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Concentrations and Credit Risk | 12 Months Ended
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Dec. 31, 2019
Concentrations and Credit Risk [Abstract] |
Concentrations and Credit Risk |
23. | Concentrations and Credit Risk
| (a) | Concentrations
The Company had the following customers that individually comprised 10% or more of net revenue for the years ended December 31, 2018 and 2019 as follows:
|  | Year ended |  |  | Year ended |
|  | December 31, 2018 |  |  | December 31, 2019 |
Customer A |  | $ | 6,330,608 |  |  |  | 25.91 | % |  | $ | 7,222,245 |  |  |  | 32.54 | %
Customer B |  |  | 3,807,854 |  |  |  | 15.58 | % |  |  | * |  |  |  | * |
Customer D |  |  | * |  |  |  | * |  |  |  | 3,308,638 |  |  |  | 14.91 | %
Zhengzhou BAK Battery Co., Ltd (a) |  |  | * |  |  |  | * |  |  |  | 3,961,050 |  |  |  | 17.85 | %
* | Comprised less than 10% of net revenue for the respective period.
The Company had the following customers that individually comprised 10% or more of net accounts receivable as of December 31, 2018 and 2019 as follows:
|  | December 31, 2018 |  |  | December 31, 2019 |
Customer A |  | $ | 1,769,416 |  |  |  | 11.49 | % |  | $ | 1,725,293 |  |  |  | 21.93 | %
Customer B |  |  | 4,283,023 |  |  |  | 27.82 | % |  |  | * |  |  |  |  | *
Customer C |  |  | 2,293,257 |  |  |  | 14.89 | % |  |  | * |  |  |  |  | *
Customer D |  |  | * |  |  |  | * |  |  |  | 1,713,628 |  |  |  | 21.78 | %
Customer E |  |  | * |  |  |  | * |  |  |  | 902,309 |  |  |  | 11.47 | %
Customer F |  |  | * |  |  |  | * |  |  |  | 830,821 |  |  |  | 10.56 | %
The Company had the following suppliers that individually comprised 10% or more of net purchase for the years ended December 31, 2018 and 2019 as follows:
|  | Year ended |  |  | Year ended |
|  | December 31, 2018 |  |  | December 31, 2019 |
Supplier A |  | $ | 3,719,739 |  |  |  | 16.73 | % |  | $ | * |  |  |  | * |
Supplier B |  |  | * |  |  |  | * |  |  |  | 2,920,966 |  |  |  | 21.40 | %
Zhengzhou BAK New Energy Vehicle Co., Ltd (b) |  |  | * |  |  |  | * |  |  |  | 3,812,819 |  |  |  | 27.93 | %
* | Comprised less than 10% of net purchase for the respective period.
The Company had the following suppliers that individually comprised 10% or more of accounts payable as of December 31, 2018 and 2019 as follows:
|  | December 31, 2018 |  |  | December 31, 2019 |
Supplier C |  |  | 2,962,247 |  |  |  | 12.80 | % |  |  | * |  |  |  | * |
Supplier D |  |  | * |  |  |  | * |  |  |  | 1,126,582 |  |  |  | 10.10 | %
For the years ended December 31, 2018 and 2019, the Company recorded the following transactions:
|  | December 31, 2018 |  |  | December 31, 2019 |
Purchase of inventories from |  |  |  |  |  |
BAK Tianjin |  | $ | 716,997 |  |  | $ | - |
BAK Shenzhen(b) |  |  | 107,280 |  |  |  | 63,950 |
Zhengzhou BAK Battery Co., Ltd (a) |  |  | 2,032,756 |  |  |  | - |
Zhengzhou BAK New Energy Vehicle Co., Ltd (b) |  |  | - |  |  |  | 3,812,819 |
Net sales of finished goods to |  |  |  |  |  |  |  |
BAK Tianjin |  |  | 36,766 |  |  |  | - |
BAK Shenzhen |  |  | - |  |  |  | 526,719 |
Zhengzhou BAK Battery Co., Ltd (a) |  |  | - |  |  |  | 3,961,050 |
Proceeds on disposal of patented proprietary technology offset against amount due to BAK Shenzhen (Note 7) (c) |  |  | 12,845,795 |  |  |  | - |
| (a) | Mr. Xiangqian Li, the former CEO, is a director of this company. As of December 31, 2018 and December 31, 2019, payable to Zhengzhou BAK Battery Co., Ltd were $2,291,261 and nil, respectively, was included in trade accounts and bills payable.
| (b) | Mr. Xiangqian Li, our former CEO, is a director of this company.
| (b) | Credit Risk
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and pledged deposits. As of December 31, 2018 and 2019, substantially all of the Company's cash and cash equivalents were held by major financial institutions located in the PRC, which management believes are of high credit quality. For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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