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Trade Accounts and Bills Receivable, Net

3 Months Ended

Mar. 31, 2020

Trade Accounts and Bills Receivable, net [Abstract]

Trade Accounts and Bills Receivable, net

3.	Trade Accounts and Bills Receivable, net

Trade accounts and bills receivable as of December 31, 2019 and March 31, 2020 consisted of the following:

		December 31,				March 31,
		2019				2020
Trade accounts receivable		$	12,517,626			$	15,893,702
Less: Allowance for doubtful accounts			(4,650,686	)			(5,237,564	)
			7,866,940				10,656,138
Bills receivable			85,480				83,187
		$	7,952,420			$	10,739,325

Included in trade accounts and bills receivables are retention receivables of $2,159,356 and $2,123,701 as of December 31, 2019 and March 31, 2020. Retention receivables are interest-free and recoverable at the end of the retention period of three to five years.

An analysis of the allowance for doubtful accounts is as follows:

		March 31,				March 31,
		2019				2020
Balance at beginning of period		$	3,657,173			$	4,650,686
Provision for the period			241,549				871,483
Reversal – recoveries by cash			(170,387	)			(198,297	)
Charged to consolidated statements of operations and comprehensive (loss) income			71,162				673,186
Foreign exchange adjustment			91,389				(86,308	)
Balance at end of period		$	3,819,724			$	5,237,564