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Concentrations and Credit Risk (Tables) | 9 Months Ended
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Sep. 30, 2023
Concentrations and Credit Risk [Abstract] |
Schedule of Concentration Risk | The Company had the following customers that individually comprised 10% or more of net revenue for the three months ended September 30, 2022 and 2023 as follows:
|  | Three months ended September 30, |
Sales of finished goods and raw materials |  | 2022 |  |  | 2023 |
Customer A |  | $ | 5,935,356 |  |  |  | 10.3 | % |  | $ | 21,227,599 |  |  |  | 29.5 | %
Customer B |  |  | 8,380,509 |  |  |  | 11.7 | % |  |  | 9,097,887 |  |  |  | 15.8 | %
Customer C |  |  | 16,529,769 |  |  |  | 28.6 | % |  |  | * |  |  |  | * |
The Company had the following customers that individually comprised 10% or more of net revenue for the nine months ended September 30, 2022 and 2023 as follows:
|  | Nine months ended September 30, |
Sales of finished goods and raw materials |  | 2022 |  |  | 2023 |
Customer A |  | $ | * |  |  |  | * |  |  | $ | 45,852,359 |  |  |  | 29.2 | %
Customer B |  |  | 24,844,997 |  |  |  | 12.8 | % |  |  | * |  |  |  | * |
Customer C |  |  | 45,453,981 |  |  |  | 23.4 | % |  |  | * |  |  |  | * |
Zhengzhou BAK Battery Co., Ltd (note 17) |  |  | 52,064,148 |  |  |  | 26.8 | % |  |  | 22,815,451 |  |  |  | 14.5 | %
* | 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 September 30, 2023 as follows:
|  | December 31, 2022 |  |  | September 30, 2023 |
Customer A |  | $ | 4,004,880 |  |  |  | 18.94 | % |  | $ | 6,443,841 |  |  |  | 16.2 | %
Zhengzhou BAK Battery Co., Ltd (note 17) |  |  | 9,156,383 |  |  |  | 43.3 | % |  |  | 15,051,787 |  |  |  | 37.7 | %
* | 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 September 30, 2022 and 2023 as follows:
|  | Three months ended September 30, |
|  | 2022 |  | 2023 |
Supplier A |  | $ | 5,271,460 |  |  |  | 10.4 | % |  | $ | * |  |  |  | * |
Supplier D |  |  | 4,885,560 |  |  |  | 10.1 | % |  |  | * |  |  |  | * |
Supplier E |  |  | 6,231,067 |  |  |  | 12.8 | % |  |  | * |  |  |  | * |
Supplier F |  |  | * |  |  |  | * |  |  |  | 6,391,095 |  |  |  | 13.4 | %
Zhejiang Shengyang Renewable Resources Technology Co., Ltd (“Shengyang”) (note 13) |  |  | 5,449,408 |  |  |  | 10.7 | % |  |  | * |  |  |  | * |
Zhengzhou BAK Battery Co., Ltd (note 17) |  |  | 10,624,282 |  |  |  | 20.9 | % |  |  | 7,554,267 |  |  |  | 15.85 | %
The Company had the following suppliers that individually comprised 10% or more of net purchase for the nine months ended September 30, 2022 and 2023 as follows:
|  | Nine months ended September 30, |
|  | 2022 |  |  | 2023 |
Supplier B |  | $ | 19,851,008 |  |  |  | 10.3 | % |  | $ | * |  |  |  | * |
Supplier C |  |  | 30,906,898 |  |  |  | 16.1 | % |  |  | 15,284,263 |  |  |  | 13.8 | %
Zhengzhou BAK Battery Co., Ltd (note 17) |  |  | 25,743,966 |  |  |  | 13.4 | % |  |  | * |  |  |  | * |
* | Comprised less than 10% of net purchase for the respective period.
|  | December 31, 2022 |  |  | September 30, 2023 |
Supplier A |  | $ | 4,064,942 |  |  |  | 12.50 | % |  | $ | * |  |  |  | * |
Supplier C |  |  | * |  |  |  | * |  |  |  | 4,710,982 |  |  |  | 11.9 | %
Zhengzhou BAK Battery Co., Ltd (note 17) |  |  | 5,629,343 |  |  |  | 17.3 | % |  |  | 5,405,548 |  |  |  | 13.7 | %
* | Comprised less than 10% of net trade payable for the respective period.

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