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Trade and Bills Payable
 9 Months Ended
Sep. 30, 2024
Trade and Bills Payable [Abstract]  
Trade and Bills Payable
15.Trade and Bills Payable

 

Trade and bills payable as of December 31, 2023 and September 30, 2024 consisted of the followings:

 

   December 31,   September 30, 
   2023   2024 
Trade payable  $26,764,807   $33,866,587 
Bills payable          
– Bank acceptance bills   55,664,768    52,812,825 
– Letter of credit   
-
    2,792,779 
   $82,429,575   $89,472,191 

 

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

 

The bank acceptance bills and letter of credit were pledged by:

 

  (i) the Company’s pledged deposits (note 2) and short-term deposits (note 3);

 

  (ii) $0.3 million and $2.8 million of the Company’s bills receivable as of December 31, 2023 and September 30, 2024, respectively (note 4).

 

  (iii) the Company’s prepaid land use rights (note 10)