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v3.23.2

Trade and Bills Receivable, Net | 6 Months Ended
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Jun. 30, 2023
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, 2022 and June 30, 2023:
|  | December 31, |  |  | June 30, |
|  | 2022 |  |  | 2023 |
Trade receivable |  | $ | 23,422,733 |  |  | $ | 25,638,716 |
Less: Allowance for credit losses |  |  | (2,274,513 | ) |  |  | (2,370,079 | )
|  |  | 21,148,220 |  |  |  | 23,268,637 |
Bills receivable |  |  | 6,265,355 |  |  |  | 6,054,086 |
|  | $ | 27,413,575 |  |  | $ | 29,322,723 |
Included in trade accounts and bills receivables are retention receivables of $1,066,146 and $596,408 as of December 31, 2022 and June 30, 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 |  |  | 237,427 |
Reversal – recoveries by cash |  |  | (9,114 | )
Current period write off |  |  | (14,976 | )
Foreign exchange adjustment |  |  | (117,771 | )
Balance as at June 30, 2023 |  | $ | 2,370,079 |

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