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Concentrations and Credit Risk (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2023 and 2024 as follows:
|  | Three months ended March 31, |
Sales of finished goods and raw materials |  | 2023 |  |  | 2024 |
Customer A |  | $ | 13,947,344 |  |  |  | 32.90 | % |  |  | 30,141,709 |  |  |  | 51.2 | %
Zhengzhou BAK Battery Co., Ltd (note 18) |  |  | 9,323,839 |  |  |  | 21.99 | % |  |  | * |  |  |  | * |
* | 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, 2023 and March 31, 2024 as follows:
|  | December 31, 2023 |  |  | March 31, 2024 |
Customer A |  | $ | * |  |  |  | * |  |  | $ | 5,830,595 |  |  |  | 23.1 | %
Customer B |  |  | 7,239,247 |  |  |  | 27.7 | % |  |  | * |  |  |  | * |
Zhengzhou BAK Battery Co., Ltd (note 18) |  |  | 12,441,715 |  |  |  | 47.5 | % |  |  | 7,570,334 |  |  |  | 30.0 | %
* | 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, 2023 and 2024 as follows:
|  | Three months ended March 31, |
|  | 2023 |  |  | 2024 |
Supplier A |  | $ | 5,532,709 |  |  |  | 15.4 | % |  | $ | * |  |  |  | * |
Supplier B |  |  | 6,580,232 |  |  |  | 18.3 | % |  |  | 3,242,455 |  |  |  | 10.1 | %
* | 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, 2023 and March 31, 2024 as follows:
|  | December 31, 2023 |  |  | March 31, 2024 |
Supplier B |  | $ | 2,689,740 |  |  |  | 10.1 | % |  | $ | 3,794,051 |  |  |  | 12.1 | %
Zhejiang Shengyang Renewable Resources Technology Co., Ltd. (note 18) |  |  | 3,489,324 |  |  |  | 13.0 | % |  |  | 3,651,854 |  |  |  | 11.6 | %

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