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Trade and Bills Receivable, net

3 Months Ended

Mar. 31, 2022

Trade And Bills Receivable Net [Abstract]

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