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Concentrations and Credit Risk
 6 Months Ended
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.