| Schedule of Aggregate Fair Values of the Assets Acquired and Liabilities Assumed |
The following table summarizes the estimated aggregate fair values
of the assets acquired and liabilities assumed as of the closing date, November 26, 2021.
| Cash and bank | |
$ | 7,323,654 | |
| Debts product | |
| 3,144 | |
| Trade and bills receivable, net | |
| 37,759,688 | |
| Inventories | |
| 13,616,922 | |
| Prepayments and other receivables | |
| 1,384,029 | |
| Income tax recoverable | |
| 47,138 | |
| Amount due from trustee | |
| 11,788,931 | |
| Property, plant and equipment, net | |
| 21,190,890 | |
| Construction in progress | |
| 2,502,757 | |
| Intangible assets, net | |
| 1,957,187 | |
| Prepaid land use rights, noncurrent | |
| 6,276,898 | |
| Leased assets, net | |
| 48,394 | |
| Deferred tax assets | |
| 1,715,998 | |
| Short term bank loan | |
| (8,802,402 | ) |
| Other short term loans – CBAK Power | |
| (20,597,522 | ) |
| Trade accounts and bills payable | |
| (38,044,776 | ) |
| Accrued expenses and other payables | |
| (7,439,338 | ) |
| Deferred government grants | |
| (290,794 | ) |
| Land appreciation tax | |
| (464,162 | ) |
| Deferred tax liabilities | |
| (333,824 | ) |
| Net assets | |
| 29,642,812 | |
| Less: Waiver of dividend payable | |
| 1,250,181 | |
| Total net assets acquired | |
| 30,892,993 | |
| Non-controlling interest (24.43%) | |
| (7,547,158 | ) |
| Goodwill | |
| 1,606,518 | |
| Total identifiable net assets | |
| 24,952,353 | |
|
| Schedule of Consideration Transferred to Effect the Acquisition |
The components of the consideration transferred to effect the Acquisition
are as follows:
| | |
RMB | | |
USD | |
| Cash consideration for 60% registered equity interest (representing 54.39% of paid-up capital) of Hitrans from Meidu Graphene | |
| 118,000,000 | | |
| 18,547,918 | |
| Cash consideration for 21.56% registered equity interest (representing 21.18% of paid-up capital) of Hitrans from Hitrans management | |
| 40,744,376 | | |
| 6,404,435 | |
| Total Purchase Consideration | |
| 158,744,376 | | |
| 24,952,353 | |
|