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Concentrations and Credit Risk
 6 Months Ended
Jun. 30, 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 June 30, 2021 and 2022 as follows:

  

   Three months ended June 30, 
Sales of finished goods and raw materials  2021   2022 
Customer B   880,947    14.96%   *    *%
Customer C   *    *    6,016,001    10.68%
Customer E   1,917,054    32.55%   *    *%
Customer F   1,505,794    25.57%   *    * 
Customer H   *    *    10,316,546    18.31%
Zhengzhou BAK Battery Co., Ltd (note 16)   *    *    20,786,249    36.89%

The Company had the following customers that individually comprised 10% or more of net revenue for the six months ended June 30, 2021 and 2022 as follows:

    Six months ended June 30,  
Sales of finished goods and raw materials   2021     2022  
Customer A   $ 2,908,330       19.00 %   $ *       * %
Customer B     1,589,682       10.39 %     *       * %
Customer D     2,279,538       14.89 %     *       * %
Customer E     2,279,103       14.89 %     *       *  
Customer F     1,905,460       12.45 %     *       *  
Customer G     *       *       23,627,624       17.30 %
Customer H     *       *       15,747,110       11.53 %
Zhengzhou BAK Battery Co., Ltd (note 16)     *       *       46,609,781       34.13 %

  

*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 June 30, 2022 as follows:

  

    December 31,
2021		     June 30,
2022		  
Customer G   $ 14,443,551       32.76 %   $ *       *  
Zhengzhou BAK Battery Co., Ltd (note 16)     14,583,061       33.08 %     13,376,601       60.2 %

  

* 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 June 30, 2021 and 2022 as follows:

  

    Three months ended June 30,  
    2021     2022  
Supplier A   $ *       *     $ 10,001,581       16.12 %
Supplier D     *       *       8,399,450       13.54 %
Zhengzhou BAK Battery Co., Ltd (note 16)     *       *       9,955,251       16.04 %

  

The Company had the following suppliers that individually comprised 10% or more of net purchase for the six months ended June 30, 2021 and 2022 as follows:

  

    Six months ended June 30,  
    2021     2022  
Supplier A   $ *       *     $ 29,334,256       20.43 %
Supplier B     *       *       20,225,602       14.08 %
Zhengzhou BAK Battery Co., Ltd (note 16)     1,259,309       10.05 %     15,119,684       10.53 %

  

  *   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 June 30, 2022 as follows:

  

    December 31,
2021		     June 30,
2022		  
Supplier A   $ 6,837,722       16.94 %   $  8,992,507       22.22 %
Supplier B     20,592,979       51.03 %   $ *       *  
Supplier C     *       *       4,759,828       11.76 %
Zhengzhou BAK Battery Co., Ltd (note 16)     *       *       5,289,189       13.07 %

  

  (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 June 30, 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.