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Trade Accounts and Bills Receivable, net | 3 Months Ended
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Mar. 31, 2021
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, 2020 and March 31, 2021 consisted of the following:
|  | December 31, |  |  | March 31, |
|  | 2020 |  |  | 2021 |
Trade accounts receivable |  | $ | 33,305,997 |  |  | $ | 27,621,392 |
Less: Allowance for doubtful accounts |  |  | (5,266,828 | ) |  |  | (5,094,948 | )
|  |  | 28,039,169 |  |  |  | 22,526,444 |
Bills receivable |  |  | 1,532,105 |  |  |  | 780,226 |
|  | $ | 29,571,274 |  |  | $ | 23,306,670 |
Included in trade accounts and bills receivables are retention receivables of $1,896,068 and $1,889,066 as of December 31, 2020 and March 31, 2021. Retention receivables are interest-free and recoverable 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:
|  | March 31, |  |  | March 31, |
|  | 2020 |  |  | 2021 |
Balance at beginning of period |  | $ | 4,650,686 |  |  | $ | 5,266,828 |
Provision for the period |  |  | 871,483 |  |  |  | - |
Reversal – recoveries by cash |  |  | (198,297 | ) |  |  | (154,061 | )
Charged to consolidated statements of operations and comprehensive income (loss) |  |  | 673,186 |  |  |  | (154,061 | )
Foreign exchange adjustment |  |  | (86,308 | ) |  |  | (17,819 | )
Balance at end of period |  | $ | 5,237,564 |  |  | $ | 5,094,948 |

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