EZGO Technologies Ltd.

• EZGO Technologies Ltd.
• Consumer-Durables

EZGO

We are a holding company with operating subsidiaries and a VIE, and with all of our operations and assets in China. Our vision is to be a leading short-distance transportation solutions provider in China. Leveraging our IoT product and service platform, we have preliminarily established a business model centered on the sale of e-bicycles and battery and e-bicycle rentals, complemented by sale of battery packs, battery cell trading and our charging pile business. Currently, we (i) trade lithium cells; (ii) rent and sell lithium batteries; (iii) design, manufacture, rent and sell e-bicycles and e-tricycles; and (iv) sell, franchise and operate smart charging piles for e-bicycles and other electronic devices. We trade lithium battery cells by securing sales contracts with downstream customers, purchasing from suppliers and reselling lithium cell products to such customers.

Our e-bicycles are models under the New National Standards and there are no domestic law and regulations related to urban e-tricycles. Tianjin Dilang produces and sells the urban e-tricycles in suburban areas in Beijing and Tianjin. In addition, the two-wheel electric vehicle models that do not comply with the new standards e-bicycles are manufactured under General Specification Standard which came into effect on April 1, 2019. We do not produce any non-new standards e-bicycles. However, Changzhou Cenbird, our related company, has the capability and qualification to manufacture non-new standards e-bicycles.

The non-new standards e-bicycles can be legally used for a period of three to five years (depending on the regulations in each province) from the effective date of General Specification Standard and we may legally sell or rent non-new standard e-bicycles. As of March 31, 2020, we had non-new standards e-bicycles of $382,585 recorded as our property and equipment and no impairment was recognized for the six months ended March 31, 2020, and for the years ended September 30, 2019 and 2018.

To date, our business consists of rental service of lithium battery cells and e-bicycles, which accounted for approximately 74% and 83% of our total revenues for the years ended September 30, 2019 and 2018, respectively, and accounted for approximately 19% and 68% of our total revenues for the six months ended March 31, 2020 and 2019, respectively. In addition, lithium battery cell trading also brought us considerable revenue for the year ended September 30, 2019, which accounted for approximately 23% and nil of our total revenues for the years ended September 30, 2019 and 2018, respectively, and accounted for approximately nil and 31% of our total revenues for the six months ended March 31, 2020 and 2019, respectively.

We also engaged in the business of battery packs sales, which accounted for approximately 1% and 17% of our total revenues for the years ended September 30, 2019 and 2018, respectively, and accounted for approximately 20% and 1% of our total revenues for the six months ended March 31, 2020 and 2019, respectively. The revenue from e-bicycles sales was accounted for approximately 61% and nil of our total revenues for the six months ended March 31, 2020 and 2019, respectively. For the year ended September 30, 2019 and six months ended March 31, 2020, as our self-developed smart charging piles for e-bicycles and other electronic devices have not yet entered into large-scale production and sales, the revenue from this business accounted for a small proportion of our total revenues.

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