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Concentrations and Credit Risk (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2023 and 2024 as follows:
|  | Three months ended September 30, |
Sales of finished goods and raw materials |  | 2023 |  |  | 2024 |
Customer A |  | $ | * |  |  |  | * |  |  | $ | 8,581,026 |  |  |  | 19.2 | %
Customer B |  |  | 21,227,599 |  |  |  | 33.5 | % |  | $ | 9,061,625 |  |  |  | 20.3 | %
Customer C |  |  | 8,380,509 |  |  |  | 13.2 | % |  |  | * |  |  |  | * |
Zhengzhou BAK Battery Co., Ltd (note 18) |  |  | * |  |  |  | * |  |  |  | 5,166,670 |  |  |  | 11.6 | %
The Company had the following customers that individually comprised 10% or more of net revenue for the nine months ended September 30, 2023 and 2024 as follows:
|  | Nine months ended September 30, |
Sales of finished goods and raw materials |  | 2023 |  |  | 2024 |
Customer A |  | $ | * |  |  |  | * |  |  | $ | 15,584,538 |  |  |  | 10.3 | %
Customer B |  |  | 45,852,359 |  |  |  | 30.9 | % |  |  | 57,550,494 |  |  |  | 38.1 | %
Zhengzhou BAK Battery Co., Ltd (note 18) |  |  | 22,815,451 |  |  |  | 15.4 | % |  |  | * |  |  |  | * |
* | 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 September 30, 2024 as follows:
|  | December 31, 2023 |  |  | September 30, 2024 |
Customer A |  | $ | 7,239,247 |  |  |  | 27.7 | % |  | $ | 7,249,519 |  |  |  | 29.4 | %
Zhengzhou BAK Battery Co., Ltd (note 18) |  |  | 12,441,715 |  |  |  | 47.5 | % |  |  | 4,921,121 |  |  |  | 19.9 | %
* | 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, 2023 and 2024 as follows:
|  | Three months ended September 30, |
|  | 2023 |  |  | 2024 |
Supplier A |  | $ | * |  |  |  | * |  |  | $ | 3,504,195 |  |  |  | 11.9 | %
Supplier B |  |  | * |  |  |  | * |  |  |  | 3,548,023 |  |  |  | 12.0 | %
Supplier C |  |  | 6,391,095 |  |  |  | 13.4 | % |  |  | * |  |  |  | * |
Zhengzhou BAK Battery Co., Ltd (note 18) |  |  | 7,554,266 |  |  |  | 15.8 | % |  |  | * |  |  |  | * |
The Company had the following suppliers that individually comprised 10% or more of net purchase for the nine months ended September 30, 2023 and 2024 as follows:
|  | Nine months ended September 30, |
|  | 2023 |  |  | 2024 |
Supplier A |  | $ | 15,284,263 |  |  |  | 13.8 | % |  | $ | * |  |  |  | * |
* | 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 September 30, 2024 as follows:
|  | December 31, 2023 |  |  | September 30, 2024 |
Supplier A |  | $ | 2,689,740 |  |  |  | 10.1 | % |  | $ | 5,149,724 |  |  |  | 15.2 | %
Zhejiang Shengyang Renewable Resources Technology Co., Ltd. (note 18) |  |  | 3,489,324 |  |  |  | 13.0 | % |  |  | 3,500,853 |  |  |  | 10.3 | %

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