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Trade and Bills Receivable, net | 9 Months Ended
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Sep. 30, 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 September 30, 2022 consisted of the following:
|  | December 31, |  |  | September 30, |
|  | 2021 |  |  | 2022 |
Trade receivable |  | $ | 48,707,457 |  |  | $ | 24,519,211 |
Less: Allowance for doubtful accounts |  |  | (4,618,269 | ) |  |  | (4,188,159 | )
|  |  | 44,089,188 |  |  |  | 20,331,052 |
Bills receivable |  |  | 5,817,941 |  |  |  | 1,571,128 |
|  | $ | 49,907,129 |  |  | $ | 21,902,180 |
Included in trade and bills receivables are retention receivables of $1,944,034 and $1,726,491 as of December 31, 2021 and September 30, 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:
|  | September 30, |  |  | September 30, |
|  | 2021 |  |  | 2022 |
Balance at beginning of period |  | $ | 5,266,828 |  |  | $ | 4,618,269 |
Provision for the period |  |  | - |  |  |  | 205,387 |
Reversal - recoveries by cash |  |  | (437,475 | ) |  |  | (136,736 | )
Charged to consolidated statements of operations and comprehensive income (loss) |  |  | (437,475 | ) |  |  | 68,651 |
Foreign exchange adjustment |  |  | 65,261 |  |  |  | (498,761 | )
Balance at end of period |  | $ | 4,894,614 |  |  | $ | 4,188,159 |

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