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Trade and Bills Receivable, Net | 12 Months Ended
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Dec. 31, 2023
Trade and Bills Receivable, Net [Abstract] |
Trade and Bills Receivable, net | 4. Trade and Bills Receivable, net Trade and bills receivable as of December 31, 2022 and 2023:
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2023 |
Trade receivable |  | $ | 23,422,733 |  |  | $ | 29,368,296 |
Less: Allowance for credit losses |  |  | (2,274,513 | ) |  |  | (3,198,249 | )
|  |  | 21,148,220 |  |  |  | 26,170,047 |
Bills receivable |  |  | 6,265,355 |  |  |  | 2,483,000 |
|  | $ | 27,413,575 |  |  | $ | 28,653,047 |
Included in trade and bills receivables are retention receivables of $1,066,146 and $65,162 as of December 31, 2022 and 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 the 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 |  |  | 1,012,404 |
Reversal – recoveries by cash |  |  | (10,250 | )
Written-off |  |  | (14,661 | )
Foreign exchange adjustment |  |  | (63,757 | )
Balance as at December 31, 2023 |  | $ | 3,198,249 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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