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Concentrations and Credit Risk (Tables)
9 Months Ended
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.