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Trade and Bills Payable
 6 Months Ended
Jun. 30, 2023
Trade and Bills Payable [Abstract]  
Trade and Bills Payable

13. Trade and Bills Payable

 

Trade and bills payable as of December 31, 2022 and June 30, 2023 consisted of the followings:

 

   December 31,   June 30, 
   2022   2023 
Trade payable  $32,516,445   $28,561,824 
Bills payable          
– Bank acceptance bills   34,974,990    46,801,436 
– Letter of credit   
-
    206,791 
   $67,491,435   $75,570,051 

 

All the bills payable are of trading nature and will mature within one year from the issue date.

 

The bank acceptance bills were pledged by:

 

  (i) the Company’s bank deposits (Note 2);

 

  (ii) $3.4 million and $5.3 million of the Company’s bills receivable as of December 31, 2022 and June 30, 2023, respectively (Note 3).

 

  (iii) the Company’s prepaid land use rights (note 9)