XML 44 R33.htm IDEA: XBRL DOCUMENT v3.23.2
Concentrations and Credit Risk
 6 Months Ended
Jun. 30, 2023
Concentrations and Credit Risk [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, 2022 and 2023 as follows:

   

   Three months ended June 30, 
Sales of finished goods and raw materials  2022   2023 
Customer A  $*    *   $10,677,416    25.17%
Customer B   6,016,001    10.68%   *    * 
Customer D   10,316,546    18.31%   *    * 
Zhengzhou BAK Battery Co., Ltd (note 16)   20,786,249    36.89%   7,669,547    18.08%

 

The Company had the following customers that individually comprised 10% or more of net revenue for the six months ended June 30, 2022 and 2023 as follows:

   

   Six months ended June 30, 
Sales of finished goods and raw materials  2022   2023 
Customer A  $*    *   $24,624,760    29.03%
Customer C   23,627,624    17.30%   *    * 
Customer D   15,747,110    11.53%   *    * 
Zhengzhou BAK Battery Co., Ltd (note 16)   46,609,781    34.13%   16,993,386    20.03%

 

*

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, 2022 and June 30, 2023 as follows:

    

   December 31,
2022		   June 30,
2023		 
Customer A  $4,004,880    18.94%  $*    * 
Zhengzhou BAK Battery Co., Ltd (note 16)   9,156,383    43.3%   15,054,609    64.7%

 

*

Comprised less than 10% of net trade 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, 2022 and 2023 as follows:

  

   Three months ended June 30, 
   2022   2023 
Supplier C  $10,001,581    16.12%  $4,440,887    16.19%
Supplier A   8,399,450    13.54%   2,907,877    10.60%
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, 2022 and 2023 as follows:

   

   Six months ended June 30, 
   2022   2023 
Supplier A  $*    *   $8,440,586    13.31%
Supplier C   29,334,256    20.43%   11,021,119    17.38%
Supplier D   20,225,602    14.08%   *    * 
Zhengzhou BAK Battery Co., Ltd (note 16)   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,
2022		   June 30,
2023		 
Supplier A  $4,064,942    12.50%  $4,247,489    14.87%
Supplier B   *    *    3,737,773    13.09%
Supplier C             3,529,745    12.36%
Zhengzhou BAK Battery Co., Ltd (note 16)   5,629,343    17.31%   *    * 

 

* Comprised less than 10% of net trade payable for the respective period.

 

  (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, 2022 and June 30, 2023, 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.