                        
Contributed amount                             $ 49,989,915                                                                        
CBAK New Energy Technology Co Ltd [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Registered capital of subsidiary             $ 107,000,000                                             ¥ 700,000,000                                          
China BAK Asia Holding Limited [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Company contribution related, description             Up to the date of this report, the Company has contributed RMB290,378,836 (approximately $44.3 million) to Nanjing CBAK.                                                                                        
Nanjing Daxin New Energy Automobile Industry Co Ltd [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Registered capital of subsidiary             $ 7,600,000                                             ¥ 50,000,000                                          
Company contribution related, description             Up to the date of this report, the Company has contributed RMB10,000,000 (approximately $1.53 million) to Nanjing Daxin.                                                                                        
Mr.Yunfei Li [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Exchange price per share (in Dollars per share) | $ / shares                           $ 2.4                                                                          
Common stock shares outstanding (in Shares) | shares                           3,000,000                           10,785,872                                              
Sale of stock, percentage of ownership after transaction                           17.30%                           12.20%                                              
Debt amount                         $ 1,700,000                                               ¥ 11,647,890                            
Mr.Yunfei Li [Member] | First Debt [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                         $ 5,100,000                                                                            
Mr.Yunfei Li [Member] | First Debt [Member] | Cancellation Agreement [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Cancel debt exchange in to common stock (in Shares) | shares                         1,666,667                                                                            
Mr.Yunfei Li [Member] | Third Debt [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                                                                   2,500,000 ¥ 18,000,000                                
Mr.Yunfei Li [Member] | Fourth Debt [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                                                               400,000 ¥ 2,813,810                                    
Cancel debt exchange in to common stock (in Shares) | shares                                     2,938,067                                                                
Mr. Xiangqian Li [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Common stock shares outstanding (in Shares) | shares                           760,557                                                                          
Sale of stock, percentage of ownership after transaction                           4.40%                                                                          
Mr. Dawei Li [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                         $ 3,400,000                                               ¥ 23,980,950                            
Mr. Dawei Li [Member] | First Debt [Member] | Cancellation Agreement [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Exchange price per share (in Dollars per share) | $ / shares                         $ 1.02                                                                            
Cancel debt exchange in to common stock (in Shares) | shares                         3,431,373                                                                            
Mr. Dawei Li [Member] | Third Debt [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                                                                   $ 1,400,000 ¥ 10,000,000                                
Cancel debt exchange in to common stock (in Shares) | shares                                     1,384,717                                                                
Mr. Jun Lang [Member] | Second Debt [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                                         $ 300,000                             ¥ 2,225,082                              
Mr. Jun Lang [Member] | Second Debt [Member] | Cancellation Agreement [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Exchange price per share (in Dollars per share) | $ / shares                                         $ 1.1                                                            
Mr. Jun Lang [Member] | Second Debt [Member] | CBAK Energy [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Cancel debt exchange in to common stock (in Shares) | shares                                         123,208                                                            
Ms. Jing Shi [Member] | Second Debt [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                                         $ 100,000                             912,204                              
Ms. Jing Shi [Member] | Second Debt [Member] | CBAK Energy [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Cancel debt exchange in to common stock (in Shares) | shares                                         300,534                                                            
Asia EVK [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Cancel debt exchange in to common stock (in Shares) | shares                                     2,769,435                                                                
Asia EVK [Member] | Second Debt [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                                         $ 5,000,000                             ¥ 35,406,036                              
Asia EVK [Member] | Second Debt [Member] | Cancellation Agreement [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Cancel debt exchange in to common stock (in Shares) | shares                                         4,782,163                                                            
Asia EVK [Member] | Fourth Debt [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Debt amount                                                               $ 2,800,000 ¥ 20,000,000                                    
Energy Vehicle Co., Ltd [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Company contribution related, description                     Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen entered into an agreement with CBAK Power and Zhengzhou BAK New Energy Vehicle Co., Ltd. (the Company’s supplier of which Mr. Xiangqian Li, the former CEO, is a director of this company) whereby Zhengzhou BAK New Energy Vehicle Co., Ltd. assigned its rights to the unpaid inventories cost owed by CBAK Power of approximately $2.1 million (RMB15,000,000), $1.0 million (RMB7,380,000) and $1.0 million (RMB7,380,000) (collectively $4.2 million, the “Fifth Debt”) to Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen, respectively.                                                                                
Tillicum Investment Company Limited [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Agreement CBAK Power, description       On November 5, 2020, each of Tillicum Investment Company Limited, an unrelated party, entered into an agreement with CBAK Nanjing and Shenzhen ESTAR Industrial Company Limited, whereby Shenzhen ESTAR Industrial Company Limited assigned its rights to the unpaid equipment cost owed by CBAK Nanjing of approximately $11.17 million (RMB75,000,000) (the “Seventh Debt”) to Tillicum Investment Company Limited.                                                                                              
Cancellation agreement with creditors, description     Pursuant to the terms of the cancellation agreement, Tillicum Investment Company Limited agreed to cancel the Seventh Debt in exchange for 3,192,291 shares of common stock of the Company, at an exchange price of $3.5 per share. Upon receipt of the shares, the creditor released the Company from any claims, demands and other obligations relating to the Seventh Debt.                                                                                                
Investors [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Securities purchase agreement, description   the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of common stock of the Company at a per share purchase price of $5.18, and warrants to purchase an aggregate of 3,795,920 shares of common stock of the Company at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance, for gross proceeds of approximately $49.16 million, before deducting fees to the placement agent and other offering expenses of $3.81 million. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 379,592 shares of the Company’s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance.                                                                                                  
Securities Purchase Agreement [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Securities purchase agreement, description the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other offering expenses of $5.0 million. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 446,999 shares of the Company’s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance.                                                                                                    
China BAK Asia Holding Limited [Member]                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Registered capital of subsidiary                                                                                                     $ 500,000
Cbak Power Member                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Registered capital of subsidiary                                                             $ 60,000,000             $ 50,000,000                       $ 30,000,000  
Cash                       60,000,000                                                                              
Suzhou Member                                                                                                      
Principal Activities, Basis of Presentation and Organization (Details) [Line Items]                                                                                                      
Registered capital of subsidiary                       $ 1,500,000                                                       ¥ 10,000,000                      
Ownership percentage of equity method investment                                                                               90.00%                      
Equity interest percentage                       10.00%                                                                              
Company contribution related, description                       Up to the date of this report, the Company has contributed RMB9.0 million (approximately $1.3 million), and the other shareholders have contributed RMB1.0 million (approximately $0.1 million) to CBAK Suzhou through injection of a series of cash. The Company plan to dissolve CBAK Suzhou in 2021.                                                                              
XML 65 R53.htm IDEA: XBRL DOCUMENT v3.21.1
Pledged deposits (Details)
 1 Months Ended 3 Months Ended
Mar. 05, 2021
USD ($)
Mar. 05, 2021
CNY (¥)
Jun. 30, 2021
USD ($)
Jun. 30, 2021
CNY (¥)
May 31, 2021
USD ($)
May 31, 2021
CNY (¥)
Apr. 30, 2021
USD ($)
Apr. 30, 2021
CNY (¥)
Mar. 31, 2021
USD ($)
Mar. 31, 2021
CNY (¥)
Oct. 31, 2020
USD ($)
Oct. 31, 2020
CNY (¥)
Jul. 31, 2020
USD ($)
Jul. 31, 2020
CNY (¥)
Jun. 30, 2020
USD ($)
Jun. 30, 2020
CNY (¥)
May 31, 2020
USD ($)
May 31, 2020
CNY (¥)
Mar. 20, 2020
USD ($)
Mar. 20, 2020
CNY (¥)
Feb. 29, 2020
USD ($)
Feb. 29, 2020
CNY (¥)
Nov. 30, 2019
USD ($)
Nov. 30, 2019
CNY (¥)
Oct. 31, 2019
USD ($)
Oct. 31, 2019
CNY (¥)
Mar. 31, 2021
USD ($)
Mar. 31, 2021
CNY (¥)
Mar. 31, 2020
USD ($)
Mar. 31, 2020
CNY (¥)
Mar. 31, 2021
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
CNY (¥)
Oct. 31, 2020
CNY (¥)
Aug. 31, 2020
USD ($)
Aug. 31, 2020
CNY (¥)
Jul. 31, 2020
CNY (¥)
Jun. 30, 2020
CNY (¥)
May 31, 2020
CNY (¥)
Feb. 29, 2020
CNY (¥)
Nov. 30, 2019
CNY (¥)
Pledged deposits (Details) [Line Items]                                                                                  
Material purchase cost                                     $ 1,932,947                                            
Payments for legal settlements                         $ 600,000 ¥ 3,635,192                                                      
Equipment cost                                                     $ 263,094 ¥ 1,724,000                          
Liquidated damages [1]                 $ 1,210,119                                   1,210,119         $ 1,210,119                  
Suzhou Security [Member]                                                                                  
Pledged deposits (Details) [Line Items]                                                                                  
Total sought amount                                             $ 21,321 ¥ 139,713                                  
Service expenses amount                                             21,198 138,908                                  
Interest                                             123 ¥ 805                                  
Bank deposits                                             $ 20,000                                   ¥ 150,000
Frozen by bank                 5,047                                   5,047       ¥ 33,073                    
Accrued service cost                 21,198 ¥ 138,908                                                              
Cangzhou Huibang [Member]                                                                                  
Pledged deposits (Details) [Line Items]                                                                                  
Total sought amount                                     310,000 ¥ 2,029,594                                          
Interest                                     14,804 ¥ 96,647                                          
Bank deposits                                                               400,000 ¥ 2,650,000                
Frozen by bank                                                             120,898 18,518                  
Material purchase cost                                     $ 300,000                         300,000 1,932,947                
Dongguan Shanshan [Member]                                                                                  
Pledged deposits (Details) [Line Items]                                                                                  
Total sought amount                                         $ 700,000 ¥ 4,434,209                                      
Bank deposits                         600,000               $ 700,000                               ¥ 3,365,192     ¥ 4,434,209  
Frozen by bank                                                               55,230 360,576                
Material purchase cost                 516,865                                   516,865       3,374,403                    
Settlement amount                         $ 600,000 ¥ 3,635,192                                                      
Payments for legal settlements $ 260,393 ¥ 1,700,000 $ 32,088 ¥ 209,487 $ 76,586 ¥ 500,000 $ 76,586 ¥ 500,000 76,586 ¥ 500,000                                                              
Payments   ¥ 1,700,000                                                 76,303     ¥ 500,000                      
Nanjing Jinlong [Member]                                                                                  
Pledged deposits (Details) [Line Items]                                                                                  
Total sought amount                             $ 125,443 ¥ 822,000                                                  
Bank deposits                             125,443                                             ¥ 822,000      
Frozen by bank                             2,422                                             15,869      
Material purchase cost                             125,443                                             822,000      
Xi'an Anpu [Member]                                                                                  
Pledged deposits (Details) [Line Items]                                                                                  
Total sought amount                             129,270 843,954                                                  
Equipment cost                             117,636 ¥ 768,000                                                  
Liquidated damages                             $ 11,634                                             ¥ 75,954      
Employees compensation, description                             the request of Xi’an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits $0.1 million (RMB843,954) for a period to May 11, 2021. As of December 31, 2020, $98,284 (RMB641,656) was frozen by bank. The property preservation was released on February 25, 2021 upon CBAK Power settlement. the request of Xi’an Anpu for property preservation, the Court of Dalian Economic and Technology Development Zone ordered to freeze CBAK Power’s bank deposits $0.1 million (RMB843,954) for a period to May 11, 2021. As of December 31, 2020, $98,284 (RMB641,656) was frozen by bank. The property preservation was released on February 25, 2021 upon CBAK Power settlement.                                                  
Tianjin Changyuan[Member]                                                                                  
Pledged deposits (Details) [Line Items]                                                                                  
Total sought amount                                 $ 13,040 ¥ 85,136                                              
Interest                                 874 5,707                                              
Bank deposits                                 13,041                                           ¥ 85,136    
Frozen by bank                                                               13,041 85,136                
Material cost                                 $ 12,166 ¥ 79,429                                              
Jiuzhao [Member]                                                                                  
Pledged deposits (Details) [Line Items]                                                                                  
Total sought amount                     $ 900,000 ¥ 6,000,000                                                          
Interest                     19,871 129,732                                                          
Bank deposits                     900,000                                             ¥ 6,000,000              
Frozen by bank                 37,769                                   37,769       247,492                    
Material purchase cost                 $ 600,000                                   $ 600,000       ¥ 3,870,267                    
Material cost                     $ 900,000 ¥ 5,870,267                                                          
Chongqing Zhongrun [Member]                                                                                  
Pledged deposits (Details) [Line Items]                                                                                  
Total sought amount                                                 $ 400,000 ¥ 2,484,948                              
Interest                                                 13,370 87,288                              
Bank deposits                                                                     $ 200,000 ¥ 1,249,836          
Frozen by bank                                                               2,224 14,521                
Material purchase cost                                                               $ 200,000 ¥ 1,104,007                
Payments                                                         $ 198,144 ¥ 1,293,600                      
Material cost                                                 $ 400,000 ¥ 2,397,660                              
[1] On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10-K for the year ended September 30, 2006 (the “2006 Form 10-K”). After the filing of the 2006 Form 10-K, the Company’s previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of December 31, 2019 and March 31, 2020, no liquidated damages relating to both events have been paid.
XML 66 R54.htm IDEA: XBRL DOCUMENT v3.21.1
Pledged deposits (Details) - Schedule of pledged deposits - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of pledged deposits [Abstract]    
Bills payable $ 16,278,065 $ 8,791,499
Others* 45,238 198,249 [1]
Total $ 16,323,303 $ 8,989,748
[1] In November 2019, CBAK Suzhou received notice from Court of Suzhou city that Suzhou Industrial Park Security Service Co., Ltd (“Suzhou Security”) filed a lawsuit against CBAK Suzhou for the failure to pay pursuant to the terms of the sales contract. Suzhou Security sought a total amount of $21,321 (RMB139,713), including services expenses amount of $21,198 (RMB138,908) and interest of $123 (RMB805). Upon the request of Suzhou Security for property preservation, the Court of Suzhou froze CBAK Suzhou’s bank deposits totaling $0.02 million (RMB150,000) for a period of one year. As of March 31, 2021, $5,047 (RMB33,073) was frozen by bank and the Company had accrued the service cost of $21,198 (RMB138,908).
XML 67 R55.htm IDEA: XBRL DOCUMENT v3.21.1
Trade Accounts and Bills Receivable, net (Details) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Trade Accounts And Bills Receivable Net [Abstract]    
Trade accounts and bills receivable $ 1,889,066 $ 1,896,068
XML 68 R56.htm IDEA: XBRL DOCUMENT v3.21.1
Trade Accounts and Bills Receivable, net (Details) - Schedule of trade accounts and bills receivable - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of trade accounts and bills receivable [Abstract]    
Trade accounts receivable $ 27,621,392 $ 33,305,997
Less: Allowance for doubtful accounts (5,094,948) (5,266,828)
Trade accounts receivable, net 22,526,444 28,039,169
Bills receivable 780,226 1,532,105
Trade accounts and bills receivable, net $ 23,306,670 $ 29,571,274
XML 69 R57.htm IDEA: XBRL DOCUMENT v3.21.1
Trade Accounts and Bills Receivable, net (Details) - Schedule of analysis of the allowance for doubtful accounts - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Schedule of analysis of the allowance for doubtful accounts [Abstract]    
Balance at beginning of period $ 5,266,828 $ 4,650,686
Provision for the period   871,483
Reversal – recoveries by cash (154,061) (198,297)
Charged to consolidated statements of operations and comprehensive income (loss) (154,061) 673,186
Foreign exchange adjustment (17,819) (86,308)
Balance at end of period $ 5,094,948 $ 5,237,564
XML 70 R58.htm IDEA: XBRL DOCUMENT v3.21.1
Inventories (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Inventory Disclosure [Abstract]    
Inventory Write-down $ 233,305 $ 409,062
XML 71 R59.htm IDEA: XBRL DOCUMENT v3.21.1
Inventories (Details) - Schedule of inventories - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of inventories [Abstract]    
Raw materials $ 1,042,448 $ 757,857
Work in progress 1,911,177 2,338,342
Finished goods 3,545,688 2,156,646
Inventories $ 6,499,313 $ 5,252,845
XML 72 R60.htm IDEA: XBRL DOCUMENT v3.21.1
Prepayments and Other Receivables (Details)
 3 Months Ended
Mar. 31, 2021
Prepayments And Other Receivables And Recoverable From Loan Guarantee [Abstract]  
Loan agreement, description Nanjing CBAK entered into a loan agreement with Shen Zhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics), to loan SZ Asian Plastics a total amount of $1.4 million (RMB8,870,000) for a period of 6 months from December 1, 2020 to May 31, 2021. The loan is unsecured and bears fixed interest at 6% per annum. The Company’s shareholder Mr. Jiping Zhao, holding 2.39% equity interest in the Company, at the same time held 79.13% equity interests in SZ Asian Plastics. In March 2021, SZ Asian Plastics has fully repaid the loan principal.
XML 73 R61.htm IDEA: XBRL DOCUMENT v3.21.1
Prepayments and Other Receivables (Details) - Schedule of prepayments and other receivables - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of prepayments and other receivables [Abstract]    
Value added tax recoverable $ 4,287,428 $ 4,524,475
Loan receivables (note) 1,358,637
Prepayments to suppliers 1,193,669 424,311
Deposits 23,929 17,385
Staff advances 111,948 67,867
Prepaid operating expenses 1,223,344 529,401
Others 1,025,265 524,468
Prepayments and other receivables, gross 7,865,583 7,446,544
Less: Allowance for doubtful accounts (7,000) (7,000)
Prepayments and other receivables, net $ 7,858,583 $ 7,439,544
XML 74 R62.htm IDEA: XBRL DOCUMENT v3.21.1
Payables to Former Subsidiaries (Details) - Schedule of payables to a former subsidiaries, net - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Payables to Former Subsidiaries (Details) - Schedule of payables to a former subsidiaries, net [Line Items]    
Payables to former subsidiaries, net $ 382,638 $ 626,990
Bak Tianjin [Member]    
Payables to Former Subsidiaries (Details) - Schedule of payables to a former subsidiaries, net [Line Items]    
Payables to former subsidiaries, net 21,365 29,852
Bak Shenzhen [Member]    
Payables to Former Subsidiaries (Details) - Schedule of payables to a former subsidiaries, net [Line Items]    
Payables to former subsidiaries, net $ 361,273 $ 597,138
XML 75 R63.htm IDEA: XBRL DOCUMENT v3.21.1
Property, Plant and Equipment, net (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Property, Plant and Equipment [Abstract]    
Depreciation $ 698,618 $ 581,491
Dalian manufacturing facilities carrying amount $ 24,324,253 $ 24,611,468
XML 76 R64.htm IDEA: XBRL DOCUMENT v3.21.1
Property, Plant and Equipment, net (Details) - Schedule of property, plant and equipment, net - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 61,083,229 $ 61,360,337
Impairment (8,916,742) (8,980,020)
Accumulated depreciation (11,918,266) (11,339,947)
Carrying amount 40,248,221 41,040,370
Building [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 32,478,253 28,150,137
Machinery and equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 28,046,176 32,753,952
Office equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 313,975 258,458
Motor vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 244,825 $ 197,790
XML 77 R65.htm IDEA: XBRL DOCUMENT v3.21.1
Construction in Progress (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Construction In Progress [Abstract]    
Interest costs capitalized $ 213,583 $ 316,168
XML 78 R66.htm IDEA: XBRL DOCUMENT v3.21.1
Construction in Progress (Details) - Schedule of construction in progress - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of construction in progress [Abstract]    
Construction in progress $ 28,465,244 $ 27,070,916
Prepayment for acquisition of property, plant and equipment 5,638,962 3,122,393
Carrying amount $ 34,104,206 $ 30,193,309
XML 79 R67.htm IDEA: XBRL DOCUMENT v3.21.1
Lease (Details)
 3 Months Ended
Mar. 31, 2021
USD ($)
Mar. 01, 2021
USD ($)
Mar. 01, 2021
CNY (¥)
ASU 2016-02 Transition [Abstract]      
Maturity date Aug. 09, 2064    
Owners lease period 50 years    
Other income expense $ (91,833)    
Interest income other $ 26,637    
Rental payment per month   $ 11,162 ¥ 73,143
XML 80 R68.htm IDEA: XBRL DOCUMENT v3.21.1
Lease (Details) - Schedule of right-of-use assets
 3 Months Ended
Mar. 31, 2021
USD ($)
Schedule of right-of-use assets [Abstract]  
Balance at beginning of period $ 7,500,780
Amortization charge for the period (43,325)
Foreign exchange adjustment (27,243)
Balance at end of period $ 7,430,212
XML 81 R69.htm IDEA: XBRL DOCUMENT v3.21.1
Lease (Details) - Schedule of net investment in sales-type leases - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of net investment in sales-type leases [Abstract]    
Total future minimum lease payments receivable $ 2,976,071 $ 1,210,305
Less: unearned income, representing interest (271,838) (124,653)
Present value of minimum lease payments receivables 2,704,233 1,085,652
Less: Current portion (836,714) (235,245)
Non-current portion $ 1,867,519 $ 850,407
XML 82 R70.htm IDEA: XBRL DOCUMENT v3.21.1
Lease (Details) - Schedule of future minimum lease payments receivable for sales type leases
Mar. 31, 2021
USD ($)
Total Minimum Lease Payments to be Received [Member]  
Lease (Details) - Schedule of future minimum lease payments receivable for sales type leases [Line Items]  
2022 $ 979,368
2023 952,265
2024 911,671
2025 132,767
2026
Thereafter
Total 2,976,071
Amortization of Unearned Income [Member]  
Lease (Details) - Schedule of future minimum lease payments receivable for sales type leases [Line Items]  
2022 142,654
2023 91,221
2024 36,609
2025 1,354
2026
Thereafter
Total 271,838
Net Investment in Sales Type Leases [Member]  
Lease (Details) - Schedule of future minimum lease payments receivable for sales type leases [Line Items]  
2022 836,714
2023 861,044
2024 875,062
2025 131,413
2026
Thereafter
Total $ 2,704,233
XML 83 R71.htm IDEA: XBRL DOCUMENT v3.21.1
Lease (Details) - Schedule of maturities of lease liabilities
Mar. 31, 2021
USD ($)
Schedule of maturities of lease liabilities [Abstract]  
2022 $ 11,162
2023 133,945
2024 122,783
2025
Thereafter
Total undiscounted cash flows 267,890
Less: imputed interest (30,290)
Present value of lease liabilities $ 237,600
XML 84 R72.htm IDEA: XBRL DOCUMENT v3.21.1
Lease (Details) - Schedule of lease term and discount rate
 3 Months Ended
Mar. 31, 2021
USD ($)
Schedule of lease term and discount rate [Abstract]  
Weighted-average remaining lease term - years 2 years 302 days
Operating leases
Weighted-average discount rate (%) 6.175%
XML 85 R73.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible Assets, Net (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expenses $ 686 $ 1,301
XML 86 R74.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible Assets, Net (Details) - Schedule of intangible assets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of intangible assets [Abstract]    
Computer software at cost $ 32,567 $ 32,686
Accumulated amortization (21,483) (20,879)
Intangible assets, net $ 11,084 $ 11,807
XML 87 R75.htm IDEA: XBRL DOCUMENT v3.21.1
Trade Accounts and Bills Payable (Details)
 3 Months Ended
Mar. 31, 2021
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]  
Bills payable maturity period 1 year
XML 88 R76.htm IDEA: XBRL DOCUMENT v3.21.1
Trade Accounts and Bills Payable (Details) - Schedule of trade accounts and bills payable - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of trade accounts and bills payable [Abstract]    
Trade accounts payable $ 9,059,620 $ 19,560,793
– Bank acceptance bills 16,278,065 8,791,499
Trade accounts and bills payable $ 25,337,685 $ 28,352,292
XML 89 R77.htm IDEA: XBRL DOCUMENT v3.21.1
Loans (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2019
Oct. 15, 2019
Oct. 14, 2019
Jun. 04, 2018
Mar. 31, 2021
Jun. 28, 2020
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Loans (Details) [Line Items]                    
Description of loans     the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors will release the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money.              
Banking facilities amount         $ 4,900,000   $ 4,900,000      
Interest amount             213,583   $ 397,206  
Agreement Description                   In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors.
Remained outstanding amount             $ 92,105      
Loan agreement description             Nanjing CBAK entered into a loan agreement with Shen Zhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics), to loan SZ Asian Plastics a total amount of $1.4 million (RMB8,870,000) for a period of 6 months from December 1, 2020 to May 31, 2021. The loan is unsecured and bears fixed interest at 6% per annum. The Company’s shareholder Mr. Jiping Zhao, holding 2.39% equity interest in the Company, at the same time held 79.13% equity interests in SZ Asian Plastics. In March 2021, SZ Asian Plastics has fully repaid the loan principal.      
Interest amount             $ 2,314   $ 154,976  
China Everbright Bank Dalian Branch [Member]                    
Loans (Details) [Line Items]                    
Description of loans       the Company obtained banking facilities from China Everbright Bank Dalian Branch with a maximum amount of RMB200 million (approximately $30.63 million) bearing interest at 130% of benchmark rate of the People’s Bank of China (“PBOC”) for three-year long-term loans with the term from June 12, 2018 to June 10, 2021, at current rate 6.175% per annum. The facilities were secured by the Company’s land use rights, buildings, machinery and equipment. According to the original repayment schedule, the loans are repayable in six installments of RMB0.8 million ($0.12 million) on December 10, 2018, RMB24.3 million ($3.72 million) on June 10, 2019, RMB0.8 million ($0.12 million) on December 10, 2019, RMB74.7 million ($11.44 million) on June 10, 2020, RMB0.8 million ($0.12 million) on December 10, 2020 and RMB66.3 million ($10.16 million) on June 10, 2021. The Company repaid the bank loan of RMB0.8 million ($0.12 million), RMB24.3 million ($3.72 million) and RMB0.8 million ($0.12 million) in December 2018, June 2019 and December 2019, respectively.            
China Everbright Bank Dalian Branch [Member]                    
Loans (Details) [Line Items]                    
Description of loans           the Company entered into a supplemental agreement with China Everbright Bank Dalian Branch to change the repayment schedule. According to the modification agreement, the remaining RMB141.8 million (approximately $21.72 million) loans are repayable in eight instalments consisting of RMB1.09 million ($0.17 million) on June 10, 2020, RMB1 million ($0.15 million) on December 10, 2020, RMB2 million ($0.31 million) on January 10, 2021, RMB2 million ($0.31 million) on February 10, 2021, RMB2 million ($0.31 million) on March 10, 2021, RMB2 million ($0.31 million) on April 10, 2021, RMB2 million ($0.31 million) on May 10, 2021, and RMB129.7 million ($19.9 million) on June 10, 2021, respectively. The Company repaid the bank loan of RMB1.09 million ($0.17 million) and RMB51 million ($7.8 million) in June and December 2020, respectively        
Description of facilities             outstanding loan balance owing to China Everbright Bank Dalian Branch was RMB89.7 million (approximately $13.7 million). The Company repaid RMB50 million ($7.63 million) and RMB39.7 million ($6.07 million) in April and May 2021 to the bank, respectively.      
Description of bills payable   the Company borrowed a total of RMB28 million (approximately $4.12 million) in the form of bills payable from China Everbright Bank Dalian Branch for a term until October 15, 2020, which was secured by the Company’s cash totaled RMB28 million (approximately $4.12 million). The Company discounted the bills payable of even date to China Everbright Bank at a rate of 3.3%. The Company repaid the bills on October 15, 2020.                
China Merchants Bank [Member]                    
Loans (Details) [Line Items]                    
Description of bills               In October to December 2020, the Company borrowed a series of acceptance bills from China Merchants Bank totaled RMB13.5 million (approximately $2.07 million) for various terms through April to June 2021, which was secured by the Company’s cash totaled RMB13.5 million (approximately $2.07 million) (Note 2).    
Agricultural Bank of China [Member]                    
Loans (Details) [Line Items]                    
Description of bills         In December 2020 to March 2021, the Company borrowed a series of acceptance bills from Agricultural Bank of China totaled RMB65.2 million (approximately $9.94 million) for various terms to June to September 2021, which was secured by the Company’s cash totaled RMB65.2 million (approximately $9.94 million) (Note 2).          
China Zheshang Bank Co Ltd [Member]                    
Loans (Details) [Line Items]                    
Description of bills             Ltd Shenyang Branch totaled RMB28.0 million (approximately $4.27 million) for various terms to July to September 2021, which was secured by the Company’s cash totaled RMB28.0 million (approximately $4.27 million) (Note 2).      
Suzhou Zhengyuanwei Needle Ce Co., Ltd [Member]                    
Loans (Details) [Line Items]                    
Loan agreement description Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2021, loan amount of RMB0.5 million ($76,303) remained outstanding.                  
China Everbright Bank Dalian Friendship Branch [Member]                    
Loans (Details) [Line Items]                    
Description of bills In December 2019, the Company obtained banking facilities from China Everbright Bank Dalian Friendship Branch totaled RMB39.9 million (approximately $6.1 million) for a term until November 6, 2020, bearing interest at 5.655% per annum. The facility was secured by 100% equity in CBAK Power held by BAK Asia and buildings of Hubei BAK Real Estate Co., Ltd., which Mr. Yunfei Li (“Mr. Li”), the Company’s CEO holding 15% equity interest. The Company repaid the bank loan of RMB39.9 million (approximately $6.1 million) in December 2020.                  
XML 90 R78.htm IDEA: XBRL DOCUMENT v3.21.1
Loans (Details) - Schedule of bank borrowings - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of bank borrowings [Abstract]    
Current maturities of long-term bank loans $ 13,688,805 $ 13,739,546
XML 91 R79.htm IDEA: XBRL DOCUMENT v3.21.1
Loans (Details) - Schedule of facilities secured by the company's assets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]    
Carrying Amounts $ 45,800,477 $ 37,940,343
Pledged deposits [Member]    
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]    
Carrying Amounts 16,278,065 8,791,499
Right-of-use assets (note 10) [Member]    
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]    
Carrying Amounts 7,430,212 7,500,780
Buildings [Member]    
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]    
Carrying Amounts 17,187,727 16,721,178
Machinery and equipment [Member]    
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]    
Carrying Amounts $ 4,904,473 $ 4,926,886
XML 92 R80.htm IDEA: XBRL DOCUMENT v3.21.1
Loans (Details) - Schedule of other short-term loans - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Short-term Debt [Line Items]    
Advance from related parties $ 326,033 $ 471,185
Advances from unrelated third party 779,793 782,684
Other short-term loans 1,105,826 1,253,869
Mr. Xiangqian Li, the Company's Former CEO [Member]    
Short-term Debt [Line Items]    
Advance from related parties [1] 100,000 100,000
Mr. Yunfei Li [Member]    
Short-term Debt [Line Items]    
Advance from related parties [2] 133,928 278,739
Shareholders [Member]    
Short-term Debt [Line Items]    
Advance from related parties [3] 92,105 92,446
Mr. Wenwu Yu [Member]    
Short-term Debt [Line Items]    
Advances from unrelated third party [4] 16,761 16,823
Mr. Longqian Peng [Member]    
Short-term Debt [Line Items]    
Advances from unrelated third party [4] 686,729 689,275
Suzhou Zhengyuanwei Needle Ce Co., Ltd [Member]    
Short-term Debt [Line Items]    
Advances from unrelated third party [5] $ 76,303 $ 76,586
[1] Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand.
[2] Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand.
[3] The earnest money paid by certain shareholders in relation to share purchase (note 1) were unsecured, non-interest bearing and repayable on demand. In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors. On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors will release the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money. As of March 31, 2021, earnest money of $92,105 remained outstanding.
[4] Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.
[5] In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2021, loan amount of RMB0.5 million ($76,303) remained outstanding.
XML 93 R81.htm IDEA: XBRL DOCUMENT v3.21.1
Accrued Expenses and Other Payables (Details) - USD ($)
 3 Months Ended
Nov. 09, 2007
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Nov. 30, 2007
Accrued Expenses and Other Payables (Details) [Line Items]          
Gross proceeds shares of common stock   $ 65,495,011    
Liquidated damages   $ 159,000   $ 159,000 $ 561,174
Private Placement [Member]          
Accrued Expenses and Other Payables (Details) [Line Items]          
Gross proceeds shares of common stock $ 13,650,000        
Sale of shares of common stock (in Shares) 3,500,000        
Sale of share price (in Dollars per share) $ 3.90        
Cash fee $ 819,000        
Liquidated damages, description (a) 1.5% of the aggregate purchase price paid by such investor for the shares it purchased on the one month anniversary of the Effectiveness Deadline; (b) an additional 1.5% of the aggregate purchase price paid by such investor every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until the earliest of the effectiveness of the registration statement, the ten-month anniversary of the Effectiveness Deadline and the time that the Company is no longer required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations; and (c) 0.5% of the aggregate purchase price paid by such investor for the shares it purchased in the Company’s November 2007 private placement on each of the following dates: the ten-month anniversary of the Effectiveness Deadline and every thirtieth day thereafter (prorated for periods totaling less than thirty days), until the earlier of the effectiveness of the registration statement and the time that the Company no longer is required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations. Such liquidated damages would bear interest at the rate of 1% per month (prorated for partial months) until paid in full.        
XML 94 R82.htm IDEA: XBRL DOCUMENT v3.21.1
Accrued Expenses and Other Payables (Details) - Schedule of accrued expenses and other payables - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of accrued expenses and other payables [Abstract]    
Construction costs payable $ 1,086,410 $ 273,279
Equipment purchase payable 3,120,765 5,431,132
Liquidated damages (note ) [1] 1,210,119 1,210,119
Accrued staff costs 1,534,997 2,083,660
Customer deposits 289,473 394,536
Other payables and accruals 2,012,220 2,252,733
Accrued expenses and other payables $ 9,253,984 $ 11,645,459
[1] On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10-K for the year ended September 30, 2006 (the “2006 Form 10-K”). After the filing of the 2006 Form 10-K, the Company’s previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of December 31, 2019 and March 31, 2020, no liquidated damages relating to both events have been paid.
XML 95 R83.htm IDEA: XBRL DOCUMENT v3.21.1
Deferred Government Grants (Details)
 1 Months Ended 3 Months Ended
Sep. 30, 2015
USD ($)
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Jun. 23, 2020
USD ($)
Jun. 23, 2020
CNY (¥)
Sep. 23, 2019
CNY (¥)
Oct. 17, 2014
CNY (¥)
Other Long Term Payables [Abstract]              
Finance costs (in Yuan Renminbi) | ¥           ¥ 150,000,000  
Revenue from grants $ 23,103,427            
Payments for removal costs $ 1,004,027            
Subsidy received       $ 3,050,000 ¥ 20,000,000   ¥ 46,150,000
Depreciation expenses   $ 38,133 $ 35,421        
XML 96 R84.htm IDEA: XBRL DOCUMENT v3.21.1
Deferred Government Grants (Details) - Schedule of deferred government grants - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of deferred government grants [Abstract]    
Total government grants $ 7,391,041 $ 7,456,308
Less: Current portion (150,917) (151,476)
Non-current portion $ 7,240,124 $ 7,304,832
XML 97 R85.htm IDEA: XBRL DOCUMENT v3.21.1
Product Warranty Provision (Details)
 3 Months Ended
Mar. 31, 2021
Product Warranties Disclosures [Abstract]  
Standard Product Warranty Description The Company maintains a policy of providing after sales support for certain of its new EV and LEV battery products introduced since October 1, 2015 by way of a warranty program. The limited cover covers a period of six to twenty four months for battery cells, a period of twelve to twenty seven months for battery modules for light electric vehicles (LEV) such as electric bicycles, and a period of three years to eight years (or 120,000 or 200,000 km if reached sooner) for battery modules for electric vehicles (EV). The Company accrues an estimate of its exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability at least annually and adjusts the amounts as necessary.
XML 98 R86.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($)
 1 Months Ended 3 Months Ended
Dec. 31, 2017
Mar. 31, 2021
Mar. 31, 2020
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) [Line Items]      
Federal corporate income tax rate   21.00% 21.00%
PRC tax, description   The CIT Law in China applies an income tax rate of 25% to all enterprises but grants preferential tax treatment to High-New Technology Enterprises. CBAK Power was regarded as a “High-new technology enterprise” pursuant to a certificate jointly issued by the relevant Dalian Government authorities. The certificate was valid for three years commencing from year 2019. Under the preferential tax treatment, CBAK Power was entitled to enjoy a tax rate of 15% for the years from 2019 to 2021 provided that the qualifying conditions as a High-new technology enterprise were met.  
Expire, description   As of December 31, 2020 and March 31, 2021, the Company’s U.S. entity had net operating loss carry forwards of $103,580,741, of which $102,293 available to reduce future taxable income which will expire in various years through 2035 and $103,478,448 available to offset capital gains recognized in the succeeding 5 tax years and the Company’s PRC subsidiaries had net operating loss carry forwards of $37,536,687 and $36,798,249, respectively, which will expire in various years through 2028.  
Net operating loss carry forwards (in Dollars)   $ 103,580,741  
Operating loss carryforwards available to reduce future taxable income (in Dollars)   $ 102,293  
Uncertain income tax percentage   50.00%  
Minimum [Member]      
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) [Line Items]      
Income tax rate 21.00%    
Federal corporate income tax rate 21.00%    
Maximum [Member]      
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) [Line Items]      
Income tax rate 35.00%    
Federal corporate income tax rate 35.00%    
Hong Kong Tax [Member]      
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) [Line Items]      
Federal corporate income tax rate   16.50% 16.50%
XML 99 R87.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of provision for income taxes expenses - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
PRC income tax:    
Current
Deferred
Income taxes expenses
XML 100 R88.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of income tax reconciliation - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Schedule of income tax reconciliation [Abstract]    
Profit (loss) before income taxes $ 29,608,168 $ (2,354,111)
United States federal corporate income tax rate 21.00% 21.00%
Income tax credit computed at United States statutory corporate income tax rate $ 6,217,715 $ (494,363)
Reconciling items:    
Rate differential for PRC earnings 69,004 (69,225)
Non-taxable income (5,969,462)
Non-deductible expenses 82,672 67,679
Share based payments 31,252 63,028
Valuation allowance on deferred tax assets (431,181) 432,881
Income tax expenses
XML 101 R89.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of deferred tax assets and liabilities - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Deferred tax assets    
Deferred tax assets, non-current
Net operating loss carried forward 30,663,453 31,060,254
Valuation allowance (34,329,297) (34,760,478)
Deferred tax liabilities, non-current
Trade Accounts Receivable [Member]    
Deferred tax assets    
Deferred tax assets, non-current 1,316,433 1,354,762
Inventories [Member]    
Deferred tax assets    
Deferred tax assets, non-current 593,697 575,575
Property, plant and equipment [Member]    
Deferred tax assets    
Deferred tax assets, non-current 1,261,434 1,271,986
Provision for product warranty [Member]    
Deferred tax assets    
Deferred tax assets, non-current $ 494,280 $ 497,901
XML 102 R90.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of unrecognized tax benefits excluding interest and penalties
 3 Months Ended
Mar. 31, 2021
USD ($)
Gross UTB [Member]  
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of unrecognized tax benefits excluding interest and penalties [Line Items]  
Balance as of January 1, 2021 $ 7,511,182
Increase in unrecognized tax benefits taken in current period (27,740)
Balance as of March 31, 2021 7,483,442
Surcharge [Member]  
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of unrecognized tax benefits excluding interest and penalties [Line Items]  
Balance as of January 1, 2021
Increase in unrecognized tax benefits taken in current period
Balance as of March 31, 2021
Net UTB [Member]  
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of unrecognized tax benefits excluding interest and penalties [Line Items]  
Balance as of January 1, 2021 7,511,182
Increase in unrecognized tax benefits taken in current period (27,740)
Balance as of March 31, 2021 $ 7,483,442
XML 103 R91.htm IDEA: XBRL DOCUMENT v3.21.1
Share-based Compensation (Details) - USD ($)
 1 Months Ended 3 Months Ended
Jun. 12, 2015
Oct. 23, 2020
May 31, 2017
Apr. 19, 2016
Jun. 30, 2015
Jan. 20, 2005
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Share-based Compensation (Details) [Line Items]                  
Aggregate number of shares (in Shares)     6,403,518     1,720,087      
Common stock par value (in Dollars per share)             $ 0.001   $ 0.001
Fair value price per share (in Dollars per share)     $ 1.50            
Number of vested shares (in Shares)             1,667    
Non-cash share based compensation expense             $ 93,786 $ 300,135  
Sales and marketing expense             213,142 93,771  
Research and development expense             483,749 298,930  
Unrecognized stock-based compensation             152,777    
Restricted Shares Granted on August 23, 2019 [Member]                  
Share-based Compensation (Details) [Line Items]                  
General and administrative expenses             75,794 254,890  
Sales and marketing expense             2,982 9,125  
Research and development expense             15,010 36,120  
2015 Equity Incentive Plan [Member]                  
Share-based Compensation (Details) [Line Items]                  
Aggregate number of shares (in Shares) 10,000,000                
Aggregated restricted shares (in Shares)         690,000        
Restricted shares [Member]                  
Share-based Compensation (Details) [Line Items]                  
Common stock par value (in Dollars per share)         $ 0.001        
Fair value price per share (in Dollars per share)         $ 3.24        
Unrecognized stock-based compensation             $ 159,302    
Restricted shares granted on April 19, 2016 [Member]                  
Share-based Compensation (Details) [Line Items]                  
Number of vested shares (in Shares)             4,167    
Description of restricted shares       the Company’s 2015 Plan, the Compensation Committee of the Board of Directors of the Company granted an aggregate of 500,000 restricted shares of the Company’s common stock, par value $0.001, to certain employees, officers and directors of the Company, of which 220,000 restricted shares were granted to the Company’s executive officers and directors. There are three types of vesting schedules. First, if the number of restricted shares granted is below 3,000, the shares will vest annually in 2 equal installments over a two year period with the first vesting on June 30, 2017. Second, if the number of restricted shares granted is larger than or equal to 3,000 and is below 10,000, the shares will vest annually in 3 equal installments over a three year period with the first vesting on June 30, 2017. Third, if the number of restricted shares granted is above or equal to 10,000, the shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on December 31, 2016. The fair value of these restricted shares was $2.68 per share on April 19, 2016.          
Restricted Shares Granted on August 23, 2019 [Member]                  
Share-based Compensation (Details) [Line Items]                  
Number of vested shares (in Shares)             288,498    
Restricted Shares Granted on October 23, 2020 [Member]                  
Share-based Compensation (Details) [Line Items]                  
Non-cash share based compensation expense             $ 55,032  
Description of restricted share units   the Company’s 2015 Plan, the Compensation Committee granted an aggregate of 100,000 restricted share units of the Company’s common stock to an employee of the Company. In accordance with the vesting schedule of the grant, the restricted shares will vest semi-annually in 6 equal installments over a three year period with the first vesting on October 30, 2020. The fair value of these restricted shares was $3 per share on October 23, 2020.              
XML 104 R92.htm IDEA: XBRL DOCUMENT v3.21.1
Share-based Compensation (Details) - Schedule of non-vested restricted share units granted
 3 Months Ended
Mar. 31, 2021
shares
Restricted shares granted on August 23, 2019 [Member]  
Share-based Compensation (Details) - Schedule of non-vested restricted share units granted [Line Items]  
Non-vested share, Beginning balance 855,504
Vested (288,498)
Forfeited
Non-vested share, Ending balance 567,006
Restricted Shares Granted on October 23, 2020 [Member]  
Share-based Compensation (Details) - Schedule of non-vested restricted share units granted [Line Items]  
Non-vested share, Beginning balance 83,333
Granted
Vested
Non-vested share, Ending balance 83,333
XML 105 R93.htm IDEA: XBRL DOCUMENT v3.21.1
Income (Loss) Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Earnings Per Share [Abstract]    
Vested restricted shares 288,498 299,332
Unvested restricted shares 11,621,967 1,154,002
XML 106 R94.htm IDEA: XBRL DOCUMENT v3.21.1
Income (Loss) Per Share (Details) - Schedule of calculation of income (loss) per share - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Schedule of calculation of income (loss) per share [Abstract]    
Net (loss) income $ 29,608,168 $ (2,354,111)
Less: Net loss (income) attributable to non-controlling interests 1,114 (5,870)
Net (loss) income attributable to shareholders of CBAK Energy Technology, Inc. $ 29,609,282 $ (2,359,981)
Weighted average shares outstanding – basis (note) (in Shares) 84,283,605 53,293,776
Dilutive unvested restricted stock and warrants $ 650,308
Weighted average shares outstanding - diluted (in Shares) 84,933,913 53,293,776
Basic (in Dollars per share) $ 0.35 $ (0.04)
Diluted (in Dollars per share) $ 0.35 $ (0.04)
XML 107 R95.htm IDEA: XBRL DOCUMENT v3.21.1
Warrants (Details) - shares
 3 Months Ended
Feb. 08, 2021
Dec. 08, 2020
Mar. 31, 2021
Warrants (Details) [Line Items]      
Warrants issued and outstanding     15,797,479
Securities Purchase Agreement [Member]      
Warrants (Details) [Line Items]      
Warrants, description the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 8,939,976 shares of common stock of the Company at a per share purchase price of $7.83. In addition, the Company issued to the investors (i) in a concurrent private placement, the Series A-1 warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.67 and exercisable for 42 months from the date of issuance; (ii) in the registered direct offering, the Series B warrants to purchase a total of 4,469,988 shares of common stock, at a per share exercise price of $7.83 and exercisable for 90 days from the date of issuance; and (iii) in the registered direct offering, the Series A-2 warrants to purchase up to 2,234,992 shares of common stock, at a per share exercise price of $7.67 and exercisable for 45 months from the date of issuance. The Company received gross proceeds of approximately $70 million from the registered direct offering and the concurrent private placement, before deducting fees to the placement agent and other estimated offering expenses of $5.0 million payable by the Company. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 446,999 shares of the Company’s common stock at an exercise price of $9.204 per share exercisable for 36 months after 6 months from the issuance. the Company entered in a securities purchase agreement with certain institutional investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 9,489,800 shares of its common stock at a price of $5.18 per share, for aggregate gross proceeds to the Company of approximately $49 million, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. As part of the transaction, the institutional investors also received warrants (“Investor Warrants”) for the purchase of up to 3,795,920 shares of the Company’s common stock at an exercise price of $6.46 per share exercisable for 36 months from the date of issuance. In addition, the placement agent for this transaction also received warrants (“Placement Agent Warrants”) for the purchase of up to 379,592 shares of the Company’s common stock at an exercise price of $6.475 per share exercisable for 36 months after 6 months from the issuance.  
XML 108 R96.htm IDEA: XBRL DOCUMENT v3.21.1
Warrants (Details) - Schedule of the outstanding warrants - $ / shares
 1 Months Ended 3 Months Ended
Dec. 10, 2020
Dec. 31, 2020
Mar. 31, 2021
Warrants Holder [Member] | Investor Warrants [Member]      
Warrants (Details) - Schedule of the outstanding warrants [Line Items]      
Market price per share (USD/share) (in Dollars per share) $ 5.36    
Exercise price (USD/price) (in Dollars per share) $ 6.46    
Risk free rate 0.20%    
Dividend yield 0.00%    
Expected term/ Contractual life (years) 3 years    
Expected volatility 211.50%    
Warrants Holder [Member] | Placement Agent Warrants [Member]      
Warrants (Details) - Schedule of the outstanding warrants [Line Items]      
Market price per share (USD/share) (in Dollars per share) $ 5.36    
Exercise price (USD/price) (in Dollars per share) $ 6.475    
Risk free rate 0.20%    
Dividend yield 0.00%    
Expected term/ Contractual life (years) 3 years 6 months    
Expected volatility 211.50%    
Appraisal Date [Member] | Investor Warrants [Member]      
Warrants (Details) - Schedule of the outstanding warrants [Line Items]      
Market price per share (USD/share) (in Dollars per share)   $ 5.06 $ 5.10
Exercise price (USD/price) (in Dollars per share)   $ 6.46 $ 6.46
Risk free rate   0.20% 0.30%
Dividend yield   0.00% 0.00%
Expected term/ Contractual life (years)   2 years 328 days 2 years 255 days
Expected volatility   187.60% 134.80%
Appraisal Date [Member] | Placement Agent Warrants [Member]      
Warrants (Details) - Schedule of the outstanding warrants [Line Items]      
Market price per share (USD/share) (in Dollars per share)   $ 5.06 $ 5.1
Exercise price (USD/price) (in Dollars per share)   $ 6.475 $ 6.475
Risk free rate   0.20% 0.40%
Dividend yield   0.00% 0.00%
Expected term/ Contractual life (years)   3 years 146 days 3 years 73 days
Expected volatility   187.60% 125.80%
XML 109 R97.htm IDEA: XBRL DOCUMENT v3.21.1
Warrants (Details) - Schedule of warrants issued - $ / shares
 1 Months Ended
Feb. 10, 2021
Mar. 31, 2021
Investor Warrants Series A1 [Member]    
Warrants (Details) - Schedule of warrants issued [Line Items]    
Market price per share (USD/share) (in Dollars per share) $ 7.36 $ 5.10
Exercise price (USD/price) (in Dollars per share) $ 7.67 $ 7.67
Risk free rate 0.20% 0.50%
Dividend yield 0.00% 0.00%
Expected term/ Contractual life (years) 3 years 6 months 3 years 146 days
Expected volatility 121.80% 123.50%
Investor Warrants Series A2 [Member]    
Warrants (Details) - Schedule of warrants issued [Line Items]    
Market price per share (USD/share) (in Dollars per share) $ 7.36 $ 5.10
Exercise price (USD/price) (in Dollars per share) $ 7.67 $ 7.67
Risk free rate 0.30% 0.50%
Dividend yield 0.00% 0.00%
Expected term/ Contractual life (years) 3 years 292 days 3 years 219 days
Expected volatility 119.50% 121.60%
Investor Warrants Series B [Member]    
Warrants (Details) - Schedule of warrants issued [Line Items]    
Market price per share (USD/share) (in Dollars per share) $ 7.36 $ 5.10
Exercise price (USD/price) (in Dollars per share) $ 7.83 $ 7.83
Risk free rate 0.00% 0.00%
Dividend yield 0.00% 0.00%
Expected term/ Contractual life (years) 109 days 36 days
Expected volatility 214.50% 110.50%
Placement Agent Warrants [Member]    
Warrants (Details) - Schedule of warrants issued [Line Items]    
Market price per share (USD/share) (in Dollars per share) $ 7.36 $ 5.10
Exercise price (USD/price) (in Dollars per share) $ 9.204 $ 9.204
Risk free rate 0.20% 0.50%
Dividend yield 0.00% 0.00%
Expected term/ Contractual life (years) 3 years 6 months 3 years 146 days
Expected volatility 121.80% 123.50%
XML 110 R98.htm IDEA: XBRL DOCUMENT v3.21.1
Warrants (Details) - Schedule of warrants liability measured at fair value on a recurring basis using Level 3 inputs - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Schedule of warrants liability measured at fair value on a recurring basis using Level 3 inputs [Abstract]    
Balance at the beginning of period $ 17,783,000
Warrants issued to institution investors 47,519,000
Warrants issued to placement agent 2,346,000  
Warrants redeemed
Fair value change of warrants included in earnings (28,426,000)  
Balance at end of period $ 39,222,000
XML 111 R99.htm IDEA: XBRL DOCUMENT v3.21.1
Warrants (Details) - Schedule of the warrant activity
 3 Months Ended
Mar. 31, 2021
$ / shares
shares
Schedule of the warrant activity [Abstract]  
Number of Warrants, Outstanding | shares 4,175,512
Average Exercise Price, Outstanding | $ / shares $ 6.46
Weighted Average Remaining Contractual Term in Years, Outstanding 3 years
Number of Warrants, Exercisable | shares 3,795,920
Average Exercise Price, Exercisable | $ / shares $ 6.46
Weighted Average Remaining Contractual Term in Years, Exercisable 2 years 328 days
Number of Warrants, Granted | shares 11,621,967
Average Exercise Price, Granted | $ / shares $ 7.79
Weighted Average Remaining Contractual Term in Years, Granted 2 years 109 days
Number of Warrants, Exercised / surrendered | shares
Average Exercise Price, Exercised / surrendered | $ / shares
Number of Warrants, Expired | shares
Average Exercise Price, Expired | $ / shares
Number of Warrants, Outstanding | shares 15,797,479
Average Exercise Price, Outstanding | $ / shares $ 7.44
Weighted Average Remaining Contractual Term in Years, Outstanding 2 years 109 days
Number of Warrants, Exercisable | shares 14,970,888
Average Exercise Price, Exercisable | $ / shares $ 7.41
Weighted Average Remaining Contractual Term in Years, Exercisable 2 years 109 days
XML 112 R100.htm IDEA: XBRL DOCUMENT v3.21.1
Fair Value of Financial Instruments (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Level 3 [Member]    
Fair Value of Financial Instruments (Details) [Line Items]    
Fair value of warrant liability $ 39,220,000 $ 17,783,000
XML 113 R101.htm IDEA: XBRL DOCUMENT v3.21.1
Commitments and Contingencies (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 02, 2020
Aug. 09, 2019
USD ($)
Aug. 09, 2019
CNY (¥)
Aug. 07, 2019
USD ($)
Aug. 07, 2019
CNY (¥)
Apr. 02, 2019
USD ($)
Apr. 02, 2019
CNY (¥)
Jul. 07, 2016
USD ($)
Jul. 07, 2016
CNY (¥)
Mar. 31, 2021
USD ($)
Jan. 31, 2021
Dec. 31, 2020
USD ($)
Nov. 30, 2020
USD ($)
Nov. 30, 2020
CNY (¥)
Oct. 31, 2020
USD ($)
Oct. 31, 2020
CNY (¥)
Aug. 24, 2020
USD ($)
Jul. 31, 2020
USD ($)
Jul. 31, 2020
CNY (¥)
Jun. 30, 2020
USD ($)
Jun. 30, 2020
CNY (¥)
May 31, 2020
USD ($)
May 31, 2020
CNY (¥)
Apr. 30, 2020
USD ($)
Apr. 30, 2020
CNY (¥)
Mar. 31, 2020
USD ($)
Mar. 31, 2020
CNY (¥)
Mar. 20, 2020
USD ($)
Mar. 20, 2020
CNY (¥)
Feb. 29, 2020
USD ($)
Feb. 29, 2020
CNY (¥)
Feb. 28, 2020
USD ($)
Feb. 28, 2020
CNY (¥)
Jan. 31, 2020
USD ($)
Jan. 31, 2020
CNY (¥)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
CNY (¥)
Nov. 30, 2019
USD ($)
Nov. 30, 2019
CNY (¥)
Oct. 31, 2019
USD ($)
Oct. 31, 2019
CNY (¥)
Sep. 30, 2019
USD ($)
Sep. 30, 2019
CNY (¥)
Jul. 25, 2019
USD ($)
Jul. 25, 2019
CNY (¥)
Dec. 19, 2017
USD ($)
Dec. 19, 2017
CNY (¥)
Jun. 30, 2017
USD ($)
Jun. 30, 2017
CNY (¥)
May 31, 2017
CNY (¥)
Mar. 31, 2021
USD ($)
Mar. 31, 2021
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
CNY (¥)
May 11, 2021
USD ($)
May 11, 2021
CNY (¥)
Mar. 31, 2021
CNY (¥)
Dec. 31, 2020
CNY (¥)
Aug. 24, 2020
CNY (¥)
Jul. 31, 2020
CNY (¥)
Jun. 30, 2020
CNY (¥)
Jun. 28, 2020
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Jun. 28, 2020
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May 31, 2020
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Mar. 20, 2020
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Feb. 29, 2020
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Dec. 31, 2019
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Nov. 30, 2019
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Sep. 30, 2019
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Aug. 09, 2019
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Aug. 07, 2019
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May 20, 2019
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May 20, 2019
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Nov. 08, 2018
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Nov. 08, 2018
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May 31, 2017
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May 31, 2017
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Sep. 07, 2016
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Sep. 07, 2016
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Nov. 30, 2007
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Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Bank deposits | $                   $ 23,929   $ 17,385                                                                             $ 23,929   $ 17,385                                                      
Accrued construction cost                   900,000                                                                                 900,000           ¥ 6,135,860                                              
Power sought a total amount                                                                                                                 50,000                                              
Equipment expense                                                                                                     263,094 ¥ 1,724,000                                                        
Liquidated damages | $                   159,000   159,000                                                                             159,000   159,000                                                     $ 561,174
Commitments and contingencies, description                                                                                   CBAK Power would pay $15,317 (RMB100,000), $7,659 (RMB50,000) and $21,775 (RMB142,164) by October 15, October 30 and November 30, 2019, respectively, and CBAK Power would pay litigation fees of $550 (RMB 3,589) to HSL by the end of November 2019. The Company has settled $22,976 (RMB150,000) in 2019, $11,794 (RMB77,005) in 2020. CBAK Power would pay $15,317 (RMB100,000), $7,659 (RMB50,000) and $21,775 (RMB142,164) by October 15, October 30 and November 30, 2019, respectively, and CBAK Power would pay litigation fees of $550 (RMB 3,589) to HSL by the end of November 2019. The Company has settled $22,976 (RMB150,000) in 2019, $11,794 (RMB77,005) in 2020.                                                                          
Materials purchase cost                                                                                 ¥ 2,397,660                                                                              
Chongqing that Chongqing Zhongrun Chemistry Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Commitments and contingencies, description                                                                               On October 31, 2019, CBAK Power and Chongqing Zhongrun reached an agreement that CBAK Power would pay the material cost by the end of December 31, 2019. In 2020, CBAK Power had paid $198,152 (RMB1,293,653). In August 2020, upon the request of Chongqing Zhongrun for property preservation, the Court of Changshou District ordered to freeze CBAK Power’s bank deposits totaling $0.2 million (RMB1,249,836) for a period of one year to August 2021. As of December 31, 2020, the Company has accrued the material purchase cost of $0.2 million (RMB1,104,007) and $2,224 (RMB14,521) was frozen by bank. In February 2021, CBAK Power and Chongqing Zhongrun entered into a settlement agreement that if CBAK Power would pay $174,018 (RMB1,128,227, including RMB24,220 litigation expenses incurred) to Chongqing Zhongrun before March 5, 2021, Chongqing Zhongrun would waive the claims on interests. Thereafter, CBAK Power fully repaid to Chongqing Zhongrun and the frozen bank deposits were released in March 2021. On October 31, 2019, CBAK Power and Chongqing Zhongrun reached an agreement that CBAK Power would pay the material cost by the end of December 31, 2019. In 2020, CBAK Power had paid $198,152 (RMB1,293,653). In August 2020, upon the request of Chongqing Zhongrun for property preservation, the Court of Changshou District ordered to freeze CBAK Power’s bank deposits totaling $0.2 million (RMB1,249,836) for a period of one year to August 2021. As of December 31, 2020, the Company has accrued the material purchase cost of $0.2 million (RMB1,104,007) and $2,224 (RMB14,521) was frozen by bank. In February 2021, CBAK Power and Chongqing Zhongrun entered into a settlement agreement that if CBAK Power would pay $174,018 (RMB1,128,227, including RMB24,220 litigation expenses incurred) to Chongqing Zhongrun before March 5, 2021, Chongqing Zhongrun would waive the claims on interests. Thereafter, CBAK Power fully repaid to Chongqing Zhongrun and the frozen bank deposits were released in March 2021.                                                                              
Shenzhen Huijie [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount               $ 1,241,648 ¥ 8,430,792                                                                                                                                              
Bank deposits                                                                                                                                                           $ 1,210,799 ¥ 8,430,792  
Contract amount                                                                                                 ¥ 6,135,860                                                              
Litigation fees           $ 30,826 ¥ 209,312                                                                                                                                                  
Construction cost                                                                                                                           $ 245,530 ¥ 1,667,146                 $ 261,316 ¥ 1,774,337 $ 1,344,605 ¥ 9,129,868          
Amount of final judgement not received                   300,000                                                                                 300,000           1,876,458                                              
Shenzhen Huijie [Member] | Construction costs [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount               900,000 6,100,000                                                                                                                                              
Shenzhen Huijie [Member] | Interest [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount               29,812 200,000                                                                                                                                              
Shenzhen Huijie [Member] | Compensation [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount               $ 300,000 ¥ 1,900,000                                                                                                                                              
Shenzhen Huijie [Member] | Remaining Contract Amount [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Contract amount                                                                                                 ¥ 900,000                                                              
Litigation fees | $                                                                                               $ 100,000                                                                
Anyuan Bus [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Power sought a total amount                                                                                                                                                       $ 2,692,174 ¥ 18,279,858      
Provision receivable                       $ 2,659,626                                                                                 2,659,626         ¥ 17,428,000                                            
Anyuan Bus [Member] | Interest [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Contract amount                                                                                                   ¥ 851,858                                                            
Anyuan Bus [Member] | Goods amount [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Contract amount                                                                                           $ 2,566,716 ¥ 17,428,000     ¥ 17,428,000                                                            
Litigation fees                                                                                             ¥ 131,480                                                                  
Shenzhen Xinjiatuo Automobile Technology [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount       $ 290,000 ¥ 1,986,440                                                                             $ 160,000 ¥ 1,112,269                                                                      
Bank deposits   $ 160,000                                                                                                                                       ¥ 1,117,269                    
Litigation fees       9,785 66,440                                                                                                                                                      
Equipment expense   140,000 ¥ 976,000                                                                                 140,000 976,000                                                                      
Litigation fees   736 5,000                                                                                                                                                          
Return of prepayment       200,000 ¥ 1,440,000                                                                                                                                                      
Liquidated damages       $ 70,692                                                                                                                                     ¥ 480,000                  
Shenzhen Xinjiatuo Automobile Technology [Member] | Interest [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount   $ 20,000 ¥ 136,269                                                                                 $ 20,000 ¥ 136,269                                                                      
Shenzhen HSL Business Technology Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                                                                   $ 44,751 ¥ 292,164                                                                          
Power sought a total amount | $                   7,630                                                                                 7,630                                                          
Materials purchase cost                                                                                                         $ 9,981 ¥ 65,159                                                    
Debt reduction agreement amount                   7,630                                                                                 7,630           50,000                                              
Suzhou Industrial Park Security Service Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                                                           $ 21,321 ¥ 139,713                                                                                  
Bank deposits                                                                           20,000       $ 180,000                                                   ¥ 150,000 ¥ 1,181,359                      
Services expenses                                                                           21,198 138,908                       21,198 ¥ 138,908                                                        
Interest                                                                           $ 123 ¥ 805                                                                                  
Bank deposits period                                                                           1 year 1 year     1 year 1 year                                                                          
Frozen by bank                   $ 5,047                                                                                 5,047           33,073                                              
Payments to employee                                                                                   $ 97,779 ¥ 638,359                                                                          
Employee compensation                                                                                   83,173 543,000                                                                          
Employee compensation including salaries, total                                                                                   $ 180,000 ¥ 1,181,359                                                                          
Chongqing that Chongqing Zhongrun Chemistry Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                                                               $ 400,000 ¥ 2,484,948                                                                              
Materials purchase cost | $                                                                               400,000                                                                                
Interest                                                                               13,370 87,288                                                                              
Zhuanghe City that Hunan Zhongke Xingcheng Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                                                               $ 154,003 ¥ 1,005,425                                                                              
Commitments and contingencies, description                                                                               the Company have paid $38,293 (RMB250,000). Upon the request of Hunan Zhongke for property preservation, the Court of Zhuanghe City ordered to freeze CBAK Power’s bank deposits totaling $0.1 million (RMB768,876) for a period of one year to July 2021. As of December 31, 2020, the Company accrued the remaining material purchase cost of $115,710 (RMB755,425) and nil was frozen by bank. In December 2020, CBAK Power and Hunan Zhongke entered into a debt reduction agreement that if CBAK Power would pay $81,368 (RMB531,220) to Hunan Zhongke before January 10, 2021, Hunan Zhongke would cancel the remaining debts of $34,342 (RMB224,205). Thereafter, CBAK Power fully paid $81,368 (RMB531,220) to Hunan Zhongke and the frozen bank deposits were released in January 2021. the Company have paid $38,293 (RMB250,000). Upon the request of Hunan Zhongke for property preservation, the Court of Zhuanghe City ordered to freeze CBAK Power’s bank deposits totaling $0.1 million (RMB768,876) for a period of one year to July 2021. As of December 31, 2020, the Company accrued the remaining material purchase cost of $115,710 (RMB755,425) and nil was frozen by bank. In December 2020, CBAK Power and Hunan Zhongke entered into a debt reduction agreement that if CBAK Power would pay $81,368 (RMB531,220) to Hunan Zhongke before January 10, 2021, Hunan Zhongke would cancel the remaining debts of $34,342 (RMB224,205). Thereafter, CBAK Power fully paid $81,368 (RMB531,220) to Hunan Zhongke and the frozen bank deposits were released in January 2021.                                                                              
Zhuanghe that Dalian Construction Electrical Installation Engineering Co., Ltd. [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Bank deposits                                                                       $ 103,685                                                             ¥ 704,020                          
Accrued construction cost                                                                       101,780                                                             691,086                          
Interest                                                                       $ 1,905 ¥ 12,934                                                                                      
Bank deposits period                                                                       1 year 1 year                                                                                      
Frozen by bank                                                                       $ 97,384                                                             ¥ 661,240                          
Zhuanghe that Dalian Construction Electrical Installation Engineering Co., Ltd. [Member] | Construction costs [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                                                       $ 101,780 ¥ 691,086                                                                                      
Dongguan Shanshan Battery Material Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                                           $ 700,000 ¥ 4,434,209                                                                                                  
Bank deposits                                                           $ 700,000                                                                       ¥ 4,434,209                            
Commitments and contingencies, description                                   CBAK Power and Dongguan Shanshan have agreed to a settlement amount of $0.5 million (RMB3,635,192) and the bank deposit was then released. In October 2020, because the Company failed to pay according to the settlement, Dongguan Shanshan sought a total amount of $0.6 million (RMB3,635,192). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $0.6 million (RMB3,365,192) for a period of one year to October 21, 2021. In late February 2021, CBAK Power and Dongguan Shanshan entered into a settlement agreement that CBAK would pay $260,393, $76,586, $76,586, $76,586, and $32,088 (RMB1,700,000, RMB500,000, RMB500,000, RMB00,000 and RMB209,487) by March 5, March 31, April 30, May 31 and June 30, 2021, respectively, and after the first payment of $260,393 (RMB1,700,000) by March 5, 2021, Dongguan Shanshan would release all the enforcement measures against CBAK Power. CABK Power had made payment on time and the bank deposit was then released. As of March 31, 2021, CBAK Power has accrued the unpaid materials purchase cost of $0.2 million (RMB1.2 million). As of the date of this report, CBAK Power further paid $76,303 (RMB500,000) to Dongguan Shanshan. CBAK Power and Dongguan Shanshan have agreed to a settlement amount of $0.5 million (RMB3,635,192) and the bank deposit was then released. In October 2020, because the Company failed to pay according to the settlement, Dongguan Shanshan sought a total amount of $0.6 million (RMB3,635,192). Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power’s bank deposits totaling $0.6 million (RMB3,365,192) for a period of one year to October 21, 2021. In late February 2021, CBAK Power and Dongguan Shanshan entered into a settlement agreement that CBAK would pay $260,393, $76,586, $76,586, $76,586, and $32,088 (RMB1,700,000, RMB500,000, RMB500,000, RMB00,000 and RMB209,487) by March 5, March 31, April 30, May 31 and June 30, 2021, respectively, and after the first payment of $260,393 (RMB1,700,000) by March 5, 2021, Dongguan Shanshan would release all the enforcement measures against CBAK Power. CABK Power had made payment on time and the bank deposit was then released. As of March 31, 2021, CBAK Power has accrued the unpaid materials purchase cost of $0.2 million (RMB1.2 million). As of the date of this report, CBAK Power further paid $76,303 (RMB500,000) to Dongguan Shanshan.                                                                                                                          
Bank deposits period                                                           1 year 1 year                                                                                                  
BTR Tianjin Nanomaterial Manufacturing Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                                   $ 49,398 ¥ 322,500                                                                                                          
Commitments and contingencies, description                                               In April 2020, CBAK Power and BTRs reached an agreement that CBAK Power would pay BTR $7,659, $19,912 and $21,827 (RMB 50,000, RMB130,000 and RMB142,500) by the end of April, May and June 2020, respectively, and CBAK Power would pay litigation fees of $456 (RMB 2,975) to Tianjing BTR by the end of November, 2020. As of December 31, 2020, CBAK Power has paid $15,317 (RMB100,000) to Tianjin BTR and accrued remaining materials cost $27,234 (RMB177,800) and $6,847 (RMB44,700) for Tianjin BTR and Shenzhen BTR respectively. In late January 2021, CBAK Power and Tianjing BTR reached another settlement agreement to settle all the outstanding debts (including $773 (RMB5,045) litigation expenses) by paying $13,253 (RMB86,525) in cash and return of LFP materials at a value of $14,754 (RMB96,320) and CBAK Power and Shenzhen BTR reached a settlement agreement by returning LFP materials at a value of $6,847 (RMB44,700). Thereafter, CBAK Power fully paid $13,253 (RMB 86,525) and delivered the LFP materials to BTRs, and the lawsuit was settled in March 2021. In April 2020, CBAK Power and BTRs reached an agreement that CBAK Power would pay BTR $7,659, $19,912 and $21,827 (RMB 50,000, RMB130,000 and RMB142,500) by the end of April, May and June 2020, respectively, and CBAK Power would pay litigation fees of $456 (RMB 2,975) to Tianjing BTR by the end of November, 2020. As of December 31, 2020, CBAK Power has paid $15,317 (RMB100,000) to Tianjin BTR and accrued remaining materials cost $27,234 (RMB177,800) and $6,847 (RMB44,700) for Tianjin BTR and Shenzhen BTR respectively. In late January 2021, CBAK Power and Tianjing BTR reached another settlement agreement to settle all the outstanding debts (including $773 (RMB5,045) litigation expenses) by paying $13,253 (RMB86,525) in cash and return of LFP materials at a value of $14,754 (RMB96,320) and CBAK Power and Shenzhen BTR reached a settlement agreement by returning LFP materials at a value of $6,847 (RMB44,700). Thereafter, CBAK Power fully paid $13,253 (RMB 86,525) and delivered the LFP materials to BTRs, and the lawsuit was settled in March 2021.                                                                                                              
United Winners Laser Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                           $ 400,000 ¥ 2,845,844                                                                                                                  
Equipment expense                                           400,000 2,692,000                                                                                                                  
Commitments and contingencies, description                       CBAK Power and United Winners reached a settlement agreement to settle all the debts by paying $0.29 million (RMB1,884,400) by December 30, 2020 in cash and delivery of 3 electric vehicles to offset debt of $41,234 (RMB269,200), and the remaining debt of $82,468 (RMB538,400) would be relieved. CBAK Power paid $0.29 million (RMB1,884,400) and delivered the 3 electric vehicles to United Winners in December 31, 2020, and the lawsuit was settled in February 2021.                                                                                                                                        
Interest                                           23,565 153,844                                                                                                                  
Beijing Hongfa Electric Technology Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                       $ 29,993 ¥ 195,810                                                                                                                      
Commitments and contingencies, description                                                                                                         CBAK Power would pay Hongfa $23,646 (RMB 154,375) by the January 10, 2021, and the remaining debt of $6,347 (RMB41,435) would be relieved. As of December 31, 2020, CBAK Power repaid $22,976 (RMB150,000) and accrued materials cost of $7, 017 (RMB45,810). Thereafter, CBAK Power fully paid to Hongfa, and the lawsuit was settled in January 2021. CBAK Power would pay Hongfa $23,646 (RMB 154,375) by the January 10, 2021, and the remaining debt of $6,347 (RMB41,435) would be relieved. As of December 31, 2020, CBAK Power repaid $22,976 (RMB150,000) and accrued materials cost of $7, 017 (RMB45,810). Thereafter, CBAK Power fully paid to Hongfa, and the lawsuit was settled in January 2021.                                                    
Cangzhou Huibang Engineering Manufacturing Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                                       $ 310,000 ¥ 2,029,594                                                                                                      
Bank deposits                                                       400,000                                                                         ¥ 2,650,000                              
Commitments and contingencies, description                                                                                                         the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947) and $18,518 (RMB120,898) was frozen by bank. In late February 2021, CBAK Power and Cangzhou Huibang entered into a settlement agreement that if CBAK Power would pay $0.3 million (RMB1,965,447) within 10 days from the signature date of the agreement, Cangzhou Huibang would waive the remaining claims. Thereafter, CBAK Power paid $0.3 million (RMB1,965,447) to Cangzhou Huibang and the frozen bank deposits were released in March 2021. the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947) and $18,518 (RMB120,898) was frozen by bank. In late February 2021, CBAK Power and Cangzhou Huibang entered into a settlement agreement that if CBAK Power would pay $0.3 million (RMB1,965,447) within 10 days from the signature date of the agreement, Cangzhou Huibang would waive the remaining claims. Thereafter, CBAK Power paid $0.3 million (RMB1,965,447) to Cangzhou Huibang and the frozen bank deposits were released in March 2021.                                                    
Materials purchase cost                                                       300,000 1,932,947                                                                                                      
Interest                                                       $ 14,804 ¥ 96,647                                                                                                      
Bank deposits period                                                       1 year 1 year                                                                                                      
Shenzhen Klclear Technology Co., Ltd. [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                                                   $ 1,000,000 ¥ 6,250,764                                                                                          
Interest                                                               $ 800,000 ¥ 5,238,495                                                                                              
Tianjin Changxing Metal Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                           29,652 193,588                                                                                                                  
Bank deposits                                 $ 32,915                                                                                   ¥ 214,892                                          
Commitments and contingencies, description                                                                                                         CBAK Power accrued the material purchase cost of $29,652 (RMB193,588). In late December 2020, CBAK Power and Tianjin Changxing entered into a debt reduction agreement that if CBAK Power would pay $26,755 (RMB174,671) to Tianjin Changxing, Tianjin Changxing would cancel the remaining debts. Thereafter, CBAK Power fully paid to Tianjin Changxing and the frozen bank deposits were released in January 2021. CBAK Power accrued the material purchase cost of $29,652 (RMB193,588). In late December 2020, CBAK Power and Tianjin Changxing entered into a debt reduction agreement that if CBAK Power would pay $26,755 (RMB174,671) to Tianjin Changxing, Tianjin Changxing would cancel the remaining debts. Thereafter, CBAK Power fully paid to Tianjin Changxing and the frozen bank deposits were released in January 2021.                                                    
Bank deposits period                                 1 year                                                                                                                              
Tianjin Changyuan Electric Material Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                           13,040 85,136                                                                                                                  
Bank deposits                                   $ 13,041                                                                                   ¥ 85,136                                        
Commitments and contingencies, description                   CBAK Power and Tianjin Changyuan entered into a debt reduction agreement that if CBAK Power would pay $9,851 (RMB 64,314) to Tianjin Changyuan before April 30, 2021, Tianjin Changyuan would cancel the remaining debts of $2,463 (RMB16,079). CBAK Power has paid $9,851 (RMB 64,314) in March 2021.                                                                                                                                            
Materials purchase cost                                           $ 12,166 ¥ 79,429                                                                                                                  
Bank deposits period                                           1 year 1 year                                                                                                                  
Frozen by bank                       $ 13,041                                                                                 $ 13,041         85,136                                            
Accrued materials purchase cost                       12,314                   $ 874                                                             $ 12,314         80,393           ¥ 5,707                                
New Energy Technology Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                       11,886 77,599                                                                                                                      
Contract amount                                       11,240 73,380                                                                                                                      
Commitments and contingencies, description                                                                                                         CBAK Power, CBAK Suzhou and Ligao entered into a debt reduction agreement that if CBAK Power would pay $7,961 (RMB51,975) to Ligao, Ligao would cancel all the remaining debts. Thereafter, CBAK Power fully paid $7,961 (RMB51,975) to Ligao, and the lawsuit was settled in January 2021. CBAK Power, CBAK Suzhou and Ligao entered into a debt reduction agreement that if CBAK Power would pay $7,961 (RMB51,975) to Ligao, Ligao would cancel all the remaining debts. Thereafter, CBAK Power fully paid $7,961 (RMB51,975) to Ligao, and the lawsuit was settled in January 2021.                                                    
Interest                                       646 4,219                                                                                                                      
Accrued materials purchase cost                       11,240                                                                                 $ 11,240         73,380                                            
Jiangxi Ganfeng Battery Technology Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                       115,764 755,780                                                                                                                      
Bank deposits                                       115,764                                                                                 ¥ 755,780                                      
Contract amount                                       112,277 733,009                                                                                                                      
Interest                                       $ 3,487 ¥ 22,771                                                                                                                      
Bank deposits period                                       1 year 1 year                                                                                                                      
Jihongkai Machine Equipment Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                       $ 26,916 ¥ 175,722                                                                                                                      
Commitments and contingencies, description                     CBAK Power, CBAK Suzhou and Jihongkai entered into a settlement agreement to settle all the debts and related litigation expenses by paying $12,213 (RMB79,736) in cash and delivery of an electric vehicle at a value of $15,287 (RMB99,800) from CBAK Power to Jihongkai. Thereafter, CBAK Power fully paid $12,213 (RMB79,736) and delivered the electric vehicle to Jihongkai, and the lawsuit was settled in January 2021.                                                                                                                                          
Accrued materials purchase cost                       26,916                                                                                 $ 26,916         175,722                                            
Nanjing Jinlong Chemical Co., Ltd. [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                       125,443 ¥ 822,000                                                                                                                      
Bank deposits                                       $ 125,908                                                                                 822,000                                      
Bank deposits period                                       1 year 1 year                                                                                                                      
Frozen by bank                   $ 2,422                                                                                 2,422           15,869                                              
Accrued materials purchase cost                   $ 125,443                                                                                 $ 125,443           ¥ 822,000                                              
Xi’an Anpu New Energy Technology Co. LTD [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                       $ 129,270 ¥ 843,954                                                                                                                      
Bank deposits                                                                                                             $ 129,270 ¥ 843,954                                                
Equipment expense                                       117,636 768,000                                                                                                                      
Liquidated damages                                       11,634                                                                                 ¥ 75,954                                      
Commitments and contingencies, description                                                                                                         CBAK Power accrued the equipment purchase cost of $117,636 (RMB768,000). In January 2021, CBAK Power and Xi’an Anpu entered into a settlement agreement to settle all the debts by paying $64,406 (RMB420,478) in cash and delivery of 3 electric vehicles at a value of $45,952 (RMB300,000). Thereafter, CBAK Power fully paid $64,406 (RMB420,479) and delivered the 3 electric vehicles to Xi’an Anpu, and the lawsuit was settled in February 2021. CBAK Power accrued the equipment purchase cost of $117,636 (RMB768,000). In January 2021, CBAK Power and Xi’an Anpu entered into a settlement agreement to settle all the debts by paying $64,406 (RMB420,478) in cash and delivery of 3 electric vehicles at a value of $45,952 (RMB300,000). Thereafter, CBAK Power fully paid $64,406 (RMB420,479) and delivered the 3 electric vehicles to Xi’an Anpu, and the lawsuit was settled in February 2021.                                                    
Frozen by bank                       98,284                                                                                 $ 98,284         641,656                                            
Shenzhen Gd Laser Technology Co., Ltd. [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                       24,713 161,346                                                                                                                      
Equipment expense                                       22,975 150,000                                                               $ 22,975 ¥ 150,000                                                    
Interest                                       1,738 11,346                                                                                                                      
Shandong Tianjiao New Energy Co. LTD [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                   391,777 ¥ 2,557,756                                                                                                                          
Bank deposits                                   $ 500,000                                                                                   ¥ 3,000,000                                        
Commitments and contingencies, description                                                                                                         CBAK and Tianjiao reached an agreement that CBAK would pay Tianjiao $45,952 (RMB300,000) by the end of each month from December 2020 to July 2021, and RMB 157,756 by the end of August 2021. As of March 31, 2020, CBAK Power accrued unpaid materials cost $207,202 (RMB1,357,756) and nil was frozen by bank. CBAK and Tianjiao reached an agreement that CBAK would pay Tianjiao $45,952 (RMB300,000) by the end of each month from December 2020 to July 2021, and RMB 157,756 by the end of August 2021. As of March 31, 2020, CBAK Power accrued unpaid materials cost $207,202 (RMB1,357,756) and nil was frozen by bank.                                                    
Bank deposits period                                   1 year 1 year                                                                                                                          
Shanghai Shengmeng Industrial Technology Co., Ltd. [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                             $ 13,429 ¥ 87,672                                                                                                                                
Commitments and contingencies, description                         CBAK and Shengmeng reached an agreement that CBAK would pay $4,595 (RMB30,000) by November 30, 2020 and $5,004 (RMB 32,672) by December 20, 2020, and CBAK would pay litigation fees of $156 (RMB1,021) to Shengmeng. Thereafter, CBAK Power fully paid off the debts to Shengmeng, and the lawsuit was settled in March 2021. CBAK and Shengmeng reached an agreement that CBAK would pay $4,595 (RMB30,000) by November 30, 2020 and $5,004 (RMB 32,672) by December 20, 2020, and CBAK would pay litigation fees of $156 (RMB1,021) to Shengmeng. Thereafter, CBAK Power fully paid off the debts to Shengmeng, and the lawsuit was settled in March 2021.                                                                                                                                    
Jiuzhao New Energy Technology Co., Ltd. [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                             0.9 6,000,000                                                                                                                                
Equipment expense                             0.9 5,870,267                                                                                                                                
Commitments and contingencies, description CBAK and Jiuzhao reached an agreement that CBAK Power would pay Jiuzhao $76,586 (RMB500,000) by the end of each month from December 2020 to October 2021, and $56,715 (RMB370,267) by November 30, 2021, and CBAK would pay litigation fees of $4,886 (RMB 31,900) to Jiuzhao. As of March 31, 2020, CBAK Power has accrued $0.6 million (RMB3,870,267) material cost and $37,769 (RMB247,492) was frozen by bank. As of the date of this report, CBAK Power has fully paid off the debts to Jiuzhao, and the frozen bank deposits were released in April 2021.                                                                                                                                                              
Interest                             $ 19,871 ¥ 129,733                                                                                                                                
Dalian Tianda Metal Machinery Trade Co., Ltd. [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                         $ 27,365 ¥ 178,655                                                                                                                                    
Commitments and contingencies, description                                                                                                         CBAK Power and Tianda reached an agreement that CBAK Power would pay Tianda $7,659 (RMB50,000) by the 30th of each month from November 2020 to January 2021, and $4,389 (RMB28,655) by end of February 2021, and CBAK Power would pay litigation fees of $297 (RMB1,937) to Tianda by November 30, 2020. As of December 31, 2020, CBAK Power has accrued $18,358 (RMB119,855) material cost and nil was frozen by bank. Thereafter, CBAK Power fully paid off the debts to Tianda, and the lawsuit was settled in February 2021. CBAK Power and Tianda reached an agreement that CBAK Power would pay Tianda $7,659 (RMB50,000) by the 30th of each month from November 2020 to January 2021, and $4,389 (RMB28,655) by end of February 2021, and CBAK Power would pay litigation fees of $297 (RMB1,937) to Tianda by November 30, 2020. As of December 31, 2020, CBAK Power has accrued $18,358 (RMB119,855) material cost and nil was frozen by bank. Thereafter, CBAK Power fully paid off the debts to Tianda, and the lawsuit was settled in February 2021.                                                    
Shenzhen Haoneng Technology Co., Ltd. [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                                                                                         $ 266,182 ¥ 1,737,797                                                    
Equipment expense                                                                                                         $ 263,094 ¥ 1,724,000                                                    
Commitments and contingencies, description                                                                                                         CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Haoneng filed another lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Haoneng sought a total amount of $1.57million (RMB10,257,030), including equipment cost of $1.4 million (RMB9,072,000) and interest amount of $0.17 million (RMB1,185,030). As of March 31, 2021, the equipment was not received by CBAK Power, CBAK Power has included the equipment cost of $1.4 million8 (RMB9,072,000) under capital commitments. CBAK Power received notice from Court of Dalian Economic and Technology Development Zone that Haoneng filed another lawsuit against CBAK Power for failure to pay pursuant to the terms of the purchase contract. Haoneng sought a total amount of $1.57million (RMB10,257,030), including equipment cost of $1.4 million (RMB9,072,000) and interest amount of $0.17 million (RMB1,185,030). As of March 31, 2021, the equipment was not received by CBAK Power, CBAK Power has included the equipment cost of $1.4 million8 (RMB9,072,000) under capital commitments.                                                    
Interest                                                                                                         $ 2,106 ¥ 13,797                                                    
Suzhou Suwangda Plastic Product Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                               $ 13,325 ¥ 86,992                                                                                                              
Commitments and contingencies, description                   CBAK Power, CBAK Suzhou and Suwangda entered into a settlement agreement to settle all the debts by paying $9,670 (RMB63,134) from CBAK Power to Suwangda. Thereafter, CBAK Power fully paid $9,670 (RMB63,134) and the lawsuit was settled in March 2021. The remaining $3,654 (RMB23,858) was waived by Suwangda.                                                                                                                                            
Accrued materials purchase cost                       $ 13,325                                                                                 $ 13,325         ¥ 86,992                                            
Shandong Hangewei New Energy Vehicle Control Co., Ltd [Member]                                                                                                                                                                
Commitments and Contingencies (Details) [Line Items]                                                                                                                                                                
Plaintiff sought a total amount                                       $ 16,307 ¥ 106,464                                                                                                                      
Commitments and contingencies, description                             CBAK Power and Hangewei entered into a settlement agreement to settle all the debts by paying Hangewei $1,532 (RMB10,000) and $12,254 (RMB80,000) by the end of October and November 2020, respectively. CBAK Power paid $13,786 (RMB90,000) before December 31, 2020 and the remaining $2,521 (RMB16,464) was waived by Hangewei. CBAK Power and Hangewei entered into a settlement agreement to settle all the debts by paying Hangewei $1,532 (RMB10,000) and $12,254 (RMB80,000) by the end of October and November 2020, respectively. CBAK Power paid $13,786 (RMB90,000) before December 31, 2020 and the remaining $2,521 (RMB16,464) was waived by Hangewei.                                                                                                                                
XML 114 R102.htm IDEA: XBRL DOCUMENT v3.21.1
Commitments and Contingencies (Details) - Schedule of capital commitments - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Long-term Purchase Commitment [Line Items]    
Capital commitments $ 213,068,511 $ 240,889,422
For construction of buildings [Member    
Long-term Purchase Commitment [Line Items]    
Capital commitments 1,995,782 2,465,092
For purchases of equipment [Member]    
Long-term Purchase Commitment [Line Items]    
Capital commitments 19,255,199 10,308,416
Capital injection [Member]    
Long-term Purchase Commitment [Line Items]    
Capital commitments $ 191,817,530 $ 228,115,914
XML 115 R103.htm IDEA: XBRL DOCUMENT v3.21.1
Concentrations and Credit Risk (Details)
 3 Months Ended
Mar. 31, 2021
USD ($)
Concentrations and Credit Risk (Details) [Line Items]  
Repayment $ 2,327,491
Zhengzhou BAK Electronics Co., Ltd. [Member]  
Concentrations and Credit Risk (Details) [Line Items]  
Equity Interests $ 0.95
XML 116 R104.htm IDEA: XBRL DOCUMENT v3.21.1
Concentrations and Credit Risk (Details) - Schedule of revenue by major customers by reporting segments - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Customer A [Member]    
Revenue, Major Customer [Line Items]    
Net revenues $ 2,903,261 $ 2,093,093
Concentration risk, Percentage 30.83% 30.33%
Customer B [Member]    
Revenue, Major Customer [Line Items]    
Net revenues $ 1,789,045 [1]
Concentration risk, Percentage 19.00% [1]
Customer C [Member]    
Revenue, Major Customer [Line Items]    
Net revenues $ 1,348,200 [1]
Concentration risk, Percentage 14.32% [1]
Customer D [Member]    
Revenue, Major Customer [Line Items]    
Net revenues [1] $ 3,796,267
Concentration risk, Percentage [1] 55.01%
[1] Comprised less than 10% of net revenue for the respective period.
XML 117 R105.htm IDEA: XBRL DOCUMENT v3.21.1
Concentrations and Credit Risk (Details) - Schedule of accounts receivable by major customer - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Customer A [Member]    
Concentrations and Credit Risk (Details) - Schedule of accounts receivable by major customer [Line Items]    
Accounts receivable $ 6,335,867 $ 3,148,737
Concentration risk, percentage of accounts receivable 28.13% 11.23%
Zhengzhou BAK Battery Co., Ltd [Member]    
Concentrations and Credit Risk (Details) - Schedule of accounts receivable by major customer [Line Items]    
Accounts receivable $ 8,437,625 $ 15,258,164
Concentration risk, percentage of accounts receivable 37.46% 54.42%
XML 118 R106.htm IDEA: XBRL DOCUMENT v3.21.1
Concentrations and Credit Risk (Details) - Schedule of net purchase by suppliers - USD ($)
Mar. 31, 2021
Mar. 31, 2020
Supplier A [Member]    
Concentrations and Credit Risk (Details) - Schedule of net purchase by suppliers [Line Items]    
Net purchase $ 659,513 [1]
Concentration risk, percentage of net purchase 10.21% [1]
Zhengzhou BAK Battery Co., Ltd [Member]    
Concentrations and Credit Risk (Details) - Schedule of net purchase by suppliers [Line Items]    
Net purchase $ 1,259,309 [1]
Concentration risk, percentage of net purchase 19.49% [1]
Shenzhen BAK [Member]    
Concentrations and Credit Risk (Details) - Schedule of net purchase by suppliers [Line Items]    
Net purchase [1] $ 3,841,680
Concentration risk, percentage of net purchase [1] 82.43%
[1] Comprised less than 10% of net purchase for the respective period.
XML 119 R107.htm IDEA: XBRL DOCUMENT v3.21.1
Concentrations and Credit Risk (Details) - Schedule of accounts payable by suppliers - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Supplier B [Member]    
Concentrations and Credit Risk (Details) - Schedule of accounts payable by suppliers [Line Items]    
Accounts payable $ 1,728,201 $ 9,272,478
Concentration risk, percentage of accounts payable 19.08% 47.40%
Supplier C [Member]    
Concentrations and Credit Risk (Details) - Schedule of accounts payable by suppliers [Line Items]    
Accounts payable $ 950,038 $ 2,017,814
Concentration risk, percentage of accounts payable 10.49% 10.32%
Supplier D [Member]    
Concentrations and Credit Risk (Details) - Schedule of accounts payable by suppliers [Line Items]    
Accounts payable $ 947,819
Concentration risk, percentage of accounts payable 10.46%
XML 120 R108.htm IDEA: XBRL DOCUMENT v3.21.1
Concentrations and Credit Risk (Details) - Schedule of transactions - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
BAK Shenzhen [Member]    
Concentrations and Credit Risk (Details) - Schedule of transactions [Line Items]    
Sales of finished goods and raw materials [1] $ 69,226
Zhengzhou BAK Battery Co., Ltd [Member]    
Concentrations and Credit Risk (Details) - Schedule of transactions [Line Items]    
Sales of finished goods and raw materials [2] 108,290
Zhengzhou BAK Electronics Co., Ltd. [Member]    
Concentrations and Credit Risk (Details) - Schedule of transactions [Line Items]    
Sales of finished goods and raw materials [3] 412,353
Trade accounts and bills receivables, net [3] 461,024
Zhengzhou BAK New Energy Vehicle Co., Ltd [Member]    
Concentrations and Credit Risk (Details) - Schedule of transactions [Line Items]    
Trade accounts and bills receivables, net [4] $ 911,599 $ 1,759,050
[1] Mr. Xiangqian Li is a director of Shenzhen BAK and BAK Shenzhen.
[2] Mr. Xiangqian Li, the Company’s former CEO, is a director of Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $2,327,491 to the Company.
[3] BAK Shenzhen has 95% equity interests in Zhengzhou BAK Electronics Co., Ltd. Up to the date of this report, Zhengzhou BAK Electronics Co., Ltd. repaid nil to the Company.
[4] Mr. Xiangqian Li is a director of Zhengzhou BAK New Energy Vehicle Co., Ltd. For the three months ended March 31, 2020 and 2021, sales of finished goods and raw materials to Zhengzhou BAK New Energy Vehicle Co., Ltd were nil. Up to the date of this report, Zhengzhou BAK New Energy Technology Co., Ltd repaid nil to the Company.
XML 121 R109.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Information (Details)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Number of segment 1
XML 122 R110.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Information (Details) - Schedule of net revenues from manufacture of batteries by products - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue from External Customer [Line Items]    
Net revenues $ 9,416,049 $ 6,901,274
Net revenues by product [Member]    
Revenue from External Customer [Line Items]    
Net revenues 8,898,663 6,901,274
Net revenues by product [Member] | Electric vehicles [Member]    
Revenue from External Customer [Line Items]    
Net revenues 100,976 215,118
Net revenues by product [Member] | Light electric vehicles [Member]    
Revenue from External Customer [Line Items]    
Net revenues 34,104 751
Net revenues by product [Member] | Uninterruptable supplies [Member]    
Revenue from External Customer [Line Items]    
Net revenues 8,763,583 $ 6,685,405
Net revenues by product [Member] | Raw materials used in lithium batteries [Member]    
Revenue from External Customer [Line Items]    
Net revenues $ 517,386  
XML 123 R111.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Information (Details) - Schedule of net revenues from manufacture of batteries by geographical areas - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Segment Information (Details) - Schedule of net revenues from manufacture of batteries by geographical areas [Line Items]    
Net revenues $ 9,416,049 $ 6,901,274
Mainland China [Member]    
Segment Information (Details) - Schedule of net revenues from manufacture of batteries by geographical areas [Line Items]    
Net revenues 7,625,793 6,876,789
Europe [Member]    
Segment Information (Details) - Schedule of net revenues from manufacture of batteries by geographical areas [Line Items]    
Net revenues 1,789,045  
Others [Member]    
Segment Information (Details) - Schedule of net revenues from manufacture of batteries by geographical areas [Line Items]    
Net revenues $ 1,211 $ 24,485
XML 124 R112.htm IDEA: XBRL DOCUMENT v3.21.1
Subsequent Events (Details)
Apr. 21, 2021
Apr. 01, 2021
Subsequent Events [Abstract]    
Subsequent events, description CBAK Power, along with Shenzhen BAK Power Battery Co., Ltd (BAK SZ), Shenzhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics) and Xiaoxia Liu, entered into an investment agreement with Junxiu Li, Hunan Xintao New Energy Technology Partnership, Xingyu Zhu, and Jiangsu Saideli Pharmaceutical Machinery Manufacturing Co., Ltd for an investment in Hunan DJY Technology Co., Ltd ("DJY"). CBAK Power has paid $1.4 million (RMB9,000,000) to acquire 9.74% of the equity interests of DJY. CBAK Power has appointed one director to the Board of Directors of DJY. DJY is an unrelated third party of the Company engaging in researching and manufacturing of raw materials and equipment. CBAK Power entered into a framework investment agreement with Hangzhou Juzhong Daxin Asset Management Co., Ltd. ("Juzhong Daxin") for a potential acquisition of Zhejiang Meidu Hitrans Lithium Battery Technology Co., Ltd ("Hitrans"). Juzhong Daxin is the trustee of 85% of equity interests of Hitrans and has the voting right and right to dividend over the 85% of equity interests. Subject to definitive acquisition agreements to be entered into among the parties, including shareholders owning the 85% of equity interests of Hitrans, CBAK Power intends to acquire 85% of equity interests of Hitrans in cash in 2021. As of date of this report, CBAK Power has paid $3.05 million (RMB20,000,000) to Juzhong Daxin as a security deposit. Hitrans is an unrelated third party of the Company engaging in researching, manufacturing and trading of raw materials and is one of the major suppliers of the Company in fiscal 2020.
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