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Concentrations and Credit Risk
 3 Months Ended
Mar. 31, 2022
Risks and Uncertainties [Abstract]  
Concentrations and Credit Risk

27. 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 March 31, 2021 and 2022 as follows:

  

   Three months ended March 31, 
Sales of finished goods and raw materials  2021   2022 
Customer A  $2,903,261    30.83%  $*    * 
Customer B   1,789,045    19.00%   *    * 
Customer C   1,348,200    14.32%   *    * 
Customer D   *    *    24,102,164    30.05%
Zhengzhou BAK Battery Co., Ltd (note 16)   *    *    25,823,532    32.20%

 

  * 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, 2021 and March 31, 2022 as follows:

 

   December 31,
2021		   March 31,
2022		 
Customer D  $14,443,551    32.76%  $15,641,986    37.73%
Zhengzhou BAK Battery Co., Ltd (note 16)   14,583,061    33.08%   12,963,529    31.27%

 

* 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 three months ended March 31, 2021 and 2022 as follows:

 

   Three months ended March 31, 
   2021   2022 
Supplier A  $659,513    10.21%  $*    * 
Supplier B   *    *    20,631,815    25.30%
Supplier C   *    *    19,332,674    23.71%
Zhengzhou BAK Battery Co., Ltd (note 16)   1,259,309    19.49%   *    * 

 

  * 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, 2021 and March 31, 2022 as follows:

 

   December 31,
2021		   March 31,
2022		 
Supplier B  $20,592,979    51.03%  $18,430,728    39.59%
Supplier C   6,837,722    16.94%   8,705,648    18.70%

 

  (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, 2021 and March 31, 2022, 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.