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Concentrations and Credit Risk | 6 Months Ended
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Jun. 30, 2020
Concentrations and Credit Risk [Abstract] |
Concentrations and Credit Risk |
22. | Concentrations and Credit Risk
| (a) | Concentrations
The Company had the following customers that individually comprised 10% or more of net revenue for the three months ended June 30, 2019 and 2020 as follows:
|  | Three months ended June 30, |
|  | 2019 |  |  | 2020 |
Customer B |  | $ | 2,633,652 |  |  |  | 61.66 | % |  | $ | 2,584,606 |  |  |  | 55.89 | %
Customer D |  |  | * |  |  |  | * |  |  |  | 1,626,944 |  |  |  | 35.18 | %
Shenzhen BAK |  |  | 769,052 |  |  |  | 18.01 | % |  |  | * |  |  |  | * |
| * | 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 revenue for the six months ended June 30, 2019 and 2020 as follows:
|  | Six months ended June 30, |
|  | 2019 |  |  | 2020 |
Customer A |  | $ | 1,527,998 |  |  |  | 16.18 | % |  | $ | * |  |  |  | * |
Customer B |  |  | 3,875,327 |  |  |  | 41.04 | % |  |  | 4,677,699 |  |  |  | 40.59 | %
Customer C |  |  | 1,066,260 |  |  |  | 11.29 | % |  |  | * |  |  |  | * |
Customer D |  |  | * |  |  |  | * |  |  |  | 2,009,845 |  |  |  | 17.44 | %
Customer E |  |  | * |  |  |  | * |  |  |  | 3,767,605 |  |  |  | 32.69 | %
Customer F |  |  | 1,025,998 |  |  |  | 10.87 | % |  |  | * |  |  |  | * |
| * | Comprised less than 10% of net revenue for the respective period.
| The Company had the following customers that individually comprised 10% or more of accounts receivable as of December 31, 2019 and June 30, 2020 as follows:
|  | December 31, 2019 |  |  | June 30, 2020 |
Customer A |  | $ | 902,309 |  |  |  | 11.47 | % |  | $ | * |  |  |  | * |
Customer B |  |  | 1,725,293 |  |  |  | 21.93 | % |  |  | 1,740,448 |  |  |  | 15.19 | %
Customer C |  |  | 1,713,628 |  |  |  | 21.78 | % |  |  | 1,519,014 |  |  |  | 13.26 | %
Customer G |  |  | 830,821 |  |  |  | 10.56 | % |  |  | * |  |  |  | * |
Customer E |  |  | * |  |  |  | * |  |  |  | 4,103,268 |  |  |  | 35.82 | %
| * | Comprised less than 10% of account receivable for the respective period.
The Company had the following suppliers that individually comprised 10% or more of net purchase for the three months ended June 30, 2019 and 2020 as follows:
|  | Three months ended June 30, |
|  | 2019 |  |  | 2020 |
Supplier A |  | $ | 326,949 |  |  |  | 12.03 | % |  | $ | * |  |  |  | * |
Supplier B |  |  | 402,026 |  |  |  | 14.79 | % |  |  | * |  |  |  | * |
Supplier C |  |  | 278,794 |  |  |  | 10.25 | % |  |  | * |  |  |  | * |
Supplier D |  |  | * |  |  |  | * |  |  |  | 294,786 |  |  |  | 23.52 | %
| * | Comprised less than 10% of net purchase for the respective period.
The Company had the following suppliers that individually comprised 10% or more of net purchase for the six months ended June 30, 2019 and 2020 as follows:
|  | Six months ended June 30, |
|  | 2019 |  |  | 2020 |
Supplier E |  | $ | 996,484 |  |  |  | 17.26 | % |  | $ | * |  |  |  | * |
Shenzhen BAK |  |  | * |  |  |  | * |  |  |  | 3,841,680 |  |  |  | 64.96 | %
The Company had the following suppliers that individually comprised 10% or more of accounts payable as of December 31, 2019 and June 30, 2020 as follows:
|  | December 31, 2019 |  |  | June 30, 2020 |
Supplier B |  | $ | 1,126,582 |  |  |  | 10.10 | % |  | $ | 1,096,148 |  |  |  | 11.53 | %
For the three and six months ended June 30, 2019 and 2020, the Company recorded the following transactions:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |
Purchase of inventories from |  |  |  |  |  |  |  |  |  |  |  |
BAK Shenzhen* |  | $ | 65,102 |  |  | $ | - |  |  | $ | 65,102 |  |  | $ | - |
Shenzhen BAK* |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,841,680 |
Sales of finished goods to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BAK Shenzhen* |  |  | 685,211 |  |  |  | - |  |  |  | 769,052 |  |  |  | 69,226 |
| * | Mr. Xiangqian Li, the 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, 2019 and June 30, 2020, 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. Historically, such losses have been within management's expectations.

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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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