Concentrations and Credit Risk

12 Months Ended

Dec. 31, 2023

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 years ended December 31, 2022 and 2023 as follows:

	Year ended				Year ended
Sales of finished goods and raw materials	December 31, 2022				December 31, 2023
Customer B	$	28,071,738	11.29	%		*	*
Customer C		*	*	%		66,881,853	32.7	%
Customer D		57,856,658	23.26	%		*	*	%
Zhengzhou BAK Battery Co., Ltd (note 18)		53,236,804	21.40	%		27,872,002	13.6	%

* 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 2023 as follows:

	December 31, 2022				December 31, 2023
Customer A	$	4,004,880	18.94	%	$	*	*
Customer D		*	*			7,239,247	27.7	%
Zhengzhou BAK Battery Co., Ltd (note 18)		9,156,383	43.30	%		12,441,715	47.5	%

* 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 years ended December 31, 2022 and 2023 as follows:

	Year ended December 31, 2022				Year ended December 31, 2023
Supplier A	$	33,781,075	14.46	%	$	18,786,335	12.1	%
Supplier B		*	*			17,786,678	11.5	%
Zhengzhou BAK Battery Co., Ltd (note 18)		26,819,454	11.48	%		*	*
Supplier C		24,720,344	10.58	%		*	*

* 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, 2022 and 2023 as follows:

	December 31, 2022				December 31, 2023
Supplier A	$	*	*		$	2,689,740	10.1	%
Supplier C		4,064,942	12.50	%		*	*
Zhengzhou BAK Battery Co., Ltd (note 18)		5,629,343	17.31	%		*	*
Zhejiang Shengyang Renewable Resources Technology Co., Ltd.		*	*			3,498,324	13.0	%

(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, 2022 and 2023 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.