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Trade and Bills Receivable, Net
 9 Months Ended
Sep. 30, 2024
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, 2023 and September 30, 2024:

 

   December 31,   September 30, 
   2023   2024 
Trade receivable  $29,368,296   $27,619,823 
Less: Allowance for credit losses   (3,198,249)   (2,921,714)
    26,170,047    24,698,109 
Bills receivable   2,483,000    10,212,675 
   $28,653,047   $34,910,784 

 

Included in trade and bills receivables are retention receivables of $65,162 and $74,520 as of December 31, 2023 and September 30, 2024. 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 is as follows:

 

Balance as at January 1, 2024  $3,198,249 
Current period reversal, net   (209,780)
Current period write off   (95,173)
Foreign exchange adjustment   28,418 
Balance as at September 30, 2024  $2,921,714