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Trade Accounts and Bills Payable
 12 Months Ended
Dec. 31, 2019
Trade Accounts and Bills Payable [Abstract]  
Trade Accounts and Bills Payable
12.Trade Accounts and Bills Payable

 

Trade accounts and bills payable as of December 31, 2018 and 2019 consisted of the followings:

 

   December 31,   December 31, 
   2018   2019 
Trade accounts payable  $23,134,269   $11,157,014 
Bills payable          
– Bank acceptance bills   28,911,556    3,915,094 
– Commercial acceptance bills   449,238    - 
   $52,495,063   $15,072,108 

 

All the bills payable are of trading nature and will mature within one year from the issue date.

 

The bank acceptance bills were pledged by:

 

(i) the Company's bank deposits (Note 3); and

 

(ii) $6,353,342 and nil of the Company's bills receivable as of December 31, 2018 and 2019, respectively (Note 4).