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Trade and Bills Receivable, net

12 Months Ended

Dec. 31, 2021

Trade And Bills Receivable Net [Abstract]

4. Trade and Bills Receivable, net

Trade and bills receivable as of December 31, 2020 and 2021:

	December 31,			December 31,
	2020			2021
Trade receivable	$	33,305,997		$	48,707,457
Less: Allowance for doubtful accounts		(5,266,828	)		(4,618,269	)
		28,039,169			44,089,188
Bills receivable		1,532,105			5,817,941
	$	29,571,274		$	49,907,129

Included in trade and bills receivables are retention receivables of $1,896,068 and $1,944,034 as of December 31, 2020 and 2021. 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,
	2020			*2021*
Balance at beginning of year	$	4,650,686		$	5,266,828
Provision for the year		1,656,128			225,875
Reversal - recoveries by cash		(934,391	)		(1,006,264	)
Charged to consolidated statements of operations and comprehensive (loss) income	$	721,737		$	(780,389	)
Write off		(431,684	)		-
Foreign exchange adjustment		326,089			131,830
Balance at end of year	$	5,266,828		$	4,618,269