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Concentrations and Credit Risk | 12 Months Ended
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Dec. 31, 2021
Risks and Uncertainties [Abstract] |
Concentrations and Credit Risk | 28. 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, 2020 and 2021 as follows:
|  | Year ended |  |  | Year ended |
Sales of finished goods and raw materials |  | December 31, 2020 |  |  | December 31, 2021 |
Customer A |  | $ | 8,322,504 |  |  |  | 22.15 | % |  | $ | * |  |  |  | * |
Customer B |  |  | 3,806,110 |  |  |  | 10.13 | % |  |  | * |  |  |  | * |
Customer C |  |  | * |  |  |  | * | % |  |  | 6,089,524 |  |  |  | 11.56 | %
Customer D |  |  | * |  |  |  | * | % |  |  | 5,508,616 |  |  |  | 10.46 | %
Zhengzhou BAK Battery Co., Ltd (note 17) |  |  | 12,770,075 |  |  |  | 33.99 | % |  |  | 8,339,088 |  |  |  | 15.83 | %
* | 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 trade receivable (included VAT) as of December 31, 2020 and 2021 as follows:
|  | December 31, 2020 |  |  | December 31, 2021 |
Customer A |  | $ | 3,148,737 |  |  |  | 11.23 | % |  | $ | * |  |  |  | * |
Customer D |  |  | * |  |  |  | * | % |  |  | 14,443,551 |  |  |  | 32.76 | %
Zhengzhou BAK Battery Co., Ltd (note 17) |  |  | 15,258,164 |  |  |  | 54.42 | % |  |  | 14,583,061 |  |  |  | 33.08 | %
* | 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, 2020 and 2021 as follows:
|  | Year ended December 31, 2020 |  |  | Year ended December 31, 2021 |
Zhejiang Hitrans Lithium Battery Technology Co., Ltd |  | $ | 12,396,483 |  |  |  | 48.90 | % |  | $ | * |  |  |  | * |
Supplier A |  |  | * |  |  |  | * |  |  |  | 6,550,080 |  |  |  | 13.92 | %
Supplier B |  |  | * |  |  |  | * |  |  |  | 5,883,999 |  |  |  | 12.50 | %
Zhengzhou BAK Battery Co., Ltd (note 17) |  |  | * |  |  |  | * |  |  |  | 5,522,832 |  |  |  | 11.74 | %
Shenzhen BAK (note 17) |  |  | 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 trade payable as of December 31, 2020 and 2021 as follows:
|  | December 31, 2020 |  |  | December 31, 2021 |
Zhejiang Hitrans Lithium Battery Technology Co., Ltd |  | $ | 9,272,478 |  |  |  | 47.40 | % |  | $ | * |  |  |  | * |
Supplier A |  |  | * |  |  |  | * |  |  |  | 6,837,722 |  |  |  | 16.94 | %
Supplier B |  |  | * |  |  |  | * |  |  |  | 20,592,979 |  |  |  | 51.03 | %
Supplier C |  |  | 2,017,814 |  |  |  | 10.32 | % |  |  | * |  |  |  | * |
| (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, 2020 and 2021, 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 https://asc.fasb.org/topic&trid=2134479 + Details
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