Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash $ 9,324,393 $ 5,849,967
Restricted cash 11,213,640 11,656,204
Accounts receivable, net 46,280,769 36,139,866
Amount due from Yipeng 7,517,250 0
Notes receivable 1,093,730 1,757,709
Prepayments and other receivables 6,899,872 6,060,904
Inventories 22,207,333 19,218,331
Total Current Assets 104,536,987 80,682,981
Property, plant and equipment, net 43,504,991 47,464,186
Land use right, net 3,622,435 3,963,003
Other assets 500,000 550,000
Deferred tax assets 1,477,761 1,544,314
Long-term investment 9,689,576 0
TOTAL ASSETS 163,331,750 134,204,484
Current Liabilities:    
Accounts payable 49,463,901 36,077,396
Deferred income 761,491 879,944
Short-term loan 18,776,080 13,839,341
Non-financial institution borrowings 3,741,115 0
Notes payable 30,658,000 30,490,166
Amount due to Yipeng 1,522,313 0
Other payables and accrued liabilities 11,148,556 6,292,492
Income taxes payable 1,963,298 1,783,013
Current portion of long-term loan 0 1,845,245
Total Current Liabilities 118,034,754 91,207,597
Warrant Liability 259 140,549
TOTAL LIABILITIES 118,035,013 91,348,146
COMMITMENTS AND CONTINGENCIES
Stockholders' equity    
Preferred stock (Par value: $0.0001, Authorized: 10,000,000 shares, Issued and outstanding: none) 0 0
Common stock (Par value: $0.0001, Authorized: 100,000,000 shares, 15,114,991 shares issued and outstanding at December 31, 2016 and 15,101,679 shares issued and outstanding at December 31, 2015) 1,511 1,510
Additional paid-in capital 11,580,934 11,227,979
Statutory and other reserves 4,992,463 4,042,429
Retained earnings 29,266,068 24,098,175
Accumulated other comprehensive income (873,582) 2,632,762
Total equity attributable to the stockholders of Highpower International Inc. 44,967,394 42,002,855
Non-controlling interest 329,343 853,483
TOTAL EQUITY 45,296,737 42,856,338
TOTAL LIABILITIES AND EQUITY $ 163,331,750 $ 134,204,484