CHINA BAK BATTERY INC
CIK:0001117171|SEC Filings
Condensed Consolidated Statements of Cash Flows - USD ($) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Cash flows from operating activities | ||
| Net loss | $ (8,962,290) | $ (2,050,982) |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization | 3,426,644 | 2,123,633 |
| Allowance for credit losses | 48,817 | (58,395) |
| Write-down of inventories | 2,592,622 | 934,424 |
| Share-based compensation | 443 | 27,066 |
| Share of (income) of an equity investee | (55,125) | |
| Amortization of operating lease right-of-use assets | 254,310 | 292,950 |
| Change in fair value of financial derivatives | 1,128,941 | |
| Loss on disposal of property, plant and equipment | 205,945 | |
| Changes in operating assets and liabilities: | ||
| Trade and bills receivable | (7,550,444) | (7,717,786) |
| Inventories | (26,753,382) | 8,748,990 |
| Prepayments and other receivables | (1,043,933) | 1,987,955 |
| Trade and bills payable | 47,272,981 | 8,206,996 |
| Accrued expenses and other payables and product warranty provisions | 11,807,100 | (4,441,468) |
| Lease liabilities | (145,066) | (124,846) |
| Trade receivable from and payables to a former subsidiary | 1,992 | 3,447 |
| Net cash (used in) provided by operating activities | 22,284,680 | (9,621,121) |
| Cash flows from investing activities | ||
| Purchases of property, plant and equipment and construction in progress | (11,784,371) | (12,689,383) |
| Government subsidy | 2,786,615 | |
| Net cash used in investing activities | (11,784,371) | (9,902,768) |
| Cash flows from financing activities | ||
| Proceeds from bank borrowings | 23,251,835 | 24,337,737 |
| Repayment of bank borrowings | (11,379,607) | (17,143,957) |
| Principal payments on finance leases | (558,210) | |
| Placement of term deposits | (1,268,009) | |
| Net cash provided by financing activities | 11,314,018 | 5,925,771 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 1,105,254 | 346,819 |
| Net (decrease) increase in cash and cash equivalents and restricted cash | 22,919,581 | (13,251,299) |
| Cash and cash equivalents and restricted cash at the beginning of period | 75,677,262 | 60,786,002 |
| Cash and cash equivalents and restricted cash at the end of period | 98,596,843 | 47,534,703 |
| Supplemental non-cash investing and financing activities: | ||
| Transfer of construction in progress to property, plant and equipment | 11,575,706 | 461,234 |
| Cash paid during the period for: | ||
| Income taxes | ||
| Interest, net of amounts capitalized | $ 252,420 | $ 155,212 |
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | $ 9,338,921 | $ 8,301,149 |
| Pledged deposits | 89,257,922 | 67,376,113 |
| Trade and bills receivable, net | 46,499,152 | 38,405,398 |
| Inventories | 75,673,735 | 50,602,287 |
| Prepayments and other receivables | 16,863,416 | 15,170,915 |
| Receivables from former subsidiary | 2,459 | 4,389 |
| Income tax recoverable | 790,171 | 778,460 |
| Total current assets | 238,425,776 | 180,638,711 |
| Property, plant and equipment, net | 188,221,344 | 179,058,801 |
| Construction in progress | 29,689,789 | 32,046,421 |
| Long-term investments, net | 2,522,973 | 2,485,580 |
| Prepaid land use rights | 12,405,935 | 12,308,864 |
| Intangible assets, net | 68,309 | 71,654 |
| Deposit paid for acquisition of long-term investments | 16,751,291 | 16,503,014 |
| Operating lease right-of-use assets, net | 2,920,127 | 3,068,591 |
| Total assets | 491,005,544 | 426,181,636 |
| Current liabilities | ||
| Trade and bills payable | 203,021,449 | 153,345,745 |
| Short-term bank borrowings | 37,386,698 | 28,532,938 |
| Other short-term loans | 337,715 | 337,156 |
| Accrued expenses and other payables | 122,673,008 | 113,651,948 |
| Payable to a former subsidiary, net | 402,708 | 407,506 |
| Deferred government grants, current | 587,312 | 578,606 |
| Product warranty provisions | 482,978 | 339,136 |
| Operating lease liability, current | 1,178,848 | 1,347,803 |
| Finance lease liability, current | 2,124,717 | 1,307,170 |
| Income tax payable | 7,427 | |
| Total current liabilities | 368,202,860 | 299,848,008 |
| Long-term bank borrowings | 7,652,360 | 4,118,628 |
| Deferred government grants, non-current | 10,201,984 | 10,195,428 |
| Product warranty provisions | 413,301 | 446,553 |
| Operating lease liability, non-current | 2,228,986 | 2,093,428 |
| Finance lease liability, non-current | 97,281 | |
| Total liabilities | 388,796,772 | 316,702,045 |
| Commitments and contingencies | ||
| Shareholders’ equity | ||
| Common stock $0.001 par value; 500,000,000 authorized; 88,645,836 issued and outstanding as of December 31, 2025 and March 31, 2026 | 88,646 | 88,646 |
| Donated shares | 7,955,358 | 7,955,358 |
| Additional paid-in capital | 248,500,619 | 248,500,176 |
| Statutory reserves | 3,042,602 | 3,042,602 |
| Accumulated deficit | (143,083,312) | (133,795,940) |
| Accumulated other comprehensive loss | (11,342,954) | (13,112,769) |
| Total shareholders’ equity | 105,160,959 | 112,678,073 |
| Non-controlling interests | (2,952,187) | (3,198,482) |
| Total equity | 102,208,772 | 109,479,591 |
| Total liabilities and shareholder’s equity | $ 491,005,544 | $ 426,181,636 |