XML 20 R9.htm IDEA: XBRL DOCUMENT v3.23.3
Trade and Bills Receivable, Net
 9 Months Ended
Sep. 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 September 30, 2023:

 

   December 31,   September 30, 
   2022   2023 
Trade receivable  $23,422,733   $42,289,311 
Less: Allowance for credit losses   (2,274,513)   (2,394,017)
    21,148,220    39,895,294 
Bills receivable   6,265,355    5,668,948 
   $27,413,575   $45,564,242 

 

Included in trade and bills receivables are retention receivables of $1,066,146 and $594,621 as of December 31, 2022 and September 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   267,389 
Reversal – recoveries by cash   (25,070)
Foreign exchange adjustment   (122,815)
Balance as at September 30, 2023  $2,394,017