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Concentrations and Credit Risk | 6 Months Ended
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Jun. 30, 2024
Concentrations and Credit Risk [Abstract] |
Concentrations and Credit Risk |
29. | 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, 2023 and 2024 as follows:
|  | Three months ended June 30, |
Sales of finished goods and raw materials |  | 2023 |  |  | 2024 |
Customer A |  | $ | 10,677,416 |  |  |  | 25.17 | % |  | $ | 18,347,160 |  |  |  | 38.39 | %
Zhengzhou BAK Battery Co., Ltd (note 18) |  |  | 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, 2023 and 2024 as follows:
|  | Six months ended June 30, |
Sales of finished goods and raw materials |  | 2023 |  |  | 2024 |
Customer A |  | $ | 24,624,760 |  |  |  | 29.03 | % |  | $ | 48,488,869 |  |  |  | 45.48 | %
Zhengzhou BAK Battery Co., Ltd (note 18) |  |  | 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, 2023 and June 30, 2024 as follows:
|  | December 31, 2023 |  |  | June 30, 2024 |
Customer A |  | $ | * |  |  |  | * |  |  | $ | 6,194,548 |  |  |  | 26.4 | %
Customer B |  |  | 7,239,247 |  |  |  | 27.7 | % |  |  | 4,022,846 |  |  |  | 17.1 | %
Zhengzhou BAK Battery Co., Ltd (note 18) |  |  | 12,441,715 |  |  |  | 47.5 | % |  |  | 4,255,488 |  |  |  | 18.1 | %
* | 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, 2023 and 2024 as follows:
|  | Three months ended June 30, |
|  | 2023 |  |  | 2024 |
Supplier A |  | $ | 2,907,877 |  |  |  | 10.60 | % |  | $ | * |  |  |  | * |
Supplier B |  |  | 4,440,887 |  |  |  | 16.19 | % |  |  | * |  |  |  | * |
Zhengzhou BAK Battery Co., Ltd (note 18) |  |  | * |  |  |  | * |  |  |  | 4,439,620 |  |  |  | 12.45 | %
The Company had the following suppliers that individually comprised 10% or more of net purchase for the six months ended June 30, 2023 and 2024 as follows:
|  | Six months ended June 30, |
|  | 2023 |  |  | 2024 |
Supplier A |  | $ | 8,440,586 |  |  |  | 13.31 | % |  | $ | * |  |  |  | * |
Supplier B |  |  | 11,021,119 |  |  |  | 17.38 | % |  |  | * |  |  |  | * |
Zhengzhou BAK Battery Co., Ltd (note 18) |  |  | * |  |  |  | * |  |  |  | 7,012,173 |  |  |  | 10.35 | %
* | 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 June 30, 2024 as follows:
|  | December 31, 2023 |  |  | June 30, 2024 |
Supplier B |  | $ | 2,689,740 |  |  |  | 10.1 | % |  | $ | * |  |  |  | * |
Zhejiang Shengyang Renewable Resources Technology Co., Ltd. (note 18) |  |  | 3,489,324 |  |  |  | 13.0 | % |  |  | 3,458,860 |  |  |  | 10.7 | %
(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, 2023 and June 30, 2024, substantially all of the Company’s cash and cash equivalents were held by major financial institutions and online payment platforms located in the PRC, which management believes are of high credit quality. The Company has not experienced any losses on cash and cash equivalents to date. The Company does not require collateral or other securities to support financial instruments that are subject to credit risk. 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.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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