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Business Summary: MBAK Energy Solutions, Inc. (MBAK) is engaged in the development, manufacturing, and commercialization of non-fossil fuel energy products. The Company is into designing and production of lithium, sodium, and solid-state batteries for industrial, medical, portable electronics, and electric vehicle (EV) applications. The Company offers automotive and portable electronic applications lithium, sodium and solid-state batteries matching the diverse needs of each individual customer. MBAK also offers lithium battery powered motorcycles and motorbikes for the African market through its partnership with Dominion EV, assembling and marketing MBAK e taxis throughout Kenya. The Company manufactures power banks, off grid generators, portable air pumps, portable vacuum cleaner and air duster, air purifier and air cleaner. Its products are categorized into battery design and development, battery manufacturing and supply chain, and energy storage technology and application.
Financial Summary: BRIEF: For the nine months ended 30 September 2016, MBAK Energy Solutions Inc revenues increased from $0K to $52K. Net loss before extraordinary items decreased 21% to $623K. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Lower net loss reflects Management & Consulting decrease of 28% to $343K (expense), Payroll decrease of 93% to $6K (expense), IE on Capital Financing.