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v3.22.1

Trade and Bills Receivable, net | 3 Months Ended
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Mar. 31, 2022
Trade And Bills Receivable Net [Abstract] |
Trade and Bills Receivable, net | 3. Trade and Bills Receivable, net Trade and bills receivable as of December 31, 2021 and March 31, 2022:
|  | December 31, |  |  | March 31, |
|  | 2021 |  |  | 2022 |
Trade accounts receivable |  | $ | 48,707,457 |  |  | $ | 46,364,398 |
Less: Allowance for doubtful accounts |  |  | (4,618,269 | ) |  |  | (4,904,450 | )
|  |  | 44,089,188 |  |  |  | 41,459,948 |
Bills receivable |  |  | 5,817,941 |  |  |  | 8,805,836 |
|  | $ | 49,907,129 |  |  | $ | 50,265,784 |
Included in trade accounts and bills receivables are retention receivables of $1,944,034 and $1,947,547 as of December 31, 2021 and March 31, 2022. 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:
|  | March 31, |  |  | March 31, |
|  | 2021 |  |  | 2022 |
Balance at beginning of period |  | $ | 5,266,828 |  |  | $ | 4,618,269 |
Provision for the year |  |  | - |  |  |  | 322,928 |
Reversal - recoveries by cash |  |  | (154,061 | ) |  |  | (51,485 | )
Charged to consolidated statements of operations and comprehensive (loss) income |  | $ | (154,061 | ) |  | $ | 271,443 |
Foreign exchange adjustment |  |  | (17,819 | ) |  |  | 14,738 |
Balance at end of period |  | $ | 5,094,948 |  |  | $ | 4,904,450 |

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