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Trade Accounts and Bills Receivable, Net | 12 Months Ended
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Dec. 31, 2020
Trade Accounts and Bills Receivable, net [Abstract] |
Trade Accounts and Bills Receivable, net |
4. | Trade Accounts and Bills Receivable, net
Trade accounts and bills receivable as of December 31, 2019 and 2020:
|  | December 31, |  |  | December 31, |
|  | 2019 |  |  | 2020 |
Trade accounts receivable |  | $ | 12,517,626 |  |  | $ | 33,305,997 |
Less: Allowance for doubtful accounts |  |  | (4,650,686 | ) |  |  | (5,266,828 | )
|  |  | 7,866,940 |  |  |  | 28,039,169 |
Bills receivable |  |  | 85,480 |  |  |  | 1,532,105 |
|  | $ | 7,952,420 |  |  | $ | 29,571,274 |
Included in trade accounts and bills receivables are retention receivables of $2,159,356 and $1,896,068 as of December 31, 2019 and 2020. Retention receivables are interest-free and recoverable either at the end of the retention period of three to five years since the sales of the EV batteries or 200,000 km since the sales of the motor vehicles (whichever comes first). An analysis of the allowance for doubtful accounts is as follows:
|  | December 31, |  |  | December 31, |
|  | 2019 |  |  | 2020 |
Balance at beginning of year |  | $ | 3,657,173 |  |  | $ | 4,650,686 |
Provision for the year |  |  | 1,613,402 |  |  |  | 1,656,128 |
Reversal - recoveries by cash |  |  | (567,042 | ) |  |  | (934,391 | )
Charged to consolidated statements of operations and comprehensive (loss) income |  | $ | 1,046,360 |  |  | $ | 721,737 |
Write off |  |  | - |  |  |  | (431,684 | )
Foreign exchange adjustment |  |  | (52,847 | ) |  |  | 326,089 |
Balance at end of year |  | $ | 4,650,686 |  |  | $ | 5,266,828 |

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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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