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Trade and Bills Receivable, net

3 Months Ended

Mar. 31, 2023

Trade And Bills Receivable Net [Abstract]

3. Trade and Bills Receivable, net

Trade and bills receivable as of December 31, 2022 and March 31, 2023:

	December 31,			March 31,
	2022			2023
Trade receivable	$	23,422,733		$	25,501,022
Less: Allowance for credit losses		(2,274,513	)		(2,351,419	)
		21,148,220			23,149,603
Bills receivable		6,265,355			4,960,040
	$	27,413,575		$	28,109,643

Included in trade and bills receivables are retention receivables of $1,066,146 and $629,819 as of December 31, 2022 and March 31, 2023. 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 credit losses are as follows:

Balance as at December 31, 2022	$	2,274,513
Adoption of ASC Topic 326		-
Balance as at January 1, 2023		2,274,513
Current period provision, net		78,995
Current period write off		(15,153	)
Foreign exchange adjustment		13,064
Balance as at March 31, 2023	$	2,351,419