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Trade Accounts and Bills Receivable, Net
 12 Months Ended
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