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Concentrations and Credit Risk | 12 Months Ended
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Dec. 31, 2020
Concentrations and Credit Risk [Abstract] |
Concentrations and Credit Risk |
24. | 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, 2019 and 2020 as follows:
|  | Year ended |  |  | Year ended |
Sales of finished goods and raw materials |  | December 31, 2019 |  |  | December 31, 2020 |
Customer A |  | $ | 7,222,245 |  |  |  | 32.54 | % |  | $ | 8,322,504 |  |  |  | 22.15 | %
Customer B |  |  | * |  |  |  | * |  |  |  | 3,806,110 |  |  |  | 10.13 | %
Customer C |  |  | 3,308,638 |  |  |  | 14.91 | % |  |  | * |  |  |  | * |
Zhengzhou BAK Battery Co., Ltd (note a) |  |  | 3,961,050 |  |  |  | 17.85 | % |  |  | 12,770,075 |  |  |  | 33.99 | %
| * | 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 (included VAT) as of December 31, 2019 and 2020 as follows:
|  | December 31, 2019 |  |  | December 31, 2020 |
Customer A |  | $ | 1,725,293 |  |  |  | 21.93 | % |  | $ | 3,148,737 |  |  |  | 11.23 | %
Customer C |  |  | 1,713,628 |  |  |  | 21.78 | % |  |  | * |  |  |  | * |
Customer D |  |  | 902,309 |  |  |  | 11.47 | % |  |  | * |  |  |  | * |
Customer E |  |  | 830,821 |  |  |  | 10.56 | % |  |  | * |  |  |  | * |
Zhengzhou BAK Battery Co., Ltd (note a) |  |  | * |  |  |  | * |  |  |  | 15,258,164 |  |  |  | 54.42 | %
* | Comprised less than 10% of net accounts receivable for the respective period.
The Company had the following suppliers that individually comprised 10% or more of net purchase for the years ended December 31, 2019 and 2020 as follows:
|  | Year ended December 31, 2019 |  |  | Year ended December 31, 2020 |
Supplier A |  | $ | * |  |  |  | * |  |  | $ | 12,396,483 |  |  |  | 48.90 | %
Supplier B |  |  | 2,920,966 |  |  |  | 21.40 | % |  |  | * |  |  |  | * |
Zhengzhou BAK New Energy Vehicle Co., Ltd (note b) |  |  | 3,812,819 |  |  |  | 27.93 | % |  |  | * |  |  |  | * |
Shenzhen BAK (note c) |  |  | * |  |  |  | * |  |  |  | 3,884,309 |  |  |  | 15.32 | %
| * | 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, 2019 and 2020 as follows:
|  | December 31, 2019 |  |  | December 31, 2020 |
Supplier A |  | $ | * |  |  |  | * |  |  | $ | 9,272,478 |  |  |  | 47.40 | %
Supplier C |  |  | * |  |  |  | * |  |  |  | 2,017,814 |  |  |  | 10.32 | %
Supplier D |  |  | 1,126,482 |  |  |  | 10.10 | % |  |  | * |  |  |  | * |
Apart from the above, for the years ended December 31, 2019 and 2020, the Company recorded the following transactions:
|  | December 31, 2019 |  |  | December 31, 2020 |
Purchase of inventories from |  |  |  |  |  |
BAK Shenzhen (note c) |  | $ | 63,950 |  |  |  | - |
Sales of finished goods and raw materials to |  |  |  |  |  |  |  |
BAK Shenzhen (note c) |  |  | 526,719 |  |  |  | - |
Zhengzhou BAK New Energy Technology Co., Ltd (note b) |  |  | - |  |  |  | 1,562,637 |
Notes: |
a | Mr. Xiangqian Li, the Company's former CEO, is a director of Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $7,691,611 to the Company.
b | Mr. Xiangqian Li is a director of Zhengzhou BAK New Energy Vehicle Co., Ltd, which has 29% equity interests in Zhengzhou BAK New Energy Technology Co., Ltd. As of December 31, 2019 and 2020, receivable from Zhengzhou BAK New Energy Technology Co., Ltd were nil and $1,759,050, respectively, was included in trade accounts and bills receivable, net, Up to the date of this report, Zhengzhou BAK New Energy Technology Co., Ltd repaid $741,353 to the Company.
c | Mr. Xiangqian Li is a director of Shenzhen BAK and BAK Shenzhen.
| (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 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.

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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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